McGowanPro Blocking Ransomware Attacks with Updated Microsoft Security Features

Blocking Ransomware Attacks with Updated Microsoft Security Feature

What is Ransomware? Ransomware is a form of malware (short for “malicious software”) in which a hacker gains control of a business’s critical systems or sensitive information. The cybercriminal will then ask for a ransom in exchange for access to the system under the threat of releasing sensitive data to the public or competitors. The […]

McGowanPro employee fraud

The inevitable rise of employee fraud and theft

In the past 24 months, 46% of organizations have experienced fraud, according to this year’s PwC Global Economic Crime and Fraud Survey. This loss translates to $400 billion, or 6% of total annual revenue. Unfortunately, a significant contributor to fraud is dishonest employees. Employee theft is poised to increase in the aftermath of the pandemic […]

3 Ways to Minimize Risk When Outsourcing Accounting Services

During busy tax seasons, it’s common for accountants, CPAs, and professional service firms to outsource certain aspects of their work, including bookkeeping and certain audit tasks. When done right, outsourcing accounting services can result in faster service for clients, substantial time savings, and lower costs. However, understanding the risks of outsourcing is critical. Taking shortcuts […]

McGowanPro cyber insurance fraud

Are you at risk of Cyber Insurance Fraud?

Companies are under more pressure to shore up cybersecurity defenses than ever. The average total cost of data breaches has increased from $3.86 million in 2020 to $4.24 million. This coincided with 10.7 times more ransomware activity in the last year. Insurance providers have recognized the increased risk of cyber-attacks and now require additional protections […]

McGowanPro accounting firm M&A

Everything you need to know for an accounting firm M&A

Upward mergers are happening at record levels in the accounting industry. Mergers & Acquisitions (M&A) are an excellent way to reduce competition and make both parties more competitive in the already saturated accounting market. However, every accounting firm M&A is different, and you need to know how you can best prepare as either a buyer […]

McGowanPro Russian cyber threats

Russian cyber threats: Is your business at risk?

One in three businesses and one in four charities are regularly experiencing Russian cyberattacks since the start of the Ukrainian conflict. In fact, Russian cyber threats are on the rise across the globe. Businesses are unsure when breaches will slow or stop with no end in sight for the conflict between Russia and Ukraine. Companies […]

McGowan What is the Pass-through Entity Tax

What is Pass-through Entity Tax (PTET)?

In 2017 the passage of the Tax Cuts and Jobs Act (TCJA) changed how many businesses pay taxes. The most significant change was lowering the corporate tax rate to a flat 21% versus the previously tiered rate ranging from 15% – 39%. But another monumental alteration to the tax code was the addition of a […]

McGowan Pro employee retention and employment practices liability

A Great Employee Retention Plan Starts with Recruiting

Even before the Great Resignation began in 2021 and the Great Reshuffle in 2022, accounting firms had a problem with employee retention. According to the 2015 IPA National Benchmarking Report conducted by Platt Consulting Group, the largest accounting firms averaged a turnover rate of 17%, with one out of every six facing a turnover rate […]

McGowanPRO-business-tax-extensions

Tips to Mitigate Tax Extension Liabilities and Risks

Tax season can be a stressful time for accountants and CPAs, especially when clients are scrambling at the last minute to gather the necessary paperwork. Fortunately, if you’re running behind or still waiting on documentation, filing a tax extension can be a simple way to alleviate this stress and earn some extra time. Unfortunately, tax […]

Understanding the Extra Protection of Insurance Subjectivities

Insurance coverage is never guaranteed. Certain conditions must be met to ensure that you get the coverage outlined in your policy. These contingencies are known as insurance subjectivities, and while they may seem like hurdles at first, they actually help safeguard your business by mitigating risk. In this blog, we’ll explain why subjectivities are essential […]

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