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# Mahoney | CPAs and Advisors

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## Posts

- [Tax Filing Extensions: How to Buy Time Without Paying More](https://mahoneycpa.com/tax-filing-extensions-how-to-buy-time-without-paying-more/) - Need more time to file? This guide explains tax filing extensions, payment deadlines, and how to minimize IRS penalties and interest.
- [16 Essential Accounting Tips to Save You Time and Money During Tax Season](https://mahoneycpa.com/16-essential-accounting-tips-to-save-you-time-and-money-during-tax-season/) - Discover practical tips to cut accounting and tax prep costs before the deadline. Written by Peggy Prall, this guide helps business owners get started.
- [FICA Tip Tax Credit for Restaurants and Service Businesses](https://mahoneycpa.com/fica-tip-tax-credit-for-restaurants-and-service-businesses/) - Learn how the FICA tip tax credit helps employers reduce Social Security and Medicare taxes on employee tips - who qualifies and how to claim it.
- [More Than Taxes: Key April 15 Deadlines for 2026](https://mahoneycpa.com/more-than-taxes-key-april-15-deadlines-for-2026/) - April 15 includes deadlines for IRA contributions, SEP plans, extensions, and estimated taxes. Find out what you must file to avoid penalties.
- [The Backdoor Roth IRA Strategy](https://mahoneycpa.com/the-backdoor-roth-ira-strategy/) - Maximize retirement savings with the Backdoor Roth IRA - bypass income limits for tax-free growth. A helpful strategic guide written by Ivan Zakharchuk.
- [To maximize - or not to maximize - depreciation deductions on your 2025 tax return](https://mahoneycpa.com/to-maximize-or-not-to-maximize-depreciation-deductions-on-your-2025-tax-return/) - Learn how to maximize 2025 depreciation with bonus depreciation and Section 179. Understand key rules, eligibility, and strategies to reduce your 2025 tax bill.
- [Quadrupled SALT deduction limit means more taxpayers will benefit from itemizing on their 2025 returns](https://mahoneycpa.com/quadrupled-salt-deduction-limit-means-more-taxpayers-will-benefit-from-itemizing-on-their-2025-returns/) - The OBBBA raises the SALT deduction cap in 2025. See when itemizing could save more than the standard deduction and how the updated limits impact your taxes.
- [100% Bonus Depreciation for Real Estate: What the OBBBA Means for Investors](https://mahoneycpa.com/100-bonus-depreciation-for-real-estate-what-the-obbba-means-for-investors/) - The OBBBA brings back 100% bonus depreciation for 2025. See how commercial real estate and qualified property benefit, plus key federal and Minnesota tax rules.
- [Gifting: Unwrapping the Tax Implications](https://mahoneycpa.com/gifting-unwrapping-the-tax-implications/) - Learn how the IRS defines taxable gifts, when gift tax applies, and how law changes may impact your estate and gifting strategy.
- [Changes to Charitable Donation Deductions Are on the Horizon](https://mahoneycpa.com/changes-to-charitable-donation-deductions-are-on-the-horizon/) - Beginning in 2026, individuals who itemize deductions and donate to charity will face a new limit on their charitable deductions. And in some cases, they’ll face two new limits. But there’s some good news for non-itemizing individuals who make charitable donations. New Charitable Deduction Floor Under the One Big Beautiful Bill Act (OBBBA), starting in
- [Retirement Plans for Small Businesses](https://mahoneycpa.com/retirement-plans-for-small-businesses/) - Every small business starts somewhere, and that is typically a business of one person with a dream for growth. This does not mean that you have to wait to fund your retirement. Once you have the fundamentals of your operations in place, you can start looking at retirement options. It is a smart tax strategy
- [Does your nonprofit have a conditional contribution?](https://mahoneycpa.com/does-your-nonprofit-have-a-conditional-contribution/) - Nonprofits do some awesome things in our communities: they serve people in need, promote arts and creativity and help build a more unified community. With all these great things they are doing, deciphering Generally Accepted Accounting Principles (GAAP) is the last thing they want to think about!Unfortunately, the world of accounting standards has become more
- [The Best Way to Track Grants in QuickBooks®](https://mahoneycpa.com/the-best-way-to-track-grants-in-quickbooks/) - QuickBooks® offers several dimensions to track transactions including the chart of accounts, classes, locations, tags, vendors and customers. Within the customer dimension you can further drill down to track projects for specific customers.This blog will briefly explore each dimension and show you which one is the best fit for tracking grant activity for a not-for-profit
- [Managing Prepayments in QuickBooks](https://mahoneycpa.com/managing-prepayments-in-quickbooks/) - In this video, Certified QuickBooks® ProAdvisor Jayme L. Shuda, CPA at Mahoney explains what happens on a cash basis income statement when a prepayment is recorded in QuickBooks Online.This approach helps you maintain accuracy on your balance sheet month to month.Stay tuned for more videos featuring QuickBooks tips, tax strategies and more. Ask Jayme If you
- [How to Assign Classes to Payroll Expenses in QuickBooks](https://mahoneycpa.com/how-to-assign-classes-to-payroll-expenses-in-quickbooks/) - Learn how to enable Class Tracking in QuickBooks Payroll to manage labor costs - written by Amy Siegel, Associate Manager on Mahoney's Business Solutions Team.
