MCB BLOG

As your trusted CPA & Advisor, we keep you informed of the latest tax & accounting news you can use.

NEW Guidance on Paycheck Protection Program (PPP) Deductibility Expense

On Wednesday, November 18, 2020, the U.S. Treasury Department and IRS issued, in a press release, additional guidance that clarifies the deductibility of expenses where a business received a Paycheck Protection Program (PPP) loan.     Per the newly issued revenue...

It’s Form W-2 Time: How to Handle Box 1

Box 1 of Form W-2 shows the employee's total compensation that is subject to taxation for the year. Per an article published by Forbes, "This tends to be the number most taxpayers care about the most." Consequently, there's no room for error. Below are inclusions and...

By the Numbers: The Key Adjustments for 2021

What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of number affecting the finances of businesses and individuals. First, any...

Is a Business Bankruptcy the End of the Line?

These are tough times, and the many business owners are facing severe hardships.  Government loans and grants are keeping some afloat for the time being, and that is good news. The prospect of additional government loans to small businesses also can help. The prospect...

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