02.19.25

5 Tax Tips for Your Growing Franchise Business
Darin Fullmer

The owners of successful franchise businesses have a lot on their plates, and varying demands depending on the type of franchise. One interest they share, though, is keeping a lid on their tax liability. If you are a franchisee, following the tips below can help you minimize your tax bill. Understand Your Franchise-Specific Deductions Unlike […]

02.18.25

A Primer on Energy Tax Incentives: FAQs About the Advanced Manufacturing Production Credit
Seamus M. Donoghue

The Inflation Reduction Act (IRA) includes several provisions related to tax incentives that encourage investment in clean energy production and energy-efficient property. One of these incentives is the advanced manufacturing production credit under Internal Revenue Code (IRC) Section 45X. The IRA extends and expands the Sec. 45X credit, which encourages domestic production of eligible clean […]

02.17.25

Navigating Financial Stability in Times of Uncertainty
James Quaid

With news of executive orders and their potential impact on federal funding, management and board members of many not-for-profit organizations are anxious and concerned about the financial stability of their organization and its ability to continue to fulfill its mission. The following are a few best practices we recommend for all organizations. Understanding Make sure […]

02.04.25

Things to Know for Your Retirement Plan in 2025
Heather Sinclair-Smelley

Required Testing and 5500: If your Plan Year ends on 12/31 and is subject to required testing, you should expect to receive a data request from your service provider. The accuracy and timeliness of this information determines the accuracy and timeliness of your Testing. This information then flows through to your Plan’s Tax Form 5500 […]

01.31.25

Tracking Individual Product Costs to Maximize Profits
Kenneth Tornheim

Tracking product-specific cost information can be challenging, but the benefits can be significant. By tracking the costs and profitability of individual products, you will have an idea of where to make adjustments. Drill down Determining product-specific costs can require significant work. You will need to figure out the direct labor, material and other costs associated […]

01.28.25

Real Estate Investor or Dealer? Your Tax Treatment Turns on It
Tamara Partridge

In a perfect world, taxpayers who own real estate would receive capital gains treatment when they sell the property at a gain and ordinary loss treatment when they incur a loss on the sale. In the real world, though, the tax treatment will turn on the determination of whether a taxpayer is a dealer or […]

01.27.25

Understanding Board-Designated Net Assets
Jason Gierhahn

Sometimes donors put restrictions on their donated funds, and in other instances, not-for-profit boards place limits on certain assets. Board-designated net assets can prove critical to the survival of programs, projects — or even your organization itself. Let’s take a closer look. What they are The term “board-designated net assets” generally refers to funds that […]

01.23.25

Handle Intrafamily Loans with Care
Dan Newman

If you want to provide financial assistance to loved ones, you might consider making a loan rather than giving the money with no strings attached. However, it is critical to treat any transaction as a bona fide loan. The IRS reviews intrafamily loans and if it determines a loan is or includes a disguised gift, […]

01.06.25

ERC Update: How Should You Proceed?
Michael A. Loesevitz

The IRS’s employee retention credit (ERC), created during the COVID-19 pandemic, seemed to offer a lucrative opportunity for many employers. That is certainly the impression that the many promoters that sprung up in response presented. But the IRS has discovered that a large percentage of the claims are invalid. Here is what you need to […]

12.27.24

Are You Maximizing the QBI Deduction?
Brandon W. Vahl

If your manufacturing company is organized as an S corporation, limited liability company, partnership or sole proprietorship, be sure that you are taking full advantage of the qualified business income (QBI) deduction, also known as the Section 199A deduction. It is important to understand how the deduction works to determine your eligibility and identify opportunities […]