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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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