- [S-Corporation Compensation: Finding a "Reasonable" Balance](https://mahoneycpa.com/s-corporation-compensation-finding-a-reasonable-balance/) - Why S-Corps must pay reasonable compensation - insights from Tyler Sauve, CPA of our Tax Solutions Team. Learn how the IRS evaluates compliance.
- [Quick Periodic Review in QuickBooks](https://mahoneycpa.com/quick-periodic-review-in-quickbooks/) - Read here to learn about Quick Periodic Review in QuickBooks and how it supports accurate records, budgeting, and business growth planning.
- [Art, Craft, or Business? A Business of Hobby Loss Rules](https://mahoneycpa.com/art-craft-or-business-a-business-of-hobby-loss-rules/) - Prior to 2018, you were allowed to include hobby loss expenses as part of your itemized deductions, but the rules have changed... Read our blog to learn more!
- [Recurring Transactions Feature in QBO](https://mahoneycpa.com/recurring-transactions-feature-in-qbo/) - Save Time: Handling Recurring Transactions in QBO Do you want to save time? Of course, you do! Here is one way to save time when recording accounting transactions. Each month, you have multiple entries that are either similar or exactly the same as they were in prior months/weeks. QuickBooks® Online (QBO) accounting system has a
- [Self-Rental Rules | The Grouping Election](https://mahoneycpa.com/self-rental-rules-the-grouping-election/) - What is a Self-Rental? Many taxpayers who own an operating business also own accompanying real estate inside a separate entity. The operating business then leases the real estate from the entity that owns it. This is known as a “self-rental” agreement. When taxpayers find themselves in this situation, IRC Section 469 requires the income to
- [Outsourced vs. In-House Accounting: Key Considerations for Your Business](https://mahoneycpa.com/outsourced-vs-in-house-accounting-key-considerations-for-your-business/) - In-house accounting or outsourced accounting considerations Using an outsourced accounting firm is growing in popularity for many reasons. Once reserved for larger organizations, smaller organizations are finding outsourcing a great way to solve the difficulty of segregating duties with a small staff and keeping up to date on current accounting knowledge and systems.Here are some considerations
- [New QuickBooks Online Ledger](https://mahoneycpa.com/quickbooks-online-ledger/) - New QuickBooks Online Ledger Intuit has released a new QuickBooks® Online (QBO) product called “QuickBooks Ledger”. QuickBooks Ledger is a low-cost online version of QuickBooks that is designed exclusively for accountants. If you are a small business owner who relied on your accountant to produce accounting records for your company each year for tax work,
- [An Escape Adventure: Our Assurance Team Conquers the Escape Game at Mall of America](https://mahoneycpa.com/mahoney-assurance-team-conquers-the-escape-game-at-mall-of-america/) - By Roz Allyson, CPA, Managing PartnerWhen it comes to team building, our Assurance Team knows how to mix business with pleasure. In an effort to enhance our problem-solving skills, foster camaraderie, and just have some good old-fashioned fun, we recently embarked on an exciting adventure at the Mall of America’s Escape Game.As accountants, we are no
- [Setting Up Price Rules in QuickBooks® Online](https://mahoneycpa.com/setting-up-price-rules-in-quickbooks-online/) - Certified QuickBooks® ProAdvisor Jayme Shuda, CPA, offers this quick tutorial right before the holiday season about how you can easily set price rules in QBO.Determine the length of your sale and price rules for specific products and services. This makes it so easy to track specials and send invoices. Unapplied Cash Payment Income Video You
- [5 Ideas to Help Small Business Owners Reduce Taxes for 2023](https://mahoneycpa.com/5-ideas-to-help-small-business-owners-reduce-taxes-for-2023/) - As year-end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax year — and beyond. Fortunately, no significant unfavorable federal tax law changes that would affect 2023 or 2024 are expected. So, there’s more certainty regarding the tax rules today than this time
- [The New Beneficial Ownership Information Reporting Requirements](https://mahoneycpa.com/the-new-beneficial-ownership-information-reporting-requirements/) - Are you ready for the new Beneficial Ownership Information (BOI) reporting requirements implemented by the Corporate Transparency Act (CTA) that will go into effect on January 1, 2024? If you answered no, you are not alone. It is estimated that 80-90% of business owners are not familiar with these new reporting requirements. While as little
- [A Vision for the Future](https://mahoneycpa.com/a-vision-for-the-future/) - By, Tom Johnson, CEO, CPAI am truly honored to introduce myself as the new CEO of Mahoney | CPAs and Advisors. Today, I want to take a moment to share a bit about myself, my vision for Mahoney, and the values that will continue to guide our firm’s success into the future.My journey with Mahoney
- [Solar, The Investment Tax Credit - Part 2](https://mahoneycpa.com/solar-the-investment-tax-credit-part-2/) - Welcome back! Thanks for joining me for Part 2 of our look at the Investment Tax Credit (ITC) for solar property. In Part 1, I gave an overview on the history and purpose of the solar ITC. I also discussed some of the tax benefits available to eligible solar projects. Part 2 will focus on
- [Solar, The Investment Tax Credit - Part 1](https://mahoneycpa.com/solar-the-investment-tax-credit-part-1/) - Investment Tax Credits (ITC) have been around since 1962. ITCs were created by Congress to help stimulate the economy and to protect domestic businesses from foreign competition. The types of renewable energy property available for the ITC are, but not limited to, solar, geothermal, fuel cell, microturbine, small wind, waste energy, and biogas. A more
