blog
October 3, 2024
Alternate Construction Delivery Methods: CMc in the Spotlight

Like many construction businesses, yours may have operated for years following the traditional design-bid-build delivery method. An architect designs a project, the owner issues a request for proposals, you submit a bid, and if you win that bid, you build the design....

September 30, 2024
Reminder: Profits and Cash Flow Aren’t the Same

Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe taxes when they regularly struggle to find cash to cover their bills. The answer can be found by understanding the key dif...

September 16, 2024
When Your Nonprofit’s Debt-Financed Income is Subject to Tax

If your nonprofit has investment income, dividends, interest, rents and annuities, they’re generally excluded when calculating unrelated business income tax (UBIT). However, income from debt-financed property typically is taxable. So it’s important to segregate income fr...

September 12, 2024
New Requirement to Electronically Create and File Minnesota CRP Forms

Landlords and property managers of residential rental real estate in Minnesota are subject to a new Minnesota Department of Revenue (DOR) requirement. Beginning with 2024 Certificates of Rent Paid (CRP), the forms must be created and submitted to Minnesota DOR electronicall...

September 11, 2024
IRS Claims Processing Update
September 9, 2024
It’s Time for Your Small Business to Think About Year-End Tax Planning

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the...

September 4, 2024
Welcome Charitable Pledges — and Account for Them Properly

The difference between financial pledges and donations is relatively simple: Pledges are promises to donate sometime in the future, and donations provide immediate support for your not-for-profit organization. What’s not so simple is accounting for pledges. After all, a pr...

August 29, 2024
Evaluating Your Manufacturing Company’s Multistate Tax Liability

When operating across state lines, it’s critical for manufacturers to understand their multistate tax liability. To determine state tax liability, state governments consider whether a company has “nexus” in their respective states, meaning that its presence in them is ...

August 28, 2024
Practical Accounting Practices for Companies Using Factoring

Factoring can be a game-changer for businesses looking to improve their cash flow. By selling receivables to a factoring company, businesses can access immediate funds without waiting for customers to pay their invoices. However, to make the most of factoring, it’s essenti...

August 23, 2024
Restricted Gifts: What To Do When Strings Are Attached

Brad, the development director of an international environmental charity, was thrilled to learn from a fundraising staffer that one of the charity’s past supporters was promising to make a new, six-figure donation. But there was a catch: The donor was going to attach restr...

August 19, 2024
Closing a Business Involves a Number of Tax Responsibilities

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, ...

August 19, 2024
How to Choose the Best Inventory Accounting Method for Your Manufacturing Company

Your choice of accounting method for determining the value of your manufacturing company’s inventory can significantly impact your overall tax bill. Here are answers to some key questions regarding the tax and financial implications of the two most common methods: first-in...