Not-for-Profit

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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.
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.
Your nonprofit’s board members need accurate financial and strategic information to make the best decisions for your organization.
Establishing an employer-sponsored Health Savings Account (HSA) for your employees is a way to provide some tax-advantaged health care benefits. For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs.
According to a recent survey conducted by fundraising platform FrontStream, the vast majority (87%) of Americans say they’re donating to charity in 2021.
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021).
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021.
On September 24, 2021, the Minnesota Department of Revenue announced that their worksheet for calculating the Minnesota standard deduction limitation had been incorrect in their Instruction Booklet for both tax years 2019 and 2020.
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger automobiles can result in it taking longer than expected to depreciate a vehicle fully.
Whether your not-for-profit continues to hold videoconference board meetings or is back to in-person gatherings, you don’t want to waste members’ time. The key is good planning.
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases, it does, but you’ll have to substantiate the loss.
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