- [New Voluntary Disclosure Program for Employers that Filed Dubious ERC Claims](https://mahoneycpa.com/new-voluntary-disclosure-program-for-employers-that-filed-dubious-erc-claims/) - As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a voluntary disclosure program for employers. Under the program, businesses can “pay back the money they received after filing ERC claims in error,” the IRS explains. The program, announced December 21, 2023, came two months after the IRS ordered
- [Navigating the Path to Success: From CPA to COO - A Personal Journey](https://mahoneycpa.com/navigating-the-path-to-success-from-cpa-to-coo-a-personal-journey/) - By, Kari Erickson, COO, CPA, MSTIntroductionEmbarking on a professional journey in the world of accounting is a challenging yet rewarding experience. As a Certified Public Accountant (CPA), the years of hard work, dedication, and commitment have culminated in a significant milestone – being promoted to partner and selected as the Chief Operating Officer (COO) of
- [Foreign Tax Credit & Form 1116: What Taxpayers Should Know](https://mahoneycpa.com/foreign-tax-credit-form-1116-what-taxpayers-should-know/) - United States citizens and resident aliens are required to report their worldwide income on their U.S. federal tax returns every year. The foreign tax credit is a tax benefit for U.S. taxpayers that helps offset income taxes paid to foreign countries. The credit allows taxpayers to reduce their U.S. tax liability and avoid double taxation
- [How to Read a Statement of Cash Flows](https://mahoneycpa.com/how-to-read-a-statement-of-cash-flows/) - In this video tutorial, T.J. Sheldon, Associate Director with our Assurance Solutions Team, shares a tutorial video on how to read a statement of cash flows for your business or organization. She shares a simple worksheet set-up and how that data flows into the cash flow and balance statements. Do you need to find a
- [Planning for Success: 529 Plans & The SECURE Act 2.0](https://mahoneycpa.com/planning-for-success-529-plans-the-secure-act-2-0/) - 529 plans are an increasingly popular tool you can use to save money for a loved one’s future educational endeavors. However, given the increased popularity of alternatives to higher education and changes from the SECURE Act 2.0, the decision to invest in a 529 plan is often not as straightforward as it has been in
- [Back to Basics - Developing a Strategy for Accurate Accounting Information](https://mahoneycpa.com/back-to-basics-developing-a-strategy-for-accurate-accounting-information-profit-and-loss/) - The Year-End Accounting Dilemma Your business has had a great year! Sales are up, employees are happy, and the future looks bright!Except, now that the year is coming to a close, you might find yourself questioning the accuracy of your accounting records. Where do you start? How can you be certain that your profit and
- [What is a NP Budget and Why is it Necessary?](https://mahoneycpa.com/what-is-a-nonprofit-budget-and-why-is-it-necessary/) - What is a nonprofit budget and why is it important? What does it mean when someone suggests preparing a budget? The dictionary definition of a budget is, “an estimate of income and expenditure for a set period of time”. This set period of time can be for a month, a year, or whatever the time
- [Possible Expiration of Key TCJA Provisions Could Affect Individual Taxpayers](https://mahoneycpa.com/possible-expiration-of-key-tcja-provisions-could-affect-individual-taxpayers/) - The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal tax rules for individual taxpayers. Many of these provisions are scheduled to expire at the end of 2025. but there’s a chance that some (or all) of the provisions could be extended or made permanent with legislation in the future. This uncertainty
- [Business Owners: Expiration Date is Approaching for Certain TCJA Provisions](https://mahoneycpa.com/business-owners-expiration-date-is-approaching-for-certain-tcja-provisions/) - The Tax Cuts and Jobs Act (TCJA) included many important federal income tax provisions that affect small business taxpayers and their owners. Some of these provisions are scheduled to expire in the near future, unless they’re extended or made permanent by Congress. Here’s an overview of five key provisions that may soon come to an
- [Secure Act 2.0 Tax Savings Options](https://mahoneycpa.com/secure-act-2-0-tax-savings-options/) - The SECURE 2.0 Act of 2022 (Secure Act 2.0) is a law designed to improve retirement savings options for both businesses and individuals. It revises the Secure Act signed into law in 2019 in a few areas.Small Business Retirement Plan Start-Up Costs Tax Credit – for BusinessesOne aspect of the SECURE Act 2.0 is a
- [How do you succeed with outsourced accounting?](https://mahoneycpa.com/how-do-you-succeed-with-outsourced-accounting/) - Outsourced Accounting: What is it and how do you succeed with outsourced accounting? Outsourced accounting has exploded in popularity in the past several years, and for good reason. Consider these solutions to common finance team concerns, and how outsourced accounting can best address them. SolutionsHow Outsourcing HelpsWhat Outsourcing Needs to SucceedReduces RiskProvides checks, balances and
- [Best Practices for Tracking Restricted Funds in QuickBooks Online for Nonprofit Organizations](https://mahoneycpa.com/best-practices-for-tracking-restricted-funds-in-quickbooks-online-for-nonprofit-organizations/) - Nonprofit organizations play a crucial role in addressing societal needs and driving positive change. Effective financial management is vital for their sustainability and impact, particularly when it comes to tracking restricted funds. These funds, subject to specific donor-imposed limitations, require meticulous attention to compliance and transparency. In this comprehensive guide, we’ll delve into the best
