The Great Resignation has hit not-for-profit organizations hard, and recruiting NFP staff will most likely require you to up your recruiting game. As many for-profit businesses have raised pay and hiring incentives to hire new staff, nonprofits have lost staff.
Two things that business owners need to remember are that deductible expenses & good records can make life easier when filing taxes and help defend the expenses if the IRS conducts an audit. 
When a nonprofit is new, it may struggle to find an adequate number of board members. But as it grows, its board is also likely to grow — sometimes, to an unwieldy size. The important question is: How many nonprofit directors are needed for your organization to effectively pursue its mission?
Due to annual indexing for inflation, you will see many business tax limit increases in 2022. Here are some that may be important to you and your business.
Occasionally, a nonprofit will receive restricted gifts. With an unrestricted gift, organizations have the flexibility to use the money where it’s needed most. However, gifts with restrictions require a higher level of responsibility.
Despite COVID-19 and other roadblocks, your nonprofit needs financial resilience for the upcoming year and beyond. Forecasting can be difficult, but your staff and the board’s finance committee have ways to deal with obstacles. Here are three suggestions:
Businesses face several 2022 first-quarter tax deadlines. This list is not all-inclusive, and additional deadlines may apply to you. Also, remember that this list isn’t all-inclusive, so there may be other deadlines that apply to you.
The 2022 standard mileage rate used to calculate the deductible cost of operating a vehicle for business will increase to 58.5 cents per mile, up from 56 cents per mile.  
Some nonprofits have discovered that budgeting, like many other things, sometimes is more effective when you try a new approach.  For example, you may want to look at adopting a rolling budget — or by reforecasting an existing budget.
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. The employer receives tax deductions and it also provides tax breaks for the owners and employees who use the vehicles.
Kelly joined Olsen Thielen in 1985, after six years with a CPA firm in northern Minnesota. We thank Kelly for his leadership in our Eden Prairie office and offer him our best wishes as he transitions to his new role as a retiree.
The Federal government has proposed legislation and the state of Minnesota has enacted legislation that may affect your tax situation.  In this article are highlights of four hot-topic tax items to keep an eye on.
The holiday season will soon be here and after a year of avoiding social gatherings, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties.
Choosing the best business entity is an important decision if you are planning to launch a business or thinking about changing your business entity. There are many factors to consider and proposed federal tax law changes being considered by Congress may affect your decision.
Your nonprofit’s board members need accurate financial and strategic information to make the best decisions for your organization.
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