Your organization’s lawful gambling fund is having a record year. Business is booming, everything is looking up until you realize the increase in profits will cost you an absurd amount in income taxes at year-end. You have two months until […]
Tax Legislation
What is the 50% Test? The 50% Test is required for every project that receives 4% credits by financing acquisition and construction costs with volume cap tax-exempt bonds. The test is to verify that 50% or more of the tax-exempt […]
The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) are both very generous education tax credits many college students can use to help reduce their tax bill—or get an extra bit of cash. However, the differences between […]
Did your -non-profit organization receive a Paycheck Protection Program (PPP) loan? Are you wondering how to properly record it? The Small Business Administration (SBA) authorized forgivable loans to small businesses to pay their employees during COVID-19 as an incentive to […]
On December 1, 2021, the IRS issued Revenue Ruling 2021-20 and Revenue Procedure 2021-43. Situations Where 4% Minimum Floor Is Not Applicable Since the Taxpayer Certainty and Disaster Tax Relief Act of 2020 created the 4% Minimum Floor, there have […]
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary […]
Can the Democrat’s agree on a reconciliation bill? President Joe Biden’s tax proposal continues to be revamped as they inch closer to the finish line. And it appears that a majority of former President Donald Trump’s 2017 tax cuts will […]
Since March 2020, there have been several major tax law changes passed that may impact your 2020 tax return and other tax years depending on your tax situation. To provide relief to taxpayers for the COVID-19 pandemic, Congress passed the […]
By Craig Mulcahy, CPA, MBT Significant federal tax law changes have become the norm in the last couple of years—from the Tax Cuts and Jobs Act, to the CARES Act, as well as the American Rescue Plan Act. Needless to […]
Due to the proposed tax increases by the Biden administration, estate planners, CPAs and financial advisors, are searching for ways to avoid the potential hit from higher taxes on both investment income and the proposed capital gains taxes at death. […]
ADDRESS
10 River Park Plaza, Suite 800
Saint Paul, MN 55107
(651) 227.6695
Fax: (651)-227-9796
info@mahoneycpa.com
© 2021 Mahoney | Privacy Policy