MRPR Blog

Three Reasons To Have a 401(k) Audit

Posted by Greg Zink on Nov 25, 2019 11:45:00 AM

A 401(k) plan is a common retirement savings option that is offered by many employers to their employees. It's important that companies know once an active participant threshold of 100 is met, the US Department of Labor (DOL) requires a certified audit of your 401(k) plan by a CPA firm. This is because there are risk factors that could impact your plan. Let's look at three of them, and how a 401(k) audit can protect you from these risks, and from financial liability.

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Topics: Business Planning & Operations, Accounting Hot Topics

Does Your Business Provide Parking? Beware of TCJA

Posted by Lou DiSarno on Sep 23, 2019 8:13:00 AM

While the Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered to be very business-friendly, there are many provisions implemented to pay for the cuts that can be treacherous for business taxpayers. One of these, Internal Revenue Code (IRC) Section 274(a)(4), specifies that “no deduction shall be allowed… for the expense of any qualified transportation fringe…provided to an employee of the taxpayer.” While the qualified transportation fringe includes many items such as bicycle reimbursements, transit passes, and carpool vehicles, the most impactful change by this code section is for “qualified parking.”

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Topics: Accounting Hot Topics

New Lease Accounting Rules To Be Delayed

Posted by Greg Zink on Aug 2, 2019 8:02:00 AM

The Financial Accounting Standards Board "FASB" has proposed a one year delay in the effective date required for private companies to implement the new lease accounting rules Leases Topic 842.

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Topics: Accounting Hot Topics

Is Your Nonprofit Prepared for ASU 2016-14?

Posted by Varsha Jain, CPA on Jun 28, 2019 8:00:00 AM

It's important for Not-For-Profit (NFP) organizations to stay current on ever-changing accounting standards that may impact their financial reporting. In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.

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Topics: Accounting Hot Topics, Nonprofit

Capital Gains Savings & Qualified Opportunity Funds

Posted by Saro Sevugan on Mar 4, 2019 8:00:00 AM

The Tax Cuts and Jobs Act of 2017 (TCJA) is the largest overhaul of the United States tax code in a generation. There has been much reporting about the change in the tax rates, the new benefits available for business taxpayers, and the advantages and disadvantages of many of the changes to existing law. One of the more under-reported benefits, however, arises from something that is new with the TCJA – the concept of Qualified Opportunity Funds (QOFs). To the educated taxpayer, QOFs can mean potential tax savings and the chance to invest in the future of some of America’s most needy areas.

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Topics: Tax Topics, Accounting Hot Topics

Section 199A Confusion: Specified Service Trade or Business

Posted by Louis DiSarno, CPA on Feb 21, 2019 8:00:00 AM

We’ve written before about the Section 199A deduction of the Tax Cuts and Jobs Act (TCJA). The new law allows individuals and trusts to take a deduction of up to 20% of qualified business income, or QBI, from a domestic qualified trade or business.

However, there is a limitation placed on the deduction if your taxable income is over a certain threshold - $157,500 for a single filer, $315,000 for married filers – relating to qualified business income that is earned from a “specified service trade or business” (SSTB).

If you're confused already, here's what you need to know to understand how Section 199A impacts your taxable income.

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Topics: Tax Topics, Accounting Hot Topics

New Interest Expense Limitations

Posted by Louis DiSarno, CPA on Dec 5, 2018 8:03:00 AM

The Tax Cuts and Jobs Act (TCJA) has something for everyone. For example, corporate tax rates were cut from a top marginal rate of 35% to a flat rate of 21%.  And owners of most pass-through entities, such as S Corporations and partnerships, will realize a tax rate decrease of up to 10% as result of the new Section 199A deduction. However, it's not all good news. 

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Topics: Accounting Hot Topics

New Tax Rules for Meals and Entertainment Expenses

Posted by Alex Bellovary, CPA on Nov 16, 2018 1:18:00 PM

As the 2018 calendar year end approaches, taxpayers should be aware of the new meals and entertainment rules for tax deductibility.  

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Topics: Tax Topics, Accounting Hot Topics

IRS Updates Transportation Industry Per Diem Rates

Posted by Greg Zink on Oct 11, 2018 7:57:00 AM

The IRS has increased the 2018–2019 per diem rates for substantiating employee business expenses under IRC Sec. 274(d) for lodging, meals, and incidental expenses incurred while traveling away from home. 

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Topics: Business Planning & Operations, Accounting Hot Topics

What the Wayfair Case Means for Multi-State Sellers

Posted by Derek Wiggins, CPA, CGMA, MST on Oct 8, 2018 7:59:00 AM

 

If you've haven't heard about the Supreme Court's ruling on South Dakota v. Wayfair, it's time to start paying attention. Wayfair, an online retailer of home furnishings since 2002, had been selling products without charging state sales tax, giving it a consumer benefit edge over its brick and mortar competitors.

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Topics: Accounting Hot Topics