Not-for-Profit

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OBBBA Tax Provisions

The One, Big, Beautiful Bill Act (OBBBA) includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Find out which OBBBA tax provisions apply to your business.
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Zero-Interest Environmental Loans

The Minnesota Pollution Control Agency (MPCA) offers zero-interest direct loans to small businesses who are considering an equipment upgrade, site cleanup, or other environmentally beneficial project.
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Protect Your Business Expense Deductions

If you’re claiming deductions for business meals or vehicle expenses, there are strict substantiation rules that must be followed to protect your business expense deductions.
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Reasonable Compensation and the IRS

Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest.
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How to Correctly Hire Independent Contractors

Misclassifying employees as independent contractors can result in expensive consequences if the IRS reclassifies them. But determining if a worker is a contractor or an employee can be complex.
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Summer Business Trip Deductions

If you or your employees are heading out of town on a business trip this summer, it’s important to understand the travel deduction tax rules. To qualify, the trip must be necessary for business purposes and require an overnight stay within the U.S.
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Small Business May Consider a SEP or SIMPLE Retirement Plan

As a small business owner, you might hesitate to establish a retirement plan due to the administrative complexities involved. However, there are two retirement plans worth considering that come with fewer requirements than traditional qualified retirement plans.
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Can You Turn a Business Loss Into Tax Relief?

Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. In some cases a business loss, within limits, may be used to reduce taxable income in later years.
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100% Penalty for Small Businesses

Unpaid taxes withheld from your company’s employees might hit you harder than you think. Find out how the 100% penalty can affect your personal finances.
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Regaining Your Nonprofit’s Tax-Exempt Status

Has your nonprofit lost its tax-exempt status because you forgot to file information returns? The good news is that most organizations can file for reinstatement from the IRS.
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Nonprofits: Prepare for a Financial Crisis

A financial crisis can hit at any time, and a financial cushion can help you manage acute shortfalls. If your nonprofit’s operating reserves are low or nonexistent, start looking for ways to build them.
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Payroll Tax Compliance Tips for Businesses

Payroll tax compliance is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal consequences. This article has tips to help you stay on track.
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Nonprofits: Cut Costs Rather Than Staff

If your nonprofit is facing a budget crisis and needs to cut costs, there are other possible ways to cut costs than laying off staff. Read more about possible solutions for your organization.
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Corporate Transparency Act (CTA) Reporting Suspended

The Treasury Department has suspended the CTA filing requirement for U.S. businesses, signaling a major shift in compliance obligations. While the rule may still face legal challenges, domestic companies are no longer required to report beneficial ownership information—at least for now.
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Increased Business Tax Limits for 2025

For 2025, inflation-adjusted changes were made to certain business tax limits. Here’s how much employees can contribute to their 401(k)s and FSAs this year, as well as other important business tax amounts.
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