Blog

John Csargo | Jun. 22, 2022

Businesses Will Soon Be Able to Deduct More Under the Standard Mileage Rate

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The…

Ashley Sparks | Jun. 16, 2022

Oversight and Controls Are Key to Limiting Fraud in Nonprofits

Recently, the Association of Certified Fraud Examiners (ACFE) published its biannual Report to the Nations: 2022 Global Study on Occupational…

John Csargo | Jun. 8, 2022

Help When Needed: Apply the Research Credit Against Payroll Taxes

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject…

Anna Lovegren | Jun. 2, 2022

For Nonprofits, Quid Pro Quo Isn’t a Simple Exchange

Quid pro quo donations occur when a not-for-profit receives a payment that includes a contribution and the organization provides the…

Becky Gibbs | May. 20, 2022

Support Your Nonprofit’s Financial Plans with Board Designations

The pandemic, ongoing economic insecurity and uncertainty about the future have prompted some not-for-profits to make board designations of unrestricted…

Barb Sawdy | May. 16, 2022

Minnesota Frontline Worker Pay

On April 29th, Minnesota passed the Frontline Worker Payment bill.  Employers are responsible for providing notices to current employees advising…

John Csargo | May. 10, 2022

Inflation Enhances the 2023 Amounts for Health Savings Accounts

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result…

Becky Gibbs | May. 10, 2022

CFO, Yes or No? Here’s How to Decide

Whether your not-for-profit organization needs a chief financial officer (CFO) depends on many factors, such as the size of your…

Barb Sawdy | May. 4, 2022

Businesses May Receive Notices About Information Returns That Don’t Match IRS Records

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that…

Anna Lovegren | Apr. 27, 2022

What Charitable Givers Need to Know About Taxes

Although most charitable donors aren’t primarily motivated by potential tax breaks, they still need to know how donations affect their…

John Csargo | Apr. 25, 2022

The Tax Mechanics Involved in the Sale of Trade or Business Property

There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume…

Randy Feld | Apr. 18, 2022

Taking a Red Pen to Financials for Valuation Purposes

Financial statements are an important source of data for valuing a business. But they tell only part of the story.…

John Csargo | Apr. 12, 2022

Tax Issues to Assess When Converting from a C Corporation to an S Corporation

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S…

Barb Sawdy | Mar. 30, 2022

Classify Your Nonprofit’s Workers Correctly — or Risk Repercussions

Many not-for-profits are understaffed in 2022, thanks to a labor shortage and pandemic-related budget shortfalls. Some organizations are filling the…

John Csargo | Mar. 29, 2022

2022 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of…