MCB BLOG
As your trusted CPA & Advisor, we keep you informed of the latest tax & accounting news you can use.Filing Taxes for the Deceased
Death doesn't cancel a final responsibility: paying income taxes. A decedent's executor must file one last income tax return for the deceased if the deceased's income surpassed a certain threshold. And even if a return isn't required, a return may be necessary anyway...
How To Raise and Maintain a Credit Score
A good credit score can give you a lot of advantages, such as easing the way to car loans and mortgages. But how do you get your score high and keep it there? Keep track of credit utilization, which is the ratio of your outstanding credit card balances to your credit...
Head of Household Filing: Who Is Eligible?
Of the various filing status options offered by the IRS, head of household is considered the most advantageous. Numerous rules apply to qualify, but if you do, it will mean a higher standard deduction and wider tax brackets compared to single filing status. Here's...
How Are Trusts Taxed?
A trust can be a powerful estate-planning tool, but contrary to popular belief, trusts do not make all taxes disappear. The families who set them up still need to consider tax consequences. To start with, trust beneficiaries typically need to pay tax on the interest...
Business Interest Expense: The New Rules
The IRS released the final regulations and other guidance on the limitation on the deduction for business interest expenses under the Tax Cuts and Jobs Act of 2017 that was amended by the CARES Act of 2020. The 2017 tax overhaul limited the business deduction as a way...
Is This Your Situation: Applying ASC 606 in Construction
In simple terms, if you're in the business of entering contracts to deliver goods or services to customers, you're affected by the FASB's ASC 606, which provides guidance in recognizing revenue. Although ASC 606 applies to a wide range of businesses, it is of...
How to Close a Business: Tax and Paperwork
Closing a business is difficult and challenging. The IRS acknowledges that small businesses and self-employed individuals face challenges in their personal and business lives during these uncertain times. Closing a business is a difficult decision. Toward the end of...
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...