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 […]

12.20.24

Helpful Changes at the Illinois Attorney General’s Office
Alison Fetzer

Good news for Illinois Not-For-Profit organizations out of the Illinois Attorney General’s office: New rules effective October 29, 2024, should simplify the extension and filing process of the charitable organization annual report, Form AG990-IL.  Under the old rules, the annual report was due within six months of the organization’s fiscal year end and was eligible […]

12.18.24

The NIIT is Ensnaring More People. Are You One of Them?
Eileen Cozzi

The net investment income tax (NIIT) has been around for more than 10 years, but the number of people subject to it has gradually more than doubled during that time. Why? Because the income thresholds that trigger the tax are not indexed for inflation. As incomes rise with inflation, an increasing number of taxpayers are […]

12.12.24

Conventional vs. FHA Mortgages: Weighing the Pros and Cons
Justin L. Sylvan

With home prices in many areas continuing to climb and mortgage rates still high compared to just a few years ago, many would-be buyers cannot afford the 20% down payment often required for a conventional mortgage. FHA loans may provide an affordable alternative for these individuals, but both types of mortgages come with potential advantages […]