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Trust Fund Recovery Penalty

July 25, 2023

When employment taxes aren't paid to the government, the Trust Fund Recovery Penalty is personally imposed on certain business owners and managers. Here are the rules, along with two cases where individuals were held liable and hit with the harsh penalty.

NonProfit Warning Signs

July 25, 2023

Have you noticed dramatic spending variances from your nonprofit’s budget? What about declining donations? Don’t ignore these nonprofit warning signs. Find out what’s causing them and tackle the underlying issues.

New Business and Taxes

July 25, 2023

If you’re a new entrepreneur, you may not know that many of the expenses incurred by your new business can’t be currently deducted on your tax return. You should be aware that the way you handle some of your initial expenses can make a difference in your federal tax bill.

Family and Medical Leave Act

June 29, 2023

Do you know if your employees are covered by the Family and Medical Leave Act (FMLA)? In this article, get the details on employee thresholds and leave provisions.

Residential Energy Credits

June 29, 2023

Looking to invest in energy-saving measures? Find out how the Inflation Reduction Act of 2022 has increased tax credits for energy-efficient home improvements and residential clean energy property. Read more to find out the eligibility criteria and credit limitations.

Minnesota Bans Non-Compete Provisions

June 23, 2023

As of July 1, 2023, Minnesota will prohibit employers from requiring employees to sign non-compete agreements restricting their employment options upon termination.

First-Year Depreciation

June 22, 2023

If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider.

Navigating Trust Taxation

June 22, 2023

Trusts are an essential tool for estate planning, but trust taxation implications can be confusing. You need to understand the differences between the types of trusts to determine which is best for your unique financial situation and goals.

Business Travel Deductions

June 21, 2023

If you and your employees are traveling for business, there are a number of things to consider to be able to claim business travel deductions. Under tax law, you must meet certain requirements for out-of-town business travel within the U.S.

Meal and Vehicle Expenses

June 21, 2023

Business meal and vehicle expenses are a magnet for IRS review. If you claim deductions for them, it’s important to comply with the strict tax law substantiation requirements. Keep these DOs and DON’Ts in mind.

2023 Q3 Tax Deadlines

June 21, 2023

Here are some of the key tax-related 2023 Q3 tax deadlines affecting businesses and employers. This list isn’t all-inclusive, so there may be additional deadlines that apply to you.

Timekeeping Best Practices

June 19, 2023

Nonprofits are obligated to track time worked by both hourly and salaried workers, so it is critical to know what’s required and to implement timekeeping best practices.

Nonprofit IRS Audit

June 16, 2023

Your nonprofit may do everything by the book and still be selected for an IRS audit. Don’t panic! We can explain the typical correspondence audit process and how to get through it.

Big Data Analytics

June 15, 2023

Manufacturers: The promise of big data analytics is improving product quality, increasing productivity, reducing waste, and minimizing variability with only minor adjustments to your manufacturing process.

Nonprofit Ratios to Watch

June 15, 2023

To control expenses and improve delivery of your not-for-profit’s services, there are four key ratios that should be monitored regularly.