- [Handling Bank Transactions in QuickBooks](https://mahoneycpa.com/handling-bank-transactions-in-quickbooks/) - Avoid Manual Entry with QuickBooks Bank Feeds Managing your bank transactions is crucial for maintaining accurate financial records. QuickBooks® Bank Feeds is a fantastic tool in both Online and Desktop versions. Avoiding manual entry by downloading transactions direct from your bank and or credit card company saves time and numeric errors.The Match feature in QuickBooks
- [Minnesota Tax Law Update](https://mahoneycpa.com/minnesota-tax-law-update/) - There were several changes to Minnesota’s tax code that were added to the legislative session in May 2023. Here are the significant tax law updates to keep in mind for your tax planning strategies and filing your 2023 individual tax return. Social Security Income Subtraction There is an expansion of the old Minnesota tax law
- [Nonprofit Financial Management Best Practices](https://mahoneycpa.com/nonprofit-financial-management-best-practices/) - For a nonprofit entity, the budget serves as a guide to manage resources each month. Budgets are generally prepared by the management of the organization and reviewed and approved by the board of directors. The budget will include all types of revenue and expenses. Since things can easily change, the budget doesn’t have to be
- [Benefits of Using Contract CFO Services](https://mahoneycpa.com/benefits-of-using-contract-cfo-services/) - The times they are a-changin, according to Bob Dylan. He is not a CPA but was definitely on to something with these lyrics.Has your company thought about hiring a contract CFO (Chief Financial Officer) versus hiring a traditional, in-house CFO? On Bob Dylan’s behalf, let’s consider a few of the reasons why you might want
- [In-Kind Donations Reporting and the New ASU](https://mahoneycpa.com/in-kind-donations-reporting-and-the-new-asu/) - The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets, which was effective for periods beginning after June 15, 2021. The ASU was issued to help improve transparency. Under the new standard, not-for-profits are required to show contributed nonfinancial assets
- [Deadline Dilemmas: Common Questions on Extending Tax Returns](https://mahoneycpa.com/deadline-dilemmas-common-questions-on-extending-tax-returns/) - Have you ever felt like Tax Day snuck up on you? If so, you aren’t alone. In 2022 over 19 million people filed an “extension” for their individual tax return, allowing them to delay the due date of their tax filing for up to six months. For most federal and state returns, an extension grants
- [Minnesota Update: Employee Sick and Safe Time](https://mahoneycpa.com/minnesota-update-employee-sick-and-safe-time/) - If you live in Minnesota, chances are you may have already heard rumblings about the new Employee Sick and Safe Time (ESST) Law passed during our latest legislative session. This law brings some major overhauls not only to the quantity and type of paid time off (PTO) Minnesota employers are required to give their employees,
- [Lost and Found: Are Outstanding Checks Unclaimed Property?](https://mahoneycpa.com/lost-and-found-are-outstanding-checks-unclaimed-property/) - What is “unclaimed property?”Unclaimed property is property being held by a business or organization where there has not been contact with the owner for a specific number of years, depending on the type of property. If your business or organization has in its possession property that is owned by another, your business or organization is
- [Nonprofit Financial Statements: Best Practices](https://mahoneycpa.com/nonprofit-financial-statements-best-practices/) - Nonprofit organizations produce financial reports for a number of reasons: internal financial reports for management and the board of directors; financial reports provide to grantors, whether with applications or reporting; the Form 990 filed with the IRS; and audited financial statements. Oftentimes, minimal thought and time is allocated to this task as an organization is focusing
- [Celebrating Our Recognition as the #3 Best Accounting Firm to Work For!](https://mahoneycpa.com/celebrating-our-recognition-as-the-3-best-accounting-firm-to-work-for/) - By Roz Allyson, CPA, Managing PartnerI am thrilled to announce that our firm has been recognized by Accounting Today as the #3 Best Accounting Firm to Work For in the mid-size firm category! Mahoney has received this national recognition for fourteen consecutive years. It is an accomplishment that we are immensely proud of, and it’s a
- [A Class Reunion and a ChatGPT Learning Opportunity](https://mahoneycpa.com/a-class-reunion-and-a-chatgpt-learning-opportunity/) - By Roz Allyson, CPA, Managing PartnerI was struggling with this blog, so I decided to experiment with ChatGPT. I typed the following into ChatGPT and requested a blog:I recently attended my 40th high school reunion. It is amazing to me how we can pick up with each other after 40 years. It was so fun to
- [Minnesota 2023 Tax Law Changes](https://mahoneycpa.com/minnesota-2023-tax-law-changes/) - The Minnesota legislature was very active in 2023 when it came to new tax implications. Minnesota enacted multiple changes that will impact taxpayers, such as adjustments in tax rates, deductions, credits and reporting requirements. Below are some changes that may affect you when filing for the 2023 tax year.Individual Tax Law ChangesSocial Security Income SubtractionMinn.
