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FASB Releases Pronouncement on Fair Value Disclosure Requirements December 3, 2018

The Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.  This ASU refreshes the fair value disclosure requirements for all nonpublic companies in an effort to remove information that may have been previously misinterpreted and to […]

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IRS Rules That Cake and Ice Cream Go Together In a 401(k) Plan November 29, 2018

By Jim Griffin Okay.  You’re right.  That is just a catchy headline.  The IRS didn’t really say anything about cake or ice cream.  But the IRS did say that employees could get a contribution (sort of like cake) inside a 401(k) plan as a reward for paying down their student loan debt outside of the […]

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Atit Shah Montgomery Coscia Greilich LLP as Risk Assurance and Advisory Services Partner October 8, 2018

Plano-based accounting firm Montgomery Coscia Greilich LLP (MCG) is pleased to announce that Atit Shah has joined the Firm as a Partner in the Risk Assurance and Advisory Services group. Shah is a versatile and accomplished technology and risk assurance leader with a strong blend of hands-on technical expertise, business acumen, and operations experience. In […]

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Cyber Security: Starting with the Basics October 4, 2018

From Equifax to the UK’s National Health Service to Target, Panera Bread, and FedEx, major cyberattacks are rarely out of the news lately. No organization should consider itself safe from a cyberattack when governments and major corporations with strong cyber security strategies are being affected. Assuming you’re not a government entity or a large corporation, […]

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Paul Dunn to Speak at APQC’s Process & Performance Management Conference September 11, 2018

MCG Partner Paul Dunn will be speaking at APQC’s 2018 Process & Performance Management Conference in October, 2018, at the Houstonian Hotel in Houston. The conference features a wide-range of programs exploring best practices to improve agility and performance, and will be attended by business leaders concerned with business process management, continuous improvement, and organizational […]

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MCG to Sponsor the North Texas Owners Forum July 16, 2018

MCG is proud to be a sponsor of the Exit Planning Institute’s North Texas Owners Forum. The North Texas Owners Forum will present the results of the currently ongoing State of Owner Readiness Survey, which is surveying business owners in the North Texas region to determine their state of readiness to transition their business. The […]

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Wayfair Ruling Changes the Game for Sales Tax Nexus Requirements July 12, 2018

The United States Supreme Court, in Wayfair v. South Dakota, recently made headlines with their dramatic shift in sales tax nexus requirements. For nearly 3 decades, companies have relied on the proposition that they must have physical presence within a state to be subject to sales tax registration and collection/remittances responsibilities.  However, with the ruling […]

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How the Recent Supreme Court Decision Affects Your Sales Tax Processes  June 22, 2018

In a 5-4 decision, the Supreme Court overturned the longstanding “physical presence” nexus standard for sales tax purposes in Quill. Their ruling on June 21, 2018 in South Dakota v. Wayfair allows states to require retailers to collect sales and use tax in states in which they lack a physical presence. The Wayfair decision called […]

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Tax Treatment of Bitcoin and Other Virtual Currencies June 14, 2018

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, more and more larger businesses are. And the […]

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Sending Your Kids to Day Camp May Provide a Tax Break June 10, 2018

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-Dollar Savings Day camp (but not overnight camp) is a qualified expense under the child and dependent care credit, which is […]

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The Tax Sense of Putting Your Child On Your Business’ Payroll June 5, 2018

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How It Works By shifting some […]

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IRS Issues Guidance to Ease Transition to FASB’s New Revenue Recognition Rule June 4, 2018

In 2014, a new accounting standard on how to recognize revenue from contracts was issued by the Financial Accounting Standards Board (FASB). Now the IRS is allowing a new automatic change in accounting method for businesses to use to conform with the new financial accounting standard. This will allow for more book-tax conformity and facilitate […]

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TCJA Changes to Deducting Pass-Through Business Losses June 4, 2018

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct […]

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State and Local Taxes and Retirement June 4, 2018

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, Property and Sales Tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you […]

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2019 HSA and HDHP Contribution Limits May 31, 2018

The Internal Revenue Service (“IRS”) has announced the contribution and out of pocket limits for Heath Savings Accounts (HSA) and High Deductible Health Plans (HDHP). Please see them represented in the table below: 2019 2018 Change HSA Contribution Limit Self: $3,500 Family: $7,000 Self: $3,450 Family: $6,900* Self: +$50 Family: +$100 HSA Catch-up Contributions (age 55 or […]

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Start 2018 Tax Planning Now May 30, 2018

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for […]

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Be Aware of Tax Consequences Before Selling Your Home May 26, 2018

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home Sale Gain Exclusion […]

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Do You Need to Adjust Your Withholding? May 22, 2018

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should […]

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TCJA Changes to Employee Benefits Tax Breaks May 15, 2018

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. 4 Breaks Curtailed Beginning with the 2018 tax year, the TCJA reduces or eliminates tax breaks […]

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Significant TCJA Provisions Affecting Small Businesses May 10, 2018

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning […]

