- February 19, 2024
Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes.
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- February 16, 2024
Identity theft occurs when someone wrongfully obtains and uses another person's personal information, such as their name, Social Security number, credit card accounts, or other confidential data, and uses it to commit financial fraud or engage in other criminal activities while impersonating the victim.
- February 16, 2024
Sponsorship and advertising can provide a real boost to your not-for-profit’s income. However, if sponsors or advertisers receive a “substantial benefit” or if providing benefits isn’t a related business activity, you may owe unrelated business income tax (UBIT).
- February 14, 2024
In 2024, manufacturers purchasing equipment and other tangible property may be able to save taxes by claiming Section 179 expensing and first-year bonus depreciation.
- February 8, 2024
The State of Iowa has an active sales and use tax exemption available for Telecommunications providers for qualifying office and transmission equipment. Read more about what qualifies and why it may be beneficial to take advantage of this tax exemption.
- February 5, 2024
The estate and gift tax exclusion is increasing in 2023 to an all-time high, but set to be cut in half by 2026. Read more to learn about how you can best take advantage of this opportunity today and for an analysis of several different gifting options available to you.
- January 29, 2024
The MN Department of Revenue has released information on changes for new and existing tax laws in 2024.
- January 10, 2024
In recent years, the IRS has increased its scrutiny of nonprofit compliance. Failure to file Form 990 for three consecutive years can lead to automatic exempt status revocation, and other violations can trigger IRS investigations.
- January 7, 2024
A nonprofit merger with a like-minded organization potentially enables you to pool funds, staff, and supporters — temporarily or permanently.
- January 5, 2024
Although uncommon, donors can change their minds and may ask your not-for-profit to return a gift. You need to look at the problem and find a solution.
- January 5, 2024
For many employees, the use of a company car is a cherished perk. But before you hand over the keys, make sure you understand the rules that apply to a company car and taxes.
- January 4, 2024
The IRS has announced various federal inflation-adjusted rates. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners.
- January 4, 2024
Strong internal controls reduce risk for nonprofits but trust and internal controls can coexist.
- January 3, 2024
In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligations.
- January 3, 2024
You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.