- [QuickBooks Quick Start from Mahoney: Getting Started with QBO](https://mahoneycpa.com/quickbooks-quick-start-from-mahoney-getting-started-with-qbo/) - If you have successfully transitioned to QuickBooks® Online, congratulations! Now the real work begins. In this article, we cover three common accounting processes and how to perform them in QuickBooks Online (QBO). Click to navigate:Time and Expense BillingReconciling Bank StatementsBudgeting Tracking Billable Expenses QBO has a built-in “reminder tool” that lets you know about these “billable
- [Midyear Tax Planning for Small Businesses and Owners](https://mahoneycpa.com/midyear-tax-planning-for-small-businesses-and-owners/) - Summer isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes to current federal tax laws at least through 2024.1. Establish a Tax-Favored Retirement PlanIf your
- [You May Want to Separate Real Estate Assets from Your Business](https://mahoneycpa.com/tax-benefits-for-separating-real-estate-assets-from-your-business/) - Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially beneficial tax reasons for holding real estate in a separate entity as
- [What Can You Do to Lower Your 2023 Tax Obligation](https://mahoneycpa.com/what-can-you-do-to-lower-your-2023-tax-obligation/) - It’s hard to believe that 2023 is already half over. Although summer is a time for vacations and relaxing in the backyard, you can’t afford to take a break from managing your tax bill. Now is a good time to think about proactive moves that could cut your 2023 tax liability. Here are six ideas
- [How to Choose the Right Auditor](https://mahoneycpa.com/how-to-choose-the-right-auditor/) - Did you receive a new loan that now requires an external audit or did your Minnesota non-profit receive over $750,000 in revenue and now you need an audit? Choosing the right auditor is a very important decision since you will likely be working with them for several years. Step 1 – Prepare an RFP The first step
- [TEAM Mahoney with a side of FUN!](https://mahoneycpa.com/team-mahoney-with-a-side-of-fun/) - By Roz Allyson, CPA, Managing PartnerAt Mahoney, we like to find ways to have fun and spread some cheer. Here is a little information about each of our Teams as well as some jokes!How did the auditor propose to his girlfriend? With an engagement letter.Our Assurance Solutions Team is made of approximately 30 team members. We
- [Nonprofit Accounting: Does My Nonprofit Need a 1023?](https://mahoneycpa.com/nonprofit-accounting-does-my-nonprofit-need-a-1023/) - Here is a question we hear quite often:“Our Nonprofit Made Changes to Its Programs, do we Need to Update Our Form 1023?”Has your organization made significant changes to its original mission or program services and now you are wondering if you need to amend your Form 1023?The answer is no. The IRS requires that any
- [QuickBooks Training: When are your books closed?](https://mahoneycpa.com/quickbooks-training-when-are-your-books-closed/) - Many bookkeepers (or business owners wearing the bookkeeping hat) have the goal of simply entering each line of their bank statement into the financial accounting software (the “books”). The goal is met once you have entered ‘something’ into your file for each line on your statement or maybe even from each line in your handwritten
- [What is Outsourced Accounting?](https://mahoneycpa.com/what-is-outsourced-accounting/) - Outsourced accounting means partnering with a firm that is entirely dedicated to the accounting and finance functions of your business, from entering daily transactions all the way through presenting and interpreting timely key performance indicators that are relevant to your business.Outsourced accounting means focusing your staff on the core functions of your business, abandoning trying
- [Our Next Chapter](https://mahoneycpa.com/our-next-chapter/) - By Roz Allyson, CPA, Managing PartnerI began working as an auditor at Mahoney in 1993. I started out full-time but then went to working a flex schedule for almost 20 years as my children grew up. I was honored to become Managing Partner in 2015. My time at Mahoney has been amazing. I have built lasting
- [Corporate Liquidation: The Tax Implications](https://mahoneycpa.com/corporate-liquidation-the-tax-implications/) - When a corporation is liquidated, the transaction is subject to double taxation. This means that both the corporation and shareholders must generally recognize a gain or loss. The corporation usually deducts its liquidation expenses, such as professional and filing fees, on its final tax return. Generally, a corporate liquidation can take one of two forms.
- [Budgeting in QuickBooks<sup>®</sup> Online](https://mahoneycpa.com/budgeting-in-quickbooks-online/) - Did you know that QuickBooks® Online (QBO) has a great budget tool?Businesses use budgets for many reasons. Budgets can be used to plan for cash flow, meet staffing needs, identify supply chain needs, adjust expenses for seasonality, deal with upturns and downturns in revenue and expense, and to encourage accountability.Here are the steps you need
- [Ms. Lindsey Goes to St. Paul - A Firsthand Account of the Federal Tax Conformity Bill Signing](https://mahoneycpa.com/ms-lindsey-goes-to-st-paul-a-firsthand-account-of-the-federal-tax-conformity-bill-signing/) - I thought it was a prank — the voicemail I received Jan. 11th from Geno Fragnito, MNCPA director of government relations, couldn’t be true.He said we were invited to the State Capitol to watch Gov. Tim Walz sign the newly passed tax conformity bill and asked if I could be there on such short notice.
