Are your not-for-profit’s board members independent? Your immediate response is probably, “of course!” But contrary to what many nonprofit leaders and staffers might think, director independence goes beyond avoiding conflicts of interest. In fact, the IRS has a four-pa...

Like many construction businesses, yours may have operated for years following the traditional design-bid-build delivery method. An architect designs a project, the owner issues a request for proposals, you submit a bid, and if you win that bid, you build the design....

Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe taxes when they regularly struggle to find cash to cover their bills. The answer can be found by understanding the key dif...

If your nonprofit has investment income, dividends, interest, rents and annuities, they’re generally excluded when calculating unrelated business income tax (UBIT). However, income from debt-financed property typically is taxable. So it’s important to segregate income fr...

Landlords and property managers of residential rental real estate in Minnesota are subject to a new Minnesota Department of Revenue (DOR) requirement. Beginning with 2024 Certificates of Rent Paid (CRP), the forms must be created and submitted to Minnesota DOR electronicall...

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the...

The difference between financial pledges and donations is relatively simple: Pledges are promises to donate sometime in the future, and donations provide immediate support for your not-for-profit organization. What’s not so simple is accounting for pledges. After all, a pr...

When operating across state lines, it’s critical for manufacturers to understand their multistate tax liability. To determine state tax liability, state governments consider whether a company has “nexus” in their respective states, meaning that its presence in them is ...

Factoring can be a game-changer for businesses looking to improve their cash flow. By selling receivables to a factoring company, businesses can access immediate funds without waiting for customers to pay their invoices. However, to make the most of factoring, it’s essenti...

Brad, the development director of an international environmental charity, was thrilled to learn from a fundraising staffer that one of the charity’s past supporters was promising to make a new, six-figure donation. But there was a catch: The donor was going to attach restr...

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, ...