blog
July 19, 2021
What You Can Do to Prevent Fraud in Your Construction Company

Fraud is costly for all victimized companies, but it’s even worse in the construction sector. According to the Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse, construction companies affected by fraud los...

July 15, 2021
IRS Struggles

It’s never been a particularly pleasant experience dealing with the IRS, but the IRS is struggling mightily right now in a way they have never struggled before. Their service is at an all-time low and there is no end in sight. They have millions of unopened pieces of mai...

July 14, 2021
Does Your Nonprofit Owe Tax On Its Sponsorships and Advertising?

Your not-for-profit may prefer to avoid activities that subject it to unrelated business income tax (UBIT). But if you accept advertising or sponsorships that aren’t substantially related to your tax-exempt purpose, you may unwittingly expose your organization to UBIT liab...

July 13, 2021
New Minnesota Tax Law on PTE

On July 1, 2021, Governor Tim Walz signed into law Minnesota’s FY 2022-2023 State Budget, which includes a new elective pass-through entity (PTE) tax. This allows certain qualifying PTEs, including partnerships, limited liability companies (LLC’s), and S corporations, to...

July 12, 2021
Prevent Conflicts of Interest from Costing Your Business

Without trust between you and your employees, your business probably wouldn’t be very successful. Delegating responsibility, sharing ideas, working as a team — all require a certain level of trust. However, too much trust can lead to occupational fraud and conflicts of i...

July 8, 2021
IRS Extends Administrative Relief for 401(k) Plans

As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes-inconvenient requirement related to the administrat...

July 6, 2021
How Fraud Perpetrators Target Military Personnel and Veterans

According to the Federal Trade Commission, veterans lost approximately $60 million to fraud in 2020. Active-duty military personnel and their spouses and dependents also suffered big financial losses to fraud last year. In fact, in 2020, military consumers lost more than the...

July 1, 2021
Update on ERC and PPP Loans

Reminder that your PPP1 forgiveness applications are due 10 months after your 24 week covered period is completed. For example a PPP1 loan that was funded April 19th the 24 week covered period ends October 3rd. So the 10 month due date to submit forgiveness applications wo...

July 1, 2021
2021 Midyear Tax Planning

As the recovery from the COVID-19 crisis takes hold and the economy and life begin to return to normal, now is an ideal time to focus on tax planning for the remainder of 2021. ...

June 30, 2021
Tackling Volunteer Liability Issues

During the pandemic, your not-for-profit may have been forced to operate without your dedicated volunteers. It has probably come as a great relief to welcome them back in person. However, volunteers, like employees, represent some risk to your organization. For example, you ...

June 29, 2021
2021 Dirty Dozen Tax Scams

The IRS released its annual “Dirty Dozen” tax scams for 2021 on June 28th. One of the key provisions of this announcement is the IRS this year made its Identity Protection PIN program available to all taxpayers. ...

June 24, 2021
Important Changes to the Child Tax Credit

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:...