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, ...

Your choice of accounting method for determining the value of your manufacturing company’s inventory can significantly impact your overall tax bill. Here are answers to some key questions regarding the tax and financial implications of the two most common methods: first-in...

During the COVID-19 pandemic, Congress temporarily enabled individual charitable donors who didn’t itemize federal income tax deductions to deduct up to $300 in contributions in both 2020 and 2021. This universal charitable deduction galvanized many donors who might not ot...

Ever since it was established in 1984 in the case Chevron v. Natural Resources Defense Council, the “Chevron Doctrine” has been a cornerstone of federal administrative law. Under the Chevron Doctrine if Congress has not directly addressed an issue, courts were required t...

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), which is part of the U. S. Department of T...

The case of Connelly v. United States was decided by the Supreme Court on June 6, 2024.  The case concerned the valuation of a business for estate tax purposes.  Crown C Supply Co. was a business co-owned by two brothers, Michael and Thomas Connelly.  When Michael Connell...

The Minnesota Department of Revenue recently distributed information regarding the new Minnesota Retail Delivery Fee that was passed in the 2023 legislative session and became effective July 1, 2024. A retail delivery fee of $.50 now applies to some transactions where a ret...

Recently, the Charities Division has made a significant change to the banking information requirements for registration and annual report forms. This change is aimed at enhancing security measures while still fulfilling the enforcement needs of the Attorney General's Office....

If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate....

One thing every new not-for-profit organization can count on is change. Ideally, the changes you experience will be for the better — expanded programming, increased staffing, more clients served and greater overall impact in your community....

As a nonprofit organization in Minnesota, leveraging in-kind services can be a game-changer for your operations. These contributions, which come in the form of goods or services rather than money, can significantly reduce costs and enhance your ability to fulfill your missio...