Matthews, Carter & Boyce

It's never too early for tax planning! Here are 6 things you should be doing right now to prepare for tax season:
https://mcb.cpa/is-this-your-situation-worried-that-its-too-early-for-tax-planning/
Follow us for more tips in the coming weeks!

Friday is here, and we're ready thanks to our talented resident mixologist Chris Castro (accountant by day). Chris shared recipes for refreshing cocktails and mocktails in a virtual presentation for our team last week. Happy weekend from all of us at MCB!

When starting a family, you’re eligible to claim new credits and deductions that lessen your tax liability. In this article, we outline the tax credits and deductions you might be eligible for:
https://mcb.cpa/tax-tips-for-parents/

Join our team! We are hiring outsourced accounting and tax professionals. Check out our open positions:
https://lnkd.in/ea9EH3Um

Excited to announce we have been named to Accounting Today’s 2024 Best Accounting Firms to Work For! We are proud to once again be recognized by Accounting Today for our efforts in building a positive firm culture.

Check out our official announcement:
https://mcb.cpa/matthews-carter-boyce-cpa-firm-named-to-2024-accounting-today-best-firms-to-work-for/

The IRS allows taxpayers who can’t gather the funds to pay their taxes all at once to pay off their outstanding balances over time. You can apply for one of the agency’s two payment programs online. We break down the details here:
https://mcb.cpa/what-to-do-when-you-cant-pay-your-taxes/

There are many potential tax errors that business owners can make. Even when you’re doing your best to avoid tax-related mistakes, they can still happen. Here are 8 business tax errors to avoid:

https://mcb.cpa/worst-of-the-worst-top-business-tax-errors/

Worst of the Worst: Top Business Tax Errors | MCB CPA Firm When the IRS looks at your business tax forms, the tax agency uses a computer to compare what has been reported to it. Contact MCB CPA Firm.

Check out MCB Principal Richard W. Harpe's article for the Community Foundation for Northern Virginia on the importance of keeping beneficiary designations up-to-date:

https://mcb.cpa/beneficiary-designations-not-just-another-piece-of-paper/

Beneficiary designations: Not just a piece of paper | MCB CPA Firm A beneficiary designation offers a simple and effective way for a client to leave a charitable bequest to a fund at the Community Foundation.

As a small business owner, you may be asked for an audited financial statement by a banker, investor, creditor or buyer, who may want assurance that the financial statements provided by your business are free of any major oversights or errors. Here what you should know about he differences between a compilation and a review:
https://mcb.cpa/is-this-your-situation-deciding-between-a-compilation-and-a-review/

Deciding Between a Compilation and a Review | MCB CPAs Understanding the difference between a compilation, which is likely what you have been doing, and a review.

We had a great time at our putt-putt tournament last week. Thanks to everyone who came out and congratulations to everyone who participated!

Preparations are underway for our first Putt-Putt tournament in our office. The action begins at 5:00pm today with food and prizes. We can’t wait for the fierce competition between our team members. Stay tuned to see who the champion will be.

https://www.youtube.com/watch?v=xxIBvhqyB_A

2024 MCB Office Putt Putt Course Preparations are underway for our first in-office Putt-Putt tournament. The action begins at 5:00pm on Wednesday, July 18 with food and prizes.

If you missed our most recent Women in Business event, check out our quick recap on the informative and entertaining discussion about healthy finances.
https://mcb.cpa/women-in-business-series-financial-fitness/

Sign up for our blog and newsletter here so you don't miss the next event — coming this fall! https://mcb.cpa/

Join our team! We have several open positions for tax professionals, outsourced accounting professionals and accountants. Don't worry...bowling, rowing and golf skills are not required (but certainly welcome!)
Check out our open positions here:
https://mcb.cpa/our-firm/audit-tax-cpa-jobs/

Happy Independence Day!

Summer is officially in full swing! A fun time was had by all at our annual company picnic. To all our friends and partners, have a safe, happy and healthy summer!

There were some serious topics (and some great laughs too!) during our Women in Business event today talking financial fitness for women. We covered investing and compounding, tips for budgeting and managing debt, and so many other subjects. Special thanks to our panelists Allison Dunlap and Jenna Meza for sharing their insights and to Kathy Flaherty, CPA and Rui Sun, CPA, for moderating the conversation.

If you missed it, follow us to make sure you don't miss our next Women in Business event in the fall. Happy Summer!

We are just getting started with today's Women in Business event -- time to get financially fit!

Did you know? Women earn roughly 84 percent of what men earn for the same job, according to Pew Research Center analysis. And, while they are generally better savers and more likely to participate in a 401(k) plan at work, their lower average income means they have less saved for their future than most men.

As reported in a recent Fast Company article: Krista Phillips, executive vice president, head of consumer credit cards and marketing at Wells Fargo, stated: “As women, we are conditioned to believe that talking about money is rude, but the best way to learn about anything is to talk about it—and we aren’t talking about it enough. This mindset ends up restricting women’s financial growth, investment opportunities, and earning potential.”

So...let's talk finances!

