MBE Blog

Industry insights and education to keep you up to speed and ahead of the competition.

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Can You Still Deduct Meal Expenses?

Can You Still Deduct Meal Expenses?

The Tax Cuts and Jobs Act eliminated the deduction for any expenses related to activities that used to be considered entertainment, amusement or recreation.

DOL Revisits Overtime Rule in Proposal

DOL Revisits Overtime Rule in Proposal

On March 7, the Department of Labor released a proposed rule that would raise the so-called salary-level threshold for white-collar exemptions to $35,308 per year from $23,660.

New IRS Tax Audit Rules for Partnerships

New IRS Tax Audit Rules for Partnerships

Significant changes to the Internal Revenue Service’s (“IRS”) partnership audit rules have become effective for partnership tax years beginning in 2018.

How do profits and cash flow differ?

How do profits and cash flow differ?

Business owners sometimes mistakenly equate profits with cash flow. Here’s how this can lead to surprises when managing day-to-day operations — and why many profitable companies experience cash shortages.

Are You Ready to Make the Switch to QuickBooks Online?

Are You Ready to Make the Switch to QuickBooks Online?

QuickBooks Online has certainly become the wave of the future in accounting systems. Intuit does a great job administering the data transfer from desktop to online and there are endless resources to help make the transition successful if you decide it is right for your business.

How auditors assess risk when preparing financial statements

How auditors assess risk when preparing financial statements

Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion regarding the accuracy and integrity of the company’s financial statements.

Right to Evolve – Online Marketing Solutions

Right to Evolve – Online Marketing Solutions

If you’re looking for help with your website, whether it be design or hosting, or maybe you’re looking to give your logo and branding a facelift, look no further! MBE CPAs is excited to introduce our newest subsidiary, Right to Evolve.

Worried About the Monthly Close?

Worried About the Monthly Close?

The monthly close process should be standardized. Start by creating a list of standard journal entries that will promote consistency in monthly closings.

Audit opinions: How your financial statements measure up

Audit opinions: How your financial statements measure up

Audit opinions differ depending on the information available, financial viability, errors discovered during audit procedures and other limiting factors. The type of opinion your auditor issues tells stakeholders whether you’re in compliance with accounting rules and likely to continue operating as a going concern.

Cash vs. accrual reporting: Which is right for your business?

Cash vs. accrual reporting: Which is right for your business?

Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with U.S. Generally Accepted Accounting Principles (GAAP).

Make sure employees are eligible to work in the United States

Make sure employees are eligible to work in the United States

Under the Immigration Reform and Control Act, employers are required to examine certain documents, such as drivers’ licenses, when they hire new employees. They must then record the information on I-9 forms and keep the documents for a specified period of time.