Insights

The end if the year is an optimal time for tax planning for both individuals and business owners. The new tax legislation enacted in 2025 significantly complicates matters compared to other years.

Over a certain amount, payments made in the course of a trade or business must be reported to the payees and to the IRS, using a specific IRS form.

As the end of the year approaches, many people begin thinking about philanthropy. While planning charitable giving, it’s important to consider the potential impact of the One Big Beautiful Bill Act (OBBBA), signed into law on July 4.

The phase out of paper checks has begun as the IRS shifts towards a modernized practice of using electronic payments. This order primarily effects individual or fiduciary tax payers since most businesses have already been required to use electronic payments.

Tax Tip: The Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face significant barrier to employment.

Each September, individuals and communities nationwide unite for Hunger Action Month taking action against hunger and food insecurity. This past September, MBK held a successful food drive supporting Alianza DV Organization through Rachel's Table.

In many ways, work is one of the biggest defining characteristics of a human being. What you do for work becomes a large part of who you are, how you see the world, how you live, and what you talk about. Work ethic and personal success has become a common status symbol within the community and between peers.

High-net-worth individuals hoping to preserve wealth for future generations must engage in careful gift and estate planning. With progressive rates of 18% to 40%, federal gift and estate taxes (“transfer” taxes) can be steep, making tax planning critical to wealth preservation.