Here in Minnesota it was just announced that the legislature has come to an agreement on conformity for two big ticket items, the PPP loans and $10,200 of unemployment benefits. Both are expected to be tax free when a final bill is signed, matching the federal treatment of ...

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 ...

Although auto sales plunged at the start of the COVID-19 pandemic, they’ve since rebounded. In fact, some dealerships are reporting record sales in 2021. Problems remain — including supply bottlenecks. Also, your dealership may be more vulnerable to fraud. Factors such a...

If your not-for-profit organization accepts contributions of nonfinancial assets, such as land, services and supplies, you should know about Financial Accounting Standards Board (FASB) rules approved last year. Accounting Standards Update (ASU), Not-for-Profit Entities (Topi...

The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it...

Why don’t your nonprofit’s interim and year-end financial statements match? It may come down to cash basis vs. accrual accounting. Here’s how to minimize the need to make adjustments....

Can you name some common red flags of occupational fraud? Don’t worry, you’re not alone. But it’s important for you and your employees to learn the signs so you can prevent big financial losses....

No nonprofit’s tax-exempt status is permanent. If you violate IRS rules, you could lose it as well as the loyalty and confidence of donors, grant makers and other supporters of your mission....

Many not-for-profits are just starting to emerge from one of the most challenging environments in recent memory due to the COVID-19 pandemic. Even if your organization is in good shape, don’t get too comfortable. You need to be vigilant about acting on certain warning sign...

Without a whistleblower policy, your nonprofit could learn about illegal or unethical internal activities only after media, law enforcement or regulators do. Adopting a policy is relatively easy. Here’s how....

If you suspect occupational fraud but have little information or evidence, you may want to conduct preliminary information interviews. But be sure to leave hostile or evasive employees to the fraud experts....

Everyone knows about the $1,400 checks earmarked for qualified individuals. But what does the American Rescue Plan Act propose for struggling nonprofit organizations? We review the highlights....