- [Nonprofit Accounting: Discounted QuickBooks for Nonprofits](https://mahoneycpa.com/nonprofit-accounting-discounted-quickbooks-for-nonprofits/) - Nonprofits are in the business of making things better for others. Great news! Here is a tip that will help a nonprofit save money on their annual QuickBooks subscription.About TechSoupTechSoup, is a nonprofit organization that provides donated or discounted software, hardware and services to nonprofits, libraries, and foundations in the US. TechSoup’s web site says that they provide
- [How Do You Bill Your Clients for Time and Expenses in QuickBooks Online?](https://mahoneycpa.com/how-do-you-bill-your-clients-for-time-and-expenses-in-quickbooks-online/) - A QuickBooks Training GuideThere may be times when you have to buy things relating to a specific client’s project, but those costs will eventually be reimbursed to you by the client.There may be other times when either you or one of your employees spends time providing services for your clients; and you need to keep
- [Loss Limitation for Noncorporate Taxpayers](https://mahoneycpa.com/loss-limitation-for-noncorporate-taxpayers/) - Initially, the Tax Cuts and Jobs Act (TCJA) of 2017 introduced the excess business loss (EBL) limitation which was effective for tax years 2018 to 2025. In 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act retroactively delayed the EBL limitation to tax year 2021. Taxpayers who filed 2018 and 2019 tax returns with
- [Squeeze More Out of a Company SEP](https://mahoneycpa.com/squeeze-more-out-of-a-company-sep/) - If you want a retirement plan for your small company or self-employed business — but you don’t want to be buried in paperwork — consider a simplified employee pension plan or SEP. Among the appealing advantages:1. SEPs are set up by simply filling out a brief form.2. Annual reports aren’t required to be filed with
- [Moving Mahoney Cross Country](https://mahoneycpa.com/moving-mahoney-cross-country/) - I’m a manager at Mahoney, a CPA firm in Saint Paul, Minnesota.My five and a half years with the firm have come with countless opportunities. Through partner retirements, promotions and the pandemic, my clients and colleagues have consistently trusted and challenged me to grow into new skills and embrace the chance to change. I consider
- [Starting a Job During a Global Pandemic](https://mahoneycpa.com/starting-a-job-during-a-global-pandemic/) - When my senior year of college during the spring of 2020 went from in-person class to online class, I knew that classes were not going to be the only thing that would change.I knew that looking for a job, post-graduation, would include many, if not all jobs being worked remotely or a hybrid between working
- [What is an LLC? And Should I Become One?](https://mahoneycpa.com/what-is-an-llc-and-should-i-become-one/) - Congratulations! You’ve decided to start a new business and finally turn your dream into reality. You’ve formed a sound business plan, secured funding and acquired a clientele. Eventually, a drearier element of business will need to be addressed as well: taxes. More specifically, the type of entity your business will operate and be taxed as
- [Let’s Talk About Estate Planning – Trusts 101](https://mahoneycpa.com/lets-talk-about-estate-planning-trusts-101/) - Trusts: the topic no one wants to talk about, which most people should talk about and everyone wishes they had talked about. It can be a daunting subject, so we’re here to help break it down into bite-sized pieces!First thing’s first – what is a trust? A trust is a legal arrangement that is created
- [Related Party Transactions: Internal Revenue Code §267 – Tax Planning](https://mahoneycpa.com/related-party-transactions-internal-revenue-code-§267-tax-planning/) - It is common for individuals to make transactions with family members or businesses owned by family members. Did you know that such transactions could potentially have adverse tax consequence for you? The normal tax rules regarding the deductibility of losses are suspended in the case of certain sales between related parties. One specific provision within
- [No Current Deductions Before Business Commences](https://mahoneycpa.com/no-current-deductions-before-business-commences/) - Starting up a business and wondering about how tax deductions will be handled? The most important thing to understand is that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business does become active.Business Expense BasicsSection 162 of the Internal Revenue Code allows current deductions for
- [What Makes a Good Coach? Attitude.](https://mahoneycpa.com/what-makes-a-good-coach-attitude/) - We’ve all been “coached” in one way or another; whether informally or a structured program. We can think of someone that has influenced, tested, inspired or frankly pestered us enough to spur us in the direction or development we needed.What is it that differentiates a good coach from the rest? Many “coaches” are individuals that
- [Audit Requirements for 401(k) Plans](https://mahoneycpa.com/audit-requirements-for-401k-plans/) - When we’re talking about tax planning, common questions we receive from clients and potential clients are, “Does our 401(k) plan require an audit?” and, “What triggers the audit requirement for a 401(k) plan?” There are a few different answers to these questions depending on your plan’s facts and circumstances, so we will go over a
- [Go It Alone With a 401K Plan](https://mahoneycpa.com/go-it-alone-with-a-401k-plan/) - If your business is essentially a one-person operation, there’s an option to help you save more money for retirement: The Solo 401(k) plan.Ordinarily, traditional defined contribution retirement plans allow annual contributions that are limited to either 25% of salary if you’re employed by your own S or C corporation or 20% of self-employment income if
