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The McKonomics Blog is Moving to M&A News
2011-06-17 13:43 UTC by McKonly & Asbury

031008moving-day
In case you haven’t heard, our firm recently started a news blog called McKonly & Asbury News. In addition to our other blogs which are specific to many of the segments our firm serves, this new blog will include more general content including information that would formerly be posted on the McKonomics blog. Take a look at the articles...

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When Should You Keep and Throw Out Tax Documents?
2011-04-25 11:42 UTC by McKonly & Asbury

MyTaxRecordsOnce your 2010 tax return has been put to bed, you can rest easy until it's time to prepare for filing next year...right? Wrong. Before you turn out the lights, collect all the vital materials from your 2010 return and store them in a safe place. The documents you don't need anymore can be thrown away, after shredding them or destroying them, of...

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Two Sets of Burdensome 1099 Rules are Repealed
2011-04-17 15:30 UTC by McKonly & Asbury

Capitol_Color_Spring_description%20size President Obama has signed a law that repeals two sets of rules that had business owners, company managers and landlords up in arms because of the paperwork nightmare they created. The rules that involved businesses issuing a blizzard of 1099 forms were created by two laws enacted in 2010. Rental property owners had to begin complying with one of...

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Not Ready to File Your Taxes?
2011-04-13 14:10 UTC by McKonly & Asbury

April18_real_imp_dates If you need more time to get your tax information together, don't panic. You can get six additional months to finalize your return by filing Form 4868, Application for Automatic Extension of Time to File by the April 18th tax deadline. Remember, this is an extension to file your return, not to pay your taxes. Getting an extension to file allows you...

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New IRS Guidance on Reporting of Employer Health Coverage
2011-04-06 13:06 UTC by McKonly & Asbury

IRS_logo_smaller The IRS issued interim guidance to employers on the informational reporting on each employee's annual Form W-2 that lists the cost of the health insurance coverage they sponsor.  

The IRS emphasized that this new reporting to employees is for their information only, to inform them of the cost of their health coverage. It does not cause...

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Your Employee Handbook: Include 12 Critical Issues - Important Points to Spell Out
2011-03-30 13:10 UTC by McKonly & Asbury

Images An employee handbook serves as a guide for managers and employees alike. It can help avoid conflict when specific situations arise and head off potential problems before they happen. A good handbook can also create an incentive for employees to make a long-term commitment to your company. 

The following list includes 12 major topics your...

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IRS Throws a Lifeline to Struggling Taxpayers - New Help for Taxpayers Who Fall Behind
2011-03-23 14:03 UTC by McKonly & Asbury

IRS Help The IRS recently unveiled a new program to help struggling individual taxpayers and small business owners pay off tax debts and avoid tax liens. 

The new program is the latest in a series of efforts designed to assist taxpayers who can't pay. In 2008, the IRS provided lien relief for individuals trying to refinance or sell their homes. A year...

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IRS Announces New Effort to Help Struggling Taxpayers Get a Fresh Start
2011-03-16 14:23 UTC by McKonly & Asbury

IRS-building In its latest effort to help struggling taxpayers, the Internal Revenue Service announced a series of new steps to help people get a fresh start with their tax liabilities.

The goal is to help individuals and small businesses meet their tax obligations, without adding unnecessary burden to taxpayers. Specifically, the IRS is announcing new policies...

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Business Valuation Building Blocks
2011-03-09 13:20 UTC by McKonly & Asbury

Buildingblocks I have had the opportunity and pleasure to review many valuation reports with my clients and answer general valuation inquiries from a multitude of other interested individuals. The majority of the questions and my comments during the reviews center on three of the building blocks of valuation: the Standard of Value, the Premise of Value, and the...

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Pennsylvania Bonus Depreciation Issue - Big Change for Business
2011-03-02 13:43 UTC by McKonly & Asbury

Calculator-with-money The federal government has provided for the acceleration of depreciation expense on qualified assets for various periods of time since 2001. The main purpose for providing the acceleration of depreciation was to encourage businesses to make investments in their company in an effort to stimulate the economy.

The initial bonus depreciation deduction...

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