October 2020 Updates
Smart business, accounting, tax, and planning ideas from your MMKR CPAs!
Why face-to-face meetings with your auditor are important
Remote audit procedures can help streamline the audit process and protect the parties from health risks during the COVID-19 crisis. However, seeing people can be essential when it comes to identifying and assessing fraud risks during a financial statement audit. Virtual face-to-face meetings can be the solution.

Interviews are a key part of your auditor’s evaluation of your fraud risks. But in-person interviews may not make sense in the COVID-19 era. Videoconferencing can be a good alternative. It provides safety while retaining the visual benefits of in-person interviews that are critical to assessing an individual’s honesty and reliability. For example, videoconferencing can allow auditors to detect smirks, eyerolls, and other nonverbal cues of dishonesty. You can facilitate this process by anticipating the types of questions your auditor will ask and ensuring your managers and accounting personnel are all familiar with how videoconferencing technology works. Contact us for more information and read more in our blog.
GASB Technical Bulletin on Pandemic Issues
The coronavirus pandemic has raised many questions for accountants and auditors of governments, especially as it relates to special funding received in conjunction with the pandemic. 

The Governmental Accounting Standards Board (GASB) has released some guidance in Technical Bulletin 2020-1 to address certain specific accounting and financial reporting issues related to the pandemic. It is titled Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Coronavirus Diseases. 

Read the highlights from this guidance in our blog.
What's New at MMKR?
Rachel McQuiston has been promoted from Senior Associate to Manager!
Fast Facts About Rachel
  • Rachel has worked with MMKR for a little over 5 years.
  • She has expertise in audits of MN School districts, municipalities, and various other governmental entities.
  • Rachel spends her free time with friends & family, going to concerts, breweries, sporting events, and karaoke bars, and also watching Netflix or snuggling up with a good book or puzzle.
  • Other hobbies: playing softball, swimming, and making crafts

Read more about Rachel: Click Here.

Congratulations, Rachel!
In Case You Missed It...
With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.
Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines.
Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.
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.