Nonprofit organizations work hard to focus on their mission: serving communities, supporting causes, and strengthening Minnesota. But when revenue begins flowing in from activities outside that mission, things can get complicated quickly.
Tag: Tax Compliance & Filing
Understanding the 80/120 Rule: When a 401(k) Audit Is Required
Administering a 401(k) plan comes with numerous compliance responsibilities and one of the most misunderstood requirements involves when a plan audit is actually required.
Multi-State Income Tax Nexus: What Business Owners and Controllers Should Know
If you are a business owner, controller or CFO overseeing multi-state operations, understanding income tax nexus, and its cousins, franchise and excise taxes, is critical.
Return Estimates and Tax Preparation: Why Quarterly Planning Matters
When it comes to managing your tax obligations, many individuals focus on April 15—but smart tax planning happens year-round. Making accurate estimated tax payments is one of the best ways to stay compliant, avoid surprises and take control of your cash flow.
Tax Preparation vs. Tax Planning: Why Both Matter for Your Business
What if there was a way to reduce tax liability before the numbers are locked in? That’s where tax planning comes in. While tax preparation is an essential compliance activity, tax planning is a strategic, proactive approach that helps businesses minimize their tax burden, maximize savings, and avoid unnecessary surprises.
401(k) Audit Extension Deadline Is October 15
If your organization sponsors a 401(k) plan and filed for a Form 5500 extension, your final deadline to complete the audit and file is fast approaching: October 15.
Erroneous CP161 Notices for 2024 Form 1041 Filings
Did you receive a CP161 notice from the IRS? It’s possibly an IRS error.
