blog
August 3, 2022
What Revenue Numbers Can Reveal About Your Nonprofit’s Financial Health

When professional auditors review a not-for-profit’s books, they usually spend significant time on revenue. Inadequate revenue — or revenue trending in the wrong direction — can provide an early warning of future trouble. But you don’t have to wait for your next audi...

July 26, 2022
Mythbust and Maximize the Employee Retention Credit

The employee retention credit (ERC), the refundable tax credit designed to reward business owners for retaining employees throughout the COVID-19 pandemic was signed into law on March 27, 2020, as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and fur...

July 18, 2022
Important Considerations When Engaging in a Like-Kind Exchange

A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange. A like-kind exchange is a swap of real p...

July 7, 2022
Reviewing — and Possibly Revising — Your Nonprofit’s Spending Policy

A spending policy is the formula used to determine how much of the value of investments a nonprofit organization will tap each year for such expenses as operating costs and capital projects. Although it’s usually a good idea to stick with an established spending policy, ci...

June 29, 2022
Election Season is Here! Watch Your Nonprofit’s Activities

Many states have already held primary elections, and the airwaves are clogged with candidate ads. Yes, the November “mid-terms” election season has begun! So now is a good time to review political activity restrictions that affect Section 501(c)(3) organizations....

June 28, 2022
2022 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all appl...

June 22, 2022
Businesses Will Soon Be Able to Deduct More Under the Standard Mileage Rate

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A g...

June 16, 2022
Oversight and Controls Are Key to Limiting Fraud in Nonprofits

Recently, the Association of Certified Fraud Examiners (ACFE) published its biannual Report to the Nations: 2022 Global Study on Occupational Fraud and Abuse. Of all the types of organizations surveyed by the ACFE, not-for-profits actually were the least likely to experience...

June 8, 2022
Help When Needed: Apply the Research Credit Against Payroll Taxes

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax. This...

June 2, 2022
For Nonprofits, Quid Pro Quo Isn’t a Simple Exchange

Quid pro quo donations occur when a not-for-profit receives a payment that includes a contribution and the organization provides the donor with goods or services valued at less than the contributor’s payment. Among other things, these arrangements create reporting obligati...

May 20, 2022
Support Your Nonprofit’s Financial Plans with Board Designations

The pandemic, ongoing economic insecurity and uncertainty about the future have prompted some not-for-profits to make board designations of unrestricted assets. What are board designations, why are they worth considering and how does the process work?...

May 16, 2022
Minnesota Frontline Worker Pay

On April 29th, Minnesota passed the Frontline Worker Payment bill.  Employers are responsible for providing notices to current employees advising them that they may be eligible and how to apply for benefits.  These notices are due no later than 15 days after the applicatio...