JOIN US with guests Allison Dunlap and Jenna Meza of Harbour Capital Advisors on Wed. June 26 and let's talk healthy finances for women.
Virtual event is free, register here: https://lp.constantcontactpages.com/ev/reg/m5tqdh6?mode=preview&source_id=8bcc2a2c-a6f5-4ac8-b7d2-e480d6604539&source_type=em&c=

One week from today!
Summer is a time for focusing on wellness, but what about healthy finances?

From investing tips, to saving for your first home, to tackling student loan debt to using budgeting apps -- get your burning financial questions answered by Allison Dunlap and Jenna Meza.

Event moderated by our own Kathy Flaherty, CPA and Rui Sun, CPA. Event is free; register here: https://lp.constantcontactpages.com/ev/reg/m5tqdh6?mode=preview&source_id=6e0db813-79ed-43f6-9eb6-5d1c9fd83b85&source_type=em&c=

DID YOU KNOW: While men most commonly say they are “hopeful” when it comes to money, the word women most commonly used to describe finances was “stress,” according to a 2023 Fidelity Investments survey. Join us to examine ways we can build and maintain the healthiest finances, with great budgeting and investment tips from Allison Dunlap and Jenna Meza. Virtual event is free, register here:
https://lp.constantcontactpages.com/ev/reg/m5tqdh6?mode=preview&source_id=6e0db813-79ed-43f6-9eb6-5d1c9fd83b85&source_type=em&c=

Excited to share -- WE'RE HIRING!
Check out our open positions for accounting and tax professionals:
https://mcb.cpa/our-firm/audit-tax-cpa-jobs/

The IRS is auditing your business. Now what? First, make sure you really received an audit notification. The IRS will notify you by mail not by phone call or through email. If you do get an email saying you’ve been selected for an audit, it’s likely fraudulent. Learn more about next steps once your business has been selected for an audit: https://mcb.cpa/the-irs-is-auditing-your-business-mcb-cpas/

The IRS Is Auditing Your Business | MCB CPAs The IRS will notify you by mail. The IRS does not notify taxpayers about audits by phone call or through email.

Proud to partner with Small Business Investor Alliance for another successful event!

Who pays the tax on income from a trust? We answer this and other burning questions from the complex world of trusts and taxes:
https://mcb.cpa/the-complex-world-of-trusts-and-taxes/

Trusts and Taxes | MCB CPAs Establishing a trust is often a wise strategic decision and grantors should understand that income received via a trust is taxable income.

Many of the provisions in the Tax Cuts and Jobs Act (TCJA) will expire at the end of 2025 unless Congress extends them. Taxpayers need to be aware of how they will be affected so they can be prepared, especially when it comes to estate and gift taxes. Learn more:
https://mcb.cpa/estate-and-gift-tax-planning-and-the-tcja/

Estate and Gift Tax Planning and the TCJA | MCB CPAs When it comes to estate planning, one of the most important factors to keep in mind is that trusts are formed in accordance to state law.

Our next Women in Business event is coming soon! Join us June 26 to talk healthy finances with our panel of investment strategists, Allison Dunlap and Jenna Meza.

According to research conducted by Wells Fargo and The Female Quotient “Women feel less comfortable discussing finances, with over 40% stating they have a stressful relationship with money.”

Bring your burning financial questions and join us for this free virtual event:
https://lp.constantcontactpages.com/ev/reg/m5tqdh6?mode=preview&source_id=6e0db813-79ed-43f6-9eb6-5d1c9fd83b85&source_type=em&c=

It's a good day to brush up on the tax benefits of home ownership! We break them down here, including deductions to be aware of, working around capital gains and how home improvement can affect taxes. For example, did you know that home improvement projects rooted in medical assistance — like installing accessibility ramps or widening doorways — could be deducted as medical expenses? Learn more: https://mcb.cpa/tax-and-homeownership/

Tax and Homeownership | MCB CPAs One of the most significant tax benefits you as a homeowner will enjoy is arguably the mortgage interest deduction.

The nuts and bolts of irrevocable trusts:
https://mcb.cpa/assets-in-irrevocable-trusts-and-stepped-up-basis/

Assets in Irrevocable Trusts and Stepped-Up Basis | MCB CPAs Do you have property held in an irrevocable trust? The IRS issues clarifications when it comes to the stepped-up basis of irrevocable trusts.

How do you apply for tax-exempt status? First, you’ll need to figure out whether your organization is categorized as a trust, a corporation, or an association.

Here are the steps to determine whether your organization is eligible:
https://mcb.cpa/whats-the-story-on-nonprofit-and-tax-exempt-entities/

The Story on Nonprofit and Tax-Exempt Entities? | MCB CPAs Have you ever wondered how you’re supposed to determine whether your organization is eligible for exemption from federal income tax?

If you are growing your family through adoption, you might qualify for an Adoption Tax Credit, which can be applied to international, domestic, private, and public foster care adoption. Here's how you can claim this credit:

https://mcb.cpa/whats-up-with-the-adoption-tax-credit/
Follow us for more tax tips throughout the year!

What's Up With the Adoption Tax Credit? | MCB CPAs You might qualify for an Adoption Tax Credit, If you adopted someone or started the adoption process in the year 2023.