Welcome to the Knowledge Institute
This resource is filled with insightful white papers and informative articles to help keep your business moving forward.
Thought Leadership
Our nation's unemployment rate hovers at nine percent and monthly job losses continue to rise. That has generated discussions in Washington about innovative fiscal policy instruments, such as job creation tax credits, to help stimulate labor demand. In 2010, Washington took action and signed the Hiring Incentive to Restore Employment (HIRE) Act into law, which provided two new tax benefits to employers. The first perk was a payroll tax exemption which Congress is trying to extend past its 2011 year-end expiration date. The second benefit of the HIRE Act was...
Read more about available employment tax credits...
Who is your second string or even your third string quarterback? Who will run your business if you are taken out for the season? Not only is it important to have clear lines of operational authority, it is never too early to think about succession planning.
Read more about the importance and benefits of succession planning for your business...
Read more about small business healthcare tax credits...
Each year the federal government purchases products and services totaling close to $500 billion, nearly $98 billion of them from small businesses. Congress requires federal agencies to award 23 percent of their contracts to small businesses. This mandate allows small business, the growth engine of the U.S. economy, to compete equitably for the billions of dollars the federal government spends each year.
You’ve had a great day. Everything went right at work. You finally landed that new account you’ve been chasing, and you found $20 in an old pair of pants. Things have certainly gone your way; until you get home, look through your mail and find a letter from the Internal Revenue Service. When you open it, you find a bill for $24,713.65 in back taxes, penalties and interest! Click here for straight-forward advice on what your next steps should be...
A Memorandum of Understanding (MOU) was issued between the Internal Revenue Service (IRS) and the United States Department of Labor (DOL) to implement a joint initiative to improve compliance with laws and regulations administered by the IRS and DOL. The sharing of information and collaboration between the parties allowed by the MOU will help reduce the incidence of misclassification of employees as independent contractors, reduce abusive employment/unemployment tax schemes, and improve compliance with federal labor and tax laws. Click here to understand the specific objectives of this initiative...
Helpful links compiled by panelists and included on the event handout from the McConnell & Jones 2011 Roundtable. Click here to download the PDF of the handout for this event.
If you watch television, surf the Internet, listen to the radio or read any news publication, you've heard a lot about income taxes. Say what you will, but every American has a stake in the ongoing debate in Washington about who is taxed and how high their rate should be.
Much of the debate centers on what the tax code classifies as portfolio income. When you talk to a tax preparer or financial commentator, you will likely get...
Read more about minimizing taxes...
Executive compensation has evolved dramatically in recent years, in creativity, complexity, and dollar value. Stock options, deferred compensation, fringe benefits, and other "non-cash" alternative forms of compensation are becoming increasingly popular and making up larger and larger parts of executives' overall compensation packages.
There are multi-faceted tax implications for all forms of executive compensation...
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Did you end up owing taxes this year? The vast majority of Americans get a tax refund from the IRS each spring, but those who receive a bill may not know that the IRS has a number of ways for people to pay. Here are nine tips...
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By some accounts, fraud costs the U.S. economy approximately $600 billion a year. As a business owner, you have a duty to yourself and to your employees to minimize losses to your company due to employee theft. This article will explore some steps you can take to protect your company’s assets.
Never Say Never!
The biggest mistake you can make as an employer is to blindly trust an employee. Sure, Jim has been a good and faithful employee for 20 years, but that doesn’t mean...
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With the arrival of 1099s and W-2s from your employer, banks and others, it’s time to get down to the business of filing your income tax return. While technology has certainly eased the burden of filing, mistakes still happen. This article focuses on some of the more common mistakes that will cost you money.
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A Word to the Moneywise...
Starting a new business can be a harrowing experience, whether it’s a full time or part time venture. Tax planning must be part of your basic strategy. Many of the decisions you make when starting a business will affect your after tax profit...
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Uncle Sam is giving taxpayers an extra three days to file their federal tax returns this year because the District of Columbia will observe Emancipation Day.
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A Word to the Moneywise... In short, this is a quick update of things that all business owners should know before the end of 2010.
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The Small Business Jobs Act of 2010 was signed into law on September 27th. Though many of the Act's provisions focus on small businesses, the new law also contains tax incentives that apply to all business owners as well a their retirement savings incentives. The Act enhances and extends a number of tax incentives that were originally included in 2008 Stimulus Act and the 2009 Recovery Act. Also, it is important to...Read more...
On November 19th, the McConnell & Jones Audit Team hosted a seminar focused on the compliance and reporting requirements associated with Stimulus Funded contracts, grants and loans. Specifically, the team focused on Section 1512 Requirements, Impacts to the Single Audit Process, and Importance of Data Quality. Download the presentation.
Audit committees can take advantage of the Internet and find a wealth of resources to assist them in discharging their responsibilities. This Tool provides an overview of organizations and Web sites that contain topical resources for audit committee members to investigate.
On August 12th McConnell & Jones LLP hosted a nonprofit seminar with GrowthForce LLC to discuss ways for nonprofit organizations to improve bookkeeping and accounting processes through the utilization of QuickBooks. Also, our tax experts discussed important changes to the IRS Form 990. Learn more...
A quality audit will help protect the assets and the financial integrity of your employee benefit plan and ensure that the necessary funds will be available to pay retirement, health, and other promised benefits to your employees. A quality audit also will help you...continue reading...
The 81st Texas Legislature convened on Jan. 13, 2009 and adjourned on June 1, 2009, but they clearly have not finished their business in the capitol for the summer. The Governor has already indicated that he will be calling a special session...continue reading...
The recently enacted American Recovery and Reinvestment Act of 2009 (the "Stimulus Act") includes a number of new tax breaks, both large and small, and extends several existing tax breaks for businesses and individuals. Although some provisions are not as generous as originally hoped, there are still plenty of opportunities for individuals and businesses alike. Following are some highlights of the new legislation...
One of the largest hurdles faced by business owners is staying on top of the numerous obligations to federal and state tax agencies. The Internal Revenue Service offers business owners a fair number of business tax deductions...learn more...
One of the largest hurdles faced by business owners is staying on top of the numerous obligations to federal and state tax agencies. While effective tax planning takes place year-round, it becomes especially important at...continue reading...
In the wake of Hurricane Ike, many people are faced with concerns about the fiscal impact that this devastating disaster will play in their personal and business financial affairs. McConnell & Jones has prepared a Recovery Resource Guide to help you regain a sense of financial balance by offering suggestions on steps to take immediately...continue reading...
Last summer the IRS issued new 403(b) regulations—these are the first changes that 403(b) plans have seen in more than 40 years. Is your plan ready for the scrutiny? Download the PDF...
The IRS's new rules bring 403(b) plans closer to the standards set for typical 401(k) plans and result in significant changes for tax exempt organizations and their employees. Learn more...
Is Your Business At Risk? Simple Strategies to Manage Risk Throughout Your Firm’s Purchasing Process
It's common knowledge that risk management is an operational cornerstone of the "big guys," but what about the small businesses? Why should you care about risk management strategies? Most small businesses are unpredictable...continue reading...
Almost every business owner or successful entrepreneur comes to the decision point of selling their business and turning their risk and responsibilities to someone else. Download the PDF...
It used to be that if you had a good product and provided solid customer service, you could pretty much count on being successful. Download the PDF...
As the owner of a business or professional practice, you know better than anyone that running your business seldom leaves you enough time to "take care of business" by addressing important financial planning questions such as...continue reading...
