As a registered investment advisory firm or RIA, McKinley Carter does not provide accounting services. However, as fiduciaries, we continually monitor both state and federal tax laws and revisions. We are fortunate to have several experienced Certified Public Accountants (or CPAs) on staff, as well as benefit from the work of an internal, seven-member Specialized Practice Group that is completely dedicated to Tax and Legacy issues. Moreover, we regularly confer and collaborate with outside professional tax experts who take a deep-dive into the nuances of each tax law and any potential impact on our clients. We understand the importance of collaborating with accountants to ensure our clients know their options and get the most comprehensive tax advice and guidance.

This article highlights a case whereby the plaintiffs have asserted claims for breach of the fiduciary duties of prudence and failure to monitor fiduciaries. The lawsuit also targets members of the board of directors, as well as other officers of the firm who serve on the retirement plan’s fiduciary investment committee. Learn about the simple way of to offset such liability.

This article speaks of IRS/DOL Audits and provides a laundry list of items for potential review during an audit. Quite a long list – How would your plan fare in being able to check off these items? Learn more.

This article discusses a national accounting and consulting firm who was sued for excess fees. The bottom line: It behooves the prudent fiduciary to explore every avenue to protect themselves whilst acting in the best interests of their participants.

Many people find enjoyment in service on boards of directors for their favorite non-profit organizations. The most effective boards seem to have a thoughtful and strategic approach to selecting their directors with the intentions of achieving and maintaining an appropriate balance of skills, experiences, and interests that serve the organization’s interests very well. This issue is particularly important among selection of officers for the board. Learn more.

Cybersecurity is a hot topic these days and news headlines about cyber attacks and hackers are quite common. The nonprofit world is not immune to such attacks. In fact, recent statistics reveal two truths for nonprofits: (1) the frequency of cyber incidents is increasing and (2) nonprofits often lack proper cybersecurity protocols. Find out what areas are most vulnerable for nonprofits and how to safeguard your organization.

Despite over 90% of the United States population having some form of health insurance, medical debt remains a persistent problem. For people and families with limited assets, even a relatively small unexpected medical expense can be unaffordable. For people with significant medical needs, medical debt may build up over time with often no other option but making monthly payments as you can.

It can be understandably distressing trying to figure out how to pay out-of-pocket medical expenses — but it is important to understand all your options and to get financial assistance for medical bills as soon as possible. Check out these tips to help you in navigating your medical bills.

Read Senior Investment Strategist Dave Nolan's first quarter review and market outlook for 2022.

A financial timeline is a great way to help you track and understand financial data points from your past, as well as map out potential data points in the future for planning purposes. If you've never considered your own financial timeline, you should. Here's why.