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- Meet Abby -

June 14, 2019

Abby Mattice has been a pillar in our organization since 2006! She is well versed in several areas of the industry such as PA 116, QuickBooks & client onboarding. She finds joy in helping our clients grow their business by supporting their accounting practices & processes.

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- Meet Michael -

June 7, 2019

Michael McKeown was born into the accounting industry. The youngest son of Scott & Deb McKeown, Michael has been with MKPCPA since 2013 and a partner of our firm since 2016.

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- Meet Dan -

June 5, 2019

Dan Crane has been with MKP since September of 2016. In his time with our firm, Dan has really found his niche in tax planning. His passion for creative problem solving comes through in every account he works on.

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How valuators adjust a financial picture

May 20, 2019

Sometimes professional valuators tweak financial statements before using them to appraise a business. Three common types of adjustments are:

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Buy vs. lease: Business equipment edition

May 8, 2019

Life presents us with many choices: paper or plastic, chocolate or vanilla, regular or decaf. For businesses, a common conundrum is buy or lease. You’ve probably faced this decision when considering office space or a location for your company’s production facilities. But the buy vs. lease quandary also comes into play with equipment.

Pride of...

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Lemonade: There's a better way to raise college funds

February 22, 2019

Lemonade stands are fun and they encourage entrepreneurship, but they probably won't pay for college. A 529 education savings plan provides a more practical solution, offering parents:

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Imposing health care plan waiting periods on rehired employees

February 16, 2019

It’s not uncommon for employers in some industries and localities to occasionally rehire a previously terminated employee. Should such a situation occur, you may wonder how to properly handle the waiting period typically imposed on new hires preceding their eligibility for health care benefits. The answer depends on the status of your organization under the Affordable Care Act...

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Financial statements tell your business’s story, inside and out

February 7, 2019

Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements.

In short, financial statements are detailed and carefully organized reports about the financial activities and...

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Refine your strategic plan with SWOT

January 30, 2019

With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general outline but haven’t quite put the finishing touches on it yet. In either case, there’s a time-tested approach to refining your strategic plan that you should consider: a SWOT analysis. Let’s take a closer look at what each of the letters...

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Many tax-related limits affecting businesses increase for 2019

January 22, 2019

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business.

Deductions

  • Section 179 expensing:
    • Limit: $1.2 million (Up from $1 million)
    • Phaseout: $2.55 million (Up from $2.5...

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Higher mileage rate may mean larger tax deductions for business miles in 2019

January 14, 2019

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018.

Actual costs vs. mileage rate

Businesses can generally deduct...

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Reverse mentoring can benefit everyone involved

January 11, 2019

When you read the word “mentor,” you might envision an older individual patiently and eloquently passing along decades’ worth of knowledge to a wide-eyed young student. Indeed, this is a kind of mentoring relationship that still exists and can prove beneficial to many organizations.

But there’s another take on the concept that can prove equally effective....

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4 business functions you could outsource right now

January 9, 2019

One thing in plentiful supply in today’s business world is help. Orbiting every industry are providers, consultancies and independent contractors offering a wide array of support services. Simply put, it’s never been easier to outsource certain business functions so you can better focus on fulfilling your company’s mission and growing its bottom line. Here are four such...

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Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

January 7, 2019

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. In certain circumstances, businesses can deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year...

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Economic damages: Recovering what was lost

January 2, 2019

A business can suffer economic damages arising from a variety of illegal conduct. Common examples include breach of contract, patent infringement and commercial negligence. If your company finds itself headed to court looking to recover lost profits, diminished business value or both, it’s important to know how the damages might be determined.

What methods are commonly...

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Make sure the price is right with market research

December 28, 2018

The promise of the new year lies ahead. One way to help ensure it’s a profitable one is to re-evaluate your company’s pricing strategy. You need to devise an approach that considers more than just what it cost you to produce a product or deliver a service; it also must factor in what customers want and value — and how much money they’re willing to spend. Then you need...

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6 Last-minute tax moves for your business

December 17, 2018

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider:

  1. Postpone invoices.
    If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until early 2019 to send...

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Can a PTO contribution arrangement help your employees and your business?

December 11, 2018

As the year winds to a close, most businesses see employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. Some businesses, however, find themselves particularly short-staffed in December because they don’t allow unused paid time off (PTO) to be rolled over to the new year, or they allow only very limited rollovers.

There...

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2019 Q1 tax calendar: Key deadlines for businesses and other employers

December 3, 2018

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

January...

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When holiday gifts and parties are deductible or taxable

November 27, 2018

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules.

Gifts...

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Tax reform expands availability of cash accounting

November 19, 2018

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and, if so, consider switching...

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Tax Law Changes

November 6, 2018

Several tax laws have changed this year. We want you to know that we have you covered. The MKP staff has been diligent about staying up-to-date with the ever-changing tax laws. Our goal is to continuously provide you with the necessary tools to succeed!

We have highlighted some of the changes taking place that may affect your 2018 tax return. Please click on the option below to learn more.

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3 Crtitical HR Metrics for Employers

November 2, 2018

Many employers routinely watch key financial metrics, such as current ratio and gross profit. But these aren’t the only measures you should consider monitoring. Recent years have seen the emergence of vital human resource (HR) metrics. These measures can help your organization make better-informed decisions about human capital, operations and overall strategy. Here are three examples of...

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Starting slow with a SIMPLE IRA

October 26, 2018

For certain employers, particularly small businesses, introducing a retirement plan for employees may seem like a daunting task. The company owner may feel that providing a full-blown 401(k) plan is his or her only choice, but that’s far from true.

There are other options to consider that are relatively easier to administer and usually less costly to set up and maintain. One...

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Now's the time to review your business expenses

October 15, 2018

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year.

Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or eliminates many deductions. In some cases, it may be necessary or...

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McKeowns Humbled by Hometown Hero Honors

October 5, 2018

McKeowns Offer Match for Donations to TAEF 

Debby McKeown looked out at the crowd filling the Barry Expo Center and fought to hold back her emotions as she and her husband, Scott, humbly accepted the Hometown Hero award from the Thornapple Area Enrichment Foundation. "We are so humbled and honored to receive this recognition," she said. "In my heart I know it is all of you here tonight who are my hometown heroes."

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Businesses aren’t immune to tax identity theft

September 26, 2018

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data.

How it works

In tax identity theft, a taxpayer’s identifying information (such as...

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2018 Q4 tax calendar: Key deadlines for businesses and other employers

September 12, 2018


Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
October...

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Keep it SIMPLE: A tax-advantaged retirement plan solution for small businesses

August 27, 2018

If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for small businesses. The deadline for setting one up for this year is...

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Assessing the S Corp

August 21, 2018

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible • and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they once were.

Tax comparison

The...

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Choosing the Right Accounting Method for Tax Purposes

August 14, 2018

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under the TCJA. If you have the option to use...

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Business deductions for meal, vehicle and travel expenses: Document, document, document

July 24, 2018

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS.


A critical requirement


Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may...

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How to Avoid Getting Hit With Payroll Tax Penalties

July 11, 2018


For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income...

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