MRB Accounting

01/25/2026

01/21/2026

01/13/2026

Keep in mind, different states and localities have varying start dates for final form releases. Need tax help? Schedule an appointment at MRBACCOUNTING.COM or head to the link in bio.

01/22/2024

We’re the anti-tax-gremlins! We’ll fight for every deduction and credit, so you can keep more of your hard-earned cash. Let’s make your tax season happy! ☎️ (516) 427-7313
📧[email protected]
Visit our website to schedule an appointment
💻MRBACCOUNTING.COM
















#2024

12/29/2023

And don’t forget about the S Corporation deadline…also March 15th! These deadlines are the deadline to pay as well! But it’s important to note to avoid tax penalties, make sure to pay at least 90% of your 2023 tax liability through withholding or estimated tax payments. If your adjusted gross income was over $150,000 in 2022, pay 110% of the tax shown on your 2022 return to avoid penalties. If your tax debt is less than $1,000, you won’t be penalized. #2024

11/20/2023

End of Year Tax Planning Newsletter is out now! DM us your email for a copy.

09/28/2023

TIMING
Is the information as current and as complete as possible? What do you look at to make sure nothing is missing?
Have expectations among staff been made clear about the cutoff at month end?


INCOME STATEMENT
Is revenue at the expected levels (budget)? If not, what are the reasons? (e.g., lost customers, delayed projects, material shortages, etc.)
Is the gross margin percentage as expected? If not, what are the reasons? (e.g., unexpected purchasing costs, higher than average freight costs to meet deliveries, price increases from vendors, higher # of hours needed to complete work vs. contract, etc.)
Are managers responsible and accountable for their operating budgets? Are they managing their T&E costs, office supplies, outside consulting costs, etc.?
How do the expenses as percentages of income compare with the expectations (budget or last year)?
How do the expenses as percentages of income compare with industry benchmarks?


BALANCE SHEET
Accounts Receivable: Is there a significant percentage of past due accounts? This can have a huge impact on cash flow. What collection efforts need to be made going forward?
Inventory Levels (if applicable): Is inventory growing faster than revenue? Are the inventory turns decreasing? Is obsolescence being evaluated on a periodic basis? Is the level of inventory a drain on your LOC and could you reduce your line by managing inventory levels?
Are bank accounts, credit cards, and loans reconciled? Have the reconciliation reports and statements been reviewed? Are cash requirements being forecasted and updated on an ongoing basis?
Liabilities: Have all your accounts payable or other liabilities been booked and look in line with your expectations? Do the balances on your debt match the loan statements?


CASH FLOWS
How are you managing cash? Do you have too much that should be invested? Do you have too little and need to adjust spending or increase financing? Are you utilizing all the tools your bank offers to manage your cash?

09/26/2023

Which entity is most appealing for your business activity?

06/22/2023

UP TICK IN IRS NOTICES FOR CRYPTO HOLDERS
The IRS is tracking down and issuing John Doe summons to people they believe are trying to evade taxes on their crypto gains.
Make sure you are reporting all of your crypto transactions.
The IRS can and will pull your bank accounts to find out.
AS A REMINDER
Crypto held < 1 year and sold at a gain is taxed as short term capital gain (ordinary tax rates)
Crypto held > 1 year and sold at a gain is taxed as long term capital gain (cap gain rates of 0,15, or 20%).
Short term losses offset long term gains and vice versa.
Excess crypto are deductible up to $3,000 and the remaining amounts are carried over to future years.
received as a payment for services is taxed as ordinary income subject to self .