May 2022 Updates
Smart business, accounting, tax, and planning ideas from your MMKR CPAs!
Governmental Accounting Standards Board (GASB) Statement No. 87 - Lease Accounting
New reporting requirements for leases are effective for audits of local governments for fiscal years beginning after June 15, 2021 (i.e., fiscal years June 30, 2022 and December 31, 2022). It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset.

Learn more about the new reporting requirements...
Offering summer job opportunities? Double-check child labor laws
Spring has sprung — and summer isn’t far off. If your business typically hires minors for summer jobs, now’s a good time to brush up on child labor laws.

Here’s an overview...
This Month's Employee Highlight
Brandy Zenk
Small Business Consultant

Brandy joined MMKR in late January. Brandy originally started her career as a realtor and worked in that capacity for almost 10 years before she made the decision to stay home for a few years to focus on raising her five children with her husband Len. She then decided to start her accounting career and obtained her Associate's Degree in Accounting. She loves everything coffee! She enjoys cooking, vacationing, reading, exploring new restaurants with friends, and anything that includes sun, sand, and water. She is willing to spend the afternoon on a golf course if the weather is perfect, but she only wants to play 9 holes, since she will swing a club as if she played 18. After 17 years at home raising her children, she is enjoying her new role at MMKR and being back in the workforce.
In Case You Missed It...
Want to turn a hobby into a business? Watch out for the tax rules
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return?
Thinking about converting your home into a rental property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls.
The tax rules of renting out a vacation property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year.
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.