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Tax Obligations for Household Employees

April 7, 2025

Hiring nannies or housekeepers brings convenience but also labels you as an employer with household employees. As an employer. you have additional tax obligations and need to stay compliant in classifying workers correctly and navigating Social Security and unemployment taxes.

Payroll Tax Compliance Tips for Businesses

April 2, 2025

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.

Minnesota REAL ID

March 31, 2025

As of May 1, 2025, Minnesota residents must comply with the REAL ID Act, that was passed by Congress in 2005. The Act set certain standards for states to issue driver's licenses and identification (ID) cards that will be accepted by federal agencies to board domestic flights and enter some federal buildings.

IRS Appraisal Rules for Donating Non-Cash Assets

March 28, 2025

Looking to donate or gift non-cash assets? Don't do it without understanding the IRS appraisal rules first. Not following the rules could have unexpected tax complications in spite of your generosity.

Manufacturing Cybersecurity Risks

March 26, 2025

Addressing manufacturing cybersecurity risks is more critical than ever for manufacturers as they increasingly integrate advanced technologies into their operations. While these innovations boost productivity, they also expand potential areas for cyberattacks.

1031 Exchange: What Qualifies and Where Investors Get Tripped Up

March 26, 2025

Discover how 1031 exchanges can be a game-changer for real estate investors, offering a strategy to defer capital gains taxes while reinvesting in like-kind properties. This guide dives into the mechanics, eligibility, and potential pitfalls of executing a successful 1031 exchange.

IRS Interest Rates Unchanged for Q2 2025

March 25, 2025

The IRS has announced that interest rates on tax overpayments and underpayments will remain unchanged for the second quarter of 2025. Individuals and businesses should take note of these rates, as they impact potential interest owed or earned on tax balances.

Nonprofits: Cut Costs Rather Than Staff

March 24, 2025

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.

Business Succession Options and Tax Implications

March 20, 2025

When it’s time to consider your company's future, business succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Business succession options have tax implications. Read to learn more.

Property Upgrades – Repairs vs. Improvements

March 14, 2025

Navigating the fine line between repairs and improvements on your property upgrades can significantly impact your tax liabilities. Discover how the IRS classifies these expenses, explore key safe harbors, and learn strategies to maximize your tax benefits.

Product Profitability for Manufacturers

March 6, 2025

For manufacturers, knowing product profitability for individual items is essential for strategic decision-making and long-term success. While total revenue can provide a sense of overall product performance, profitability analysis can deliver a clearer picture of which products contribute the most (and the least) to your bottom line.

Corporate Transparency Act (CTA) Reporting Suspended

March 6, 2025

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.

Manufacturers: Avoid Overpaying State Sales Taxes

February 28, 2025

Manufacturers often can benefit from state sales tax exemptions. However, available exemptions sometimes vary significantly by state, so manufacturers need to stay on top of available exemptions to avoid overpaying state sales taxes.

Home Office Tax Deductions

February 26, 2025

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks.

Tipped Employees and Tax Compliance

February 25, 2025

You may have heard about proposals to end taxes on tips. If you’re a business with tipped employees, you are required to adhere to a number of regulations and laws.