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New Upcoming Tax Legislation & Impacts to Taxpayers

What do you need to know about the new upcoming tax legislation in the Tax Relief for American Families and Workers Act of 2024 bill? This bill is currently with the Senate to approve and includes many significant changes that impact taxpayers.
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Labor Shortages in Manufacturing

Your employee value proposition (EVP), refers to everything employees appreciate about the company. Survey your workers to learn what they value the most to help retain and attract employees and address labor shortages.
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Managing a Financial Windfall

A financial windfall presents both an opportunity and a challenge. While it’s a chance to boost your financial health, it also demands savvy strategic planning to minimize taxes and maximize returns. 
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Board Meeting Minutes

Nonprofit board meeting minutes could become critical documents in an IRS review or legal proceeding. It is important to capture the right information.
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New DOL Guidance on Employee Classification

The U.S. DOL has issued new guidance on employee classification. This article provides an overview of the rule, its implications, and the steps employers must take to ensure their employee classifications are under the updated guidelines.
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Cash and Accrual Accounting Methods

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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Identity Theft Scams – Protect Yourself

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.
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UBIT for Nonprofits

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).
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Manufacturing Section 179 Tax Breaks

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.
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Iowa Tax Exemptions for Telecommunications Equipment

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.
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Estate and Gift Tax Exclusion

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.
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2024 MN Sales and Tax Use Updates

The MN Department of Revenue has released information on changes for new and existing tax laws in 2024.
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Nonprofit Compliance

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.
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Nonprofit Merger

A nonprofit merger with a like-minded organization potentially enables you to pool funds, staff, and supporters — temporarily or permanently.
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Donation Return Request

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.
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