MCB BLOG
As your trusted CPA & Advisor, we keep you informed of the latest tax & accounting news you can use.Research and Development in the Age of Covid-19
Over the past 10 years or so, companies have spent trillions of dollars on research and development (R&D). To remain competitive after the Covid-19 pandemic ends, companies must continue making these investments. But they need to rethink how they do that. Before...
Can the COVID-19 Vaccine Be Mandatory?
As COVID-19 vaccines become available, employers may require vaccines before employees return to the worksite if the employer believes that failure to be vaccinated constitutes a direct threat to other employees. With the virus still rampant, it's easily transmitted....
Paid Sick and Family Leave: The Tax Rules
As of this writing, 15 states and Washington, D.C., require paid sick leave, while eight states and Washington, D.C., require paid family leave. Many local governments also mandate paid sick or family leave. In addition, studies show that most employers offer paid...
Hidden Tax Break: Meal Deductions Get a Boost
The recently passed relief bill, officially called the Consolidated Appropriations Act, 2021, contained a provision designed to give a boost to the restaurant industry: upgrading what had been a 50% meal deduction to 100% for "food or beverages provided by a...
What’s the New Jobless Benefit Aid?
In the Consolidated Appropriations Act, 2021, Congress is adding federal unemployment benefits of $300 for at least 10 weeks — possibly 11. Details can get complicated, however, and because the bill was signed at the last minute, there is some uncertainty about how...
Know About the Unemployment Tax
Employers needs to make themselves familiar with Form 940, used to report the Federal Unemployment Tax Act tax. The FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both federal and state unemployment...
Aid Package Signed Into Law
As a follow-up to our blog post: New Coronavirus Stimulus Bill Passes Congress with PPP Loan Updates and Tax Implications, and our article related to the Impact of the Stimulus Bill for Individuals, President Trump signed the aid package bill late on December 27. A...
New Coronavirus Stimulus Bill Passes Congress; Impact for Individuals
The U.S. Senate and House of Representatives overwhelmingly passed the Consolidated Appropriations Act, 2021 a $900 billion COVID-19 relief bill last night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and...
New Coronavirus Stimulus Bill Passes Congress with PPP Loan Updates and Tax Implications
After months of negotiation and wrangling over additional coronavirus (COVID-19) pandemic relief legislation, House and Senate leaders struck a bipartisan funding deal over the weekend. Last night the U.S. House of Representatives and Senate overwhelmingly passed H.R....
Final Rule: Employers Can Truncate SSNs on Employees’ Form W-2
In March 2019, the IRS reported that tax-related identity theft had seen a sharp decline in recent years. However, "the scam remains serious enough to earn a spot on the agency's 2019 'Dirty Dozen' list of tax scams." On the employment side, identity theft often takes...