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  • News
  • 5 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Happy Halloween from MCG! @QuantumWorkplace
    Timeline Photos
    5 weeks ago
    One of the best days at MCG. Love all the costumes!
  • 7 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Some great ideas about transitioning your business were presented at the 2018 Dallas Owners Forum!
    Timeline Photos
  • 7 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    MCG is a DBJ Best Place to Work for the third year in a row! We had a blast at the awards ceremony at the Dr. Pepper Ballpark yesterday!
    Timeline Photos
    7 weeks ago
    Yay!!!
    7 weeks ago
    Awesome peeps!
    7 weeks ago
    Yay! Sad to have missed it!!!
  • 9 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Plano-based accounting firm Montgomery Coscia Greilich LLP (MCG) is pleased to announce that Atit Shah has joined the Firm as a Partner in the Risk Assurance and Advisory Services group.
    Atit Shah Montgomery Coscia Greilich LLP as Risk Assurance and Advisory Services Partner - MCG
  • 11 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    One of our audit pod groups had great day connecting and blowing off some steam!
    Timeline Photos
  • 13 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Are you a business owner in the #DFW area? Take a few minutes and complete the #StateofOwnerReadiness anonymous survey (Link Below) to measure your current readiness and business attractiveness. And consider the question: #AreYouReady?
    State of Owner Readiness | North Texas Survey
  • 13 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    The Family Place's blog has recently spotlighted Partner Mike Gayler - learn more below!
    The Family Place
    13 weeks ago
    So proud to be your friend! My parents started one in Lubbock, on 34th and University, down the street from Luskeys! They are still open today!!
  • 19 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Are you a business owner in the #DFW area? Take a few minutes and complete the #StateofOwnerReadiness anonymous survey (link below) to measure your current readiness and business attractiveness. And consider the question: #AreYouReady ?
    State of Owner Readiness | North Texas Survey
  • 19 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Congratulations to our Q2 Coaches and Associates!
    Timeline Photos
  • 21 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    The United States Supreme Court, in Wayfair v. South Dakota, recently made headlines with their dramatic shift in sales tax nexus requirements. To help you understand the potential impact to your company, we've written a detailed review of the case.
    Wayfair Ruling Changes the Game for Sales Tax Nexus Requirements - MCG
  • 24 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    MCG was proud to sponsor the DFW Ole Miss Rebel Club Golf Classic this weekend! Go #TeamMCG!
    Timeline Photos
  • 24 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    In a 5-4 decision, the Supreme Court overturned the longstanding “physical presence” nexus standard for sales tax purposes in Quill. Their ruling on June 21, 2018 in South Dakota v. Wayfair allows states to require retailers to collect sales and use tax in states in which they lack a physical presence.
    How the Recent Supreme Court Decision Affects Your Sales Tax Processes - MCG
  • 25 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    MCG is proud to be a DBJ Best Place to Work again for 2018!
    Timeline Photos
    25 weeks ago
    Congrats everyone. Job well done.
  • 25 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits.
    TCJA Changes to Employee Benefits Tax Breaks - MCG
  • 25 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit!
    Sending Your Kids to Day Camp May Provide a Tax Break - MCG
  • 25 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    In 2014, a new accounting standard on how to recognize revenue from contracts was issued by the Financial Accounting Standards Board (FASB). Now the IRS is allowing a new automatic change in accounting method for businesses to use to conform with the new financial accounting standard. This will allow for more book-tax conformity and facilitate accounting method change requests associated with adopting the new standard.
    IRS Issues Guidance to Ease Transition to FASB’s New Revenue Recognition Rule - MCG
  • 26 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017, and are permanent, unless otherwise noted.
    Significant TCJA Provisions Affecting Small Businesses - MCG
  • 27 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    The Tax Cuts and Jobs Act (TCJA) imposes a limit on deductions for business interest for taxable years beginning in 2018. The limit, like other aspects of the law, has raised some questions for taxpayers. In response, the IRS has issued temporary guidance in Notice 2018-28 that taxpayers can rely on until it releases regulations. While the guidance provides some valuable information, it also leaves some questions unanswered.
    IRS Sheds Light On New Limit on Business Interest Expense Deductions - MCG
  • 28 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits.
    TCJA Changes to Employee Benefits Tax Breaks - MCG
  • 31 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment of NOLs.
    What Tax Reform Means If You Have a Net Operating Loss - MCG
  • 32 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    The explosion of ecommerce in the last sixteen years combined with the states’ strong desire to tap into those sales to increase revenue have caused states to challenge the requirement of physical presence – a nexus requirement that is unique to sales tax. Currently, all but five states impose a sales tax, meaning the magnitude of this case reaches much of the nation.
    How South Dakota vs. Wayfair Could Change Your Sales Tax Process - MCG
  • 32 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Congrats to our Coaches and Associates of Q1!
    Timeline Photos
  • 34 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate.
    Size of Your Charitable Deduction May Vary - MCG
  • 35 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to as the “manufacturers’ deduction.”
    Last Chance to Take the Manufacturers' Deduction - MCG
  • 35 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related breaks may not be as valuable when you file your 2018 return next year.
    Home-Related Tax Breaks in 2017 vs. 2018 - MCG
  • 35 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    The enacting of the Tax Cuts and Jobs Act (TCJA) on December 22, 2017 has had an immediate effect on companies’ accounting practices. For an overview of changes, further guidance, and considerations you should keep in mind as the tax deadline approaches, please keep reading.
    Accounting Implications for Tax Reform - MCG
  • 40 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Tax season is fully upon us. Questions about filing dates? We have you covered.
    2018 Tax Calendar - MCG
  • 41 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    MCG has promoted two new partners: KC Onwuneme (Audit) and Ed Mahon (Strategy and Management Consulting).
    Montgomery Coscia Greilich LLP Promotes Ed Mahon and KC Onwuneme to Partner - MCG