McGowan What is the Pass-through Entity Tax

What is t 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 […]

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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 […]

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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 […]

McGowan Workplace Theft

Remote Work and Safeguarding Against Theft in the Workplace

Even before the pandemic, remote work in white collar jobs was on the rise. Now, catalyzed by the ongoing pandemic, it is expected that 36.2 million Americans will be working remote by 2025, according to a Future Workforce Report. While the benefits of remote work are clear when it comes to mental health, work-life balance, […]

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Prevent fake emails, social engineering and fraudulent transfer business scams

Imagine receiving an email from a Nigerian prince, promising to reward you with millions in exchange for your help transferring his wealth out of the country. An obviously fraudulent request like this would certainly trigger some red flags that it is a business scam. But what if the email came from a trusted vendor, business […]

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Work better with your bankruptcy clients

The ongoing pandemic has the U.S. bankruptcy system poised to give a fresh start to individuals and businesses impacted by debt. Accountants advising clients through bankruptcy may need guidance to steer their charges from choppy waters to more stable economic shores. This blog offers advice for CPAs on finding better footing with clients, colleagues, and […]

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Best Practices to Protect Your Accounting Firm Against Ransomware

Ransomware is a worldwide problem, impacting everyone from oil pipeline operators to city governments to hospital systems. In 2020, ransomware payouts quadrupled over the previous year – from $85 million to $350 million – a likely undercount as many companies don’t reveal when they’ve been hacked. Considering modern accounting firms operate in an “always-on” digital […]

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5 Email Security Best Practices for Accounting Firms

Accounting firms make lucrative targets for sneaky cyberhackers. Firms often house sensitive personal and financial client information. To best protect sensitive data, it is important for accounting firms to understand which risks they might be vulnerable to and to take steps to protect themselves.  According to the IRS, around 91% of all cyberattacks start with […]

McGowanPro Employee Retention Credit

How can the Employee Retention Credit benefit your organization?

The COVID-19 pandemic has resulted in staff disruptions for organizations across all industries. This crisis is being answered by legislation providing businesses a refundable credit they can apply against qualified wages and certain health insurance costs. The Employee Retention Credit (ERC) – introduced in 2020 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act […]

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