March 2021 Updates
Smart business, accounting, tax, and planning ideas from your MMKR CPAs!
New law: Parents and other eligible Americans to receive direct payments
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the coming months through a greatly revised Child Tax Credit.

Here are some answers to questions about these payments...
Implementation of Governmental Accounting Standards Board (GASB) Statement No. 87, Leases
With the postponements of effective dates of certain authoritative guidance by Governmental Accounting Standards Board (GASB) Statement No. 95, the effective dates of GASB Statement No. 87, Leases, and the related Implementation Guide No. 2019-3, Leases was postponed 18 months. The revised effective date of GASB Statement No. 87, Leases, is now scheduled for reporting periods beginning after June 15, 2021.

The implementation of this standard will cause the accounting by local governmental organizations for leases to change dramatically. Governments will also need to prepare for the implementation of this standard well in advance of the fiscal year-end reporting date.

Understanding the definitions of a lease and the nature of your lease contracts and how they meet that definition will also become very important...
What's New at MMKR?

We are excited to announce that MMKR Partner: Jackie Huegel will be inducted into the Saint Mary’s Sports Hall of Fame this year!
In Case You Missed It...
Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). 
Launching a small business? Here are some tax considerations
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses.
Business highlights in the new American Rescue Plan Act
While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses.
Do you have questions about your specific goals or strategies?

Each of our clients is unique; therefore, we provide solid, forward-thinking business strategies, expertise, and advice along with traditional accounting, audit, and tax consulting services tailored to their needs.