The IRS has issued a new announcement, granting eligible employers who have filed for an Employee Retention Credit (ERC) the option to retract their submission if they have not yet received their refund. This decision is a response to the numerous of fraudulent ERC schemes t...

If a donor has never asked your not-for-profit to return a gift, it may only be a matter of time. Although uncommon, donors can change their minds. They may come to believe your organization is misusing or wasting donated funds or decide it’s no longer fulfilling its chari...

Within a period of just a month, a Minnesota woman was charged with skimming more than $300,000 from her animal rescue charity, a Florida man was charged with multiple felonies for running several charities for his personal benefit, and a New York man was sentenced to 18 mon...

The very first time the IRS started warning people about ERC compliance and the scams and schemes going on was in the fall of 2022 after a big push from the AICPA. Lets take a look at how this has been going in just the past 12 months and see how it’s escalated dramatical...

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all app...

In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law....

Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on t...

Construction companies can leverage loans, lines of credit and other such products to help ensure positive cash flow, build creditworthiness and fuel business growth. But the options can seem limitless and overwhelming. Here are seven questions to discuss with your leadershi...

Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. If you’re considering selling your manufacturing company to a third party, understanding the tax implications can help you plan for and, in some cases, reduce ...

Starting from October 1, 2023, there will be some changes to sales tax regulations in Minnesota. The Minnesota State Legislators recently passed a law that increases the local sales and use tax rates for seven key metro counties....

The IRS granted an administrative transition period via Notice 2023-62 that extends until 2026 the new requirement per the SECURE Act 2.0 that any catch-up contributions made by higher income participants in 401(k) and similar retirement plans must be designated as after-ta...

Roth Conversions attract a lot of conversation in the personal tax and wealth management realm.  Here are some common overall goals of a Roth Conversion and some general scenarios where the strategy may be particularly appropriate.  ...