Although related party transactions aren’t necessarily bad, they do raise some concerns about the risk of misstatement or omission in financial reporting.
The Tax Cuts and Jobs Act eliminated the deduction for any expenses related to activities that used to be considered entertainment, amusement or recreation.
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.
In 2016, the Marathon County Board of Supervisors adopted the Marathon County Uniform Addressing Project.
Significant changes to the Internal Revenue Service’s (“IRS”) partnership audit rules have become effective for partnership tax years beginning in 2018.
If you haven’t started the implementation process, it’s time to get the ball rolling.
Can you deduct medical and dental expenses? That’s a complicated question. To start with, your deductions must exceed 7.5 percent of your adjusted gross income.
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.
Katie Dahlke of MBE CPAs Earns CPA Credential in Wisconsin.
Summit on Growth, Transition, and Acquisition & Summit on Talent, Leadership, and Succession Planning
The law allows tax-option (S) corporations to elect to be taxed at the entity level for taxable years beginning on or after Jan. 1, 2018, and partnerships to make this election for years beginning on or after Jan. 1, 2019.
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.
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.
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.
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 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.
Kevin Block, CPA from MBE CPAs is featured in the Fall 2018 issue of the WICPA’s CPA2b Magazine.
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).