- [Fiscal Agent versus Fiscal Sponsorship](https://mahoneycpa.com/fiscal-agent-versus-fiscal-sponsorship/) - Fiscal agent or fiscal sponsor? While they have confusingly similar names, they both have unique advantages that can help nonprofits and increase a sense of community. To know which one is best for you, it helps to know the difference between the two.Fiscal AgentA fiscal agent arrangement is usually between a larger nonprofit entity (which
- [2022 Schedules K-2 and K-3 Domestic Filing Exception](https://mahoneycpa.com/2022-schedules-k-2-and-k-3-domestic-filing-exception/) - Background Partnerships and S Corporations with relevant international tax items were required to start filing Schedules K-2 and K-3 for tax years beginning in 2021. Initially, practitioners did not anticipate these additional forms to impact many of their domestic clients because of the international tax relevance language used in the draft instructions by the Internal
- [How Can Small Business Owners Lower Taxes for 2022](https://mahoneycpa.com/how-can-small-business-owners-lower-taxes-for-2022/) - It’s time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond. Fortunately, no significant unfavorable federal tax law changes are expected this year. So, there’s more certainty regarding the tax rules
- [S-Corporations: Shareholder Basis & Pass-Through Loss Limitations](https://mahoneycpa.com/s-corporations-shareholder-basis-pass-through-loss-limitations/) - S-corporations are considered pass-through entities, which means that income and losses earned from the business are passed down to the individual shareholders’ tax returns. However, an S-corporation shareholder cannot automatically assume that a loss passed through from the company is deductible on his or her individual income tax return. This is where the importance of
- [Year-End Giving to Charity or Loved Ones](https://mahoneycpa.com/year-end-giving-to-charity-or-loved-ones/) - The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions.Donating to charityIn 2022, in order to receive a charitable donation write-off, you must itemize deductions
- [Thankful](https://mahoneycpa.com/thankful/) - By Roz Allyson, CPA, Managing PartnerI recently had my 29th work anniversary at Mahoney. 29 years! It is hard to believe. I have thoroughly enjoyed my years at Mahoney and feel so fortunate to be working here. With Thanksgiving approaching, I have been thinking about what I am thankful for. In my work life, two things
- [The Intern Experience, A Win-Win for All!](https://mahoneycpa.com/the-internship-experience-a-win-win-for-all/) - By Roz Allyson, CPA, Managing PartnerMahoney has hired interns to work during our busy season from January through April for decades. It is a great opportunity for the intern to learn more about accounting, our firm, and working in public accounting. It is also one of our best hiring tools. Many of our current employees started
- [What are QREs? – Business Tax Issues for Individual Taxpayers](https://mahoneycpa.com/what-are-qres/) - BackgroundQualified rehabilitation expenditures (QREs) are expenditures related to rehabilitation or restoration of a qualifying structure. Expenditures that qualify as QREs are eligible for a 20% general business tax credit of the total QREs.In the industry, this is commonly known as the “Historic Tax Credit” or the “Investment Credit.”With passthrough entities, the total QREs are passed
- [Year-End Tax Planning Tips for Individuals](https://mahoneycpa.com/year-end-tax-planning-tips-for-individuals/) - With year-end fast approaching, it’s time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years as well. The good news is that it now appears that there won’t be any significant unfavorable federal tax changes that will take effect this
- [Property Taxation: Adjusted Basis and Holding Periods](https://mahoneycpa.com/property-taxation-adjusted-basis-and-holding-periods/) - Generally, there are three ways for a taxpayer to legally acquire property. Personal property is any property that is movable, such as equipment, furniture, collectibles, etc. Personal property can also be intangible, such as stocks and bonds. Real property is land and everything that is permanently attached to it. The three ways to acquire both
- [Mahoney Celebrates Pro Bono Work](https://mahoneycpa.com/mahoney-celebrates-pro-bono-work/) - By Roz Allyson, CPA , Managing PartnerPro Bono Week takes place every October and highlights the pro bono work of thousands of professionals who volunteer their skills and professional expertise to support nonprofits around the world. At Mahoney, we encourage our team to get involved in the community. We do this at the corporate level as
- [Mixing Things Up,  an Unexpected Pizza Adventure!](https://mahoneycpa.com/accountants-mixing-things-up/) - By Roz Allyson, CPA , Managing PartnerWe all experience circumstances in our lives where our normal routine is disrupted. We can approach those times in a variety of ways. The following story is about creating an adventure out of a temporary change in my life. During the process, my husband and I learned more than we
- [Understanding and Projecting Cash Flow](https://mahoneycpa.com/understanding-and-projecting-cash-flow/) - Relationships and businesses are like sharks. Both need to keep moving—and continually improving—to remain alive. When it comes to business, two ways to keep moving forward include: looking at relevant KPIs to focus on what needs to improve and; forecasting when you might have cash gaps in the future.The importance of understanding your cash flowA
- [Benefits of Flexible Budgeting](https://mahoneycpa.com/benefits-of-flexible-budgeting/) - “A budget is telling your money where to go instead of wondering where it went.” Dave RamseyAttitudes toward budgeting can span from inspired and motivated to disinterested and obligated. Creating a budget involves using your crystal ball; assumptions made at the start of the year become less reliable as the year progresses and conditions change.
- [Nonprofit Budgeting Considerations](https://mahoneycpa.com/nonprofit-budgeting-considerations/) - One of the best ways a nonprofit organization can measure how well it is doing financially is by preparing a budget for a period and then comparing the actual results to that budget. However, to make budgeting a meaningful tool for a nonprofit organization, the budget that is prepared must be effective. While there are
- [Are Government Grants Contributions or Exchange Transactions?](https://mahoneycpa.com/are-government-grants-contributions-or-exchange-transactions/) - Why do the accounting standards keep changing words around on us? And what is a government grant now? Under the new revenue recognition standards for not-for-profit entities in FASB (the Financial Accounting Standards Board), there are two main classes of revenue: Contributions and Exchange Transactions.A contribution is defined as an unconditional transfer of assets, settlement
- [Reporting Partnership Schedule K-1 Capital Accounts on the Tax Basis](https://mahoneycpa.com/reporting-partnership-schedule-k-1-capital-accounts-on-the-tax-basis/) - BackgroundPartnerships are required to report their partners’ capital accounts on the tax basis method starting with the 2020 tax year unless the partnership qualifies for an exception.Prior to this compliance reporting requirement, partners’ capital accounts may have alternatively been reported on GAAP, Section 704(b) book or other methods of accounting.The tax basis method reporting requirement
- [New Rules for EV Tax Credits under the IRA](https://mahoneycpa.com/new-rules-for-ev-tax-credits-under-the-ira/) - You’ve probably heard that the newly enacted Inflation Reduction Act of 2022 (IRA) includes a package of measures to fight climate change, including tax incentives for both consumers and businesses. Among other things, the law extends and revises a tax credit for buying a “clean vehicle” through 2032. This was previously referred to as the
- [Real Estate Acquisition and Development: Part II](https://mahoneycpa.com/real-estate-acquisition-and-development-part-ii/) - In a previous article it was noted that a real estate project will typically go through three stages:The Preacquisition StageThe Acquisition StageThe Development StagePart I of Real Estate Acquisition and Development discussed the first stage, before the purchase of the property, whether costs should be capitalized or expensed, depending on their nature. This article will
- [Real Estate Acquisition and Development: Part III](https://mahoneycpa.com/real-estate-acquisition-and-development-part-iii/) - In my previous articles it was noted that a real estate project will typically go through three stages:The Preacquisition StageThe Acquisition StageThe Development StageLand Development takes place during the Third Stage of AcquisitionPart I of Real Estate Acquisition and Development examined the first stage, before the purchase of the property, whether costs should be capitalized
- [What Skills Do I Need to Be a Good Accountant?](https://mahoneycpa.com/what-skills-do-i-need-to-be-a-good-accountant/) - Traditionally, accountants are thought of as individuals sitting alone in their cubicles, crunching numbers. While this may suit many starting out in this career, additional skills will be needed for a successful future in the accounting profession. With ever-changing technology, which has caused a continued emphasis on working with people, an expanded skillset is essential.
- [S Corp Owners Should Plan Their W-2 Wages](https://mahoneycpa.com/s-corp-owners-should-plan-their-w-2-wages/) - There are several reasons why S Corp business owners should carefully plan their W-2 wages. Did you know, there are tax and business consequences when you pay yourself as an S Corp business owner? Let’s review a few reasons why small business owners should plan their W-2s ahead of time.Before we get started, here is
- [5 Ways Your Accounting Software Can Help You Run Your Business](https://mahoneycpa.com/5-ways-your-accounting-software-can-help-you-run-your-business/) - Business owners know their accounting software provides historic numbers on reports called balance sheets, and profit and loss or income statements. These reports are used to:Prepare tax returnsSatisfy requests from bankersFile sales tax returnsFile 1099 information returnsBalance your check bookIdentify accounts receivableDid you know that your financial accounting software can also help you make informed
- [Changes Two Years After COVID](https://mahoneycpa.com/changes-two-years-after-covid/) - By Roz Allyson, CPA, Managing PartnerIt has been over 2 years since we sent everyone home to work due to COVID. I remember that day so clearly, as it was a very abrupt decision. Fortunately, our IT department had us well prepared to work remotely and the transition was basically seamless. But how has our office
- [QuickBooks Training Accounts Receivable Review (Online)](https://mahoneycpa.com/quickbooks-training-accounts-receivable-review-online/) - In Part 2 of our QuickBooks Training series, we’ll describe the Accounts Receivable process for QuickBooks Online. As always, it’s important to remember that keeping an accurate list of what customers owe you is a critical part of running your business.Overview: This article discusses the process of reviewing accounts receivable lists in QuickBooks Online. If
- [Memorized Report Groups in QuickBooks Desktop](https://mahoneycpa.com/memorized-report-groups-in-quickbooks-desktop/) - The Reports menu in QuickBooks Desktop speaks to the software’s robust reporting capabilities. A brief scan presents nearly endless opportunities to track every piece of your business. However, as a ProAdvisor, I realize the same menu can also be a source of frustration and confusion. With so many reporting categories, names and customizations available, trying
- [Section 179 Expensing vs. Bonus Depreciation – The Basics](https://mahoneycpa.com/section-179-expensing-vs-bonus-depreciation-the-basics/) - Whether it’s a forklift or a new building, certain assets can help generate revenue for multiple years. In an effort to better match the cost of these assets with the revenue they generate, the purchases are expensed over multiple tax years in a process called “depreciation.”The IRS has provided two incentives to purchase assets like
- [Best Practices for Not-For-Profit Board of Directors](https://mahoneycpa.com/best-practices-for-not-for-profit-board-of-directors/) - Are you on a new 501(c)(3), nonprofit or not-for-profit board of directors or is your board looking for an update on best practices for the board? Each organization can be different in their structure of their board; however, these five best practices should be at the foundation of every not-for-profit board of directors.1. Meeting MinutesBoards
- [The Basics of Non-Profit Financial Statements](https://mahoneycpa.com/the-basics-of-non-profit-financial-statements/) - Financial records and reporting are a vital part of managing the operations of a non-profit organization. Without accurate financial recording and reporting, a non-profit organization will be missing a key component in the decision-making process, opening itself up to potential misuse of the organization’s resources. The organization may even find itself out of compliance with
- [QuickBooks Training Accounts Receivable Review (Desktop)](https://mahoneycpa.com/quickbooks-training-accounts-receivable-review-desktop/) - When you don’t have 24-hour access to a QuickBooks Pro Advisor, it can be daunting to manage your own books. One of the best tips we can provide when maintaining your own records is to keep an accurate list of what customers owe you. This is a critical part of running your business.This article discusses
- [Mahoney Introduces Summer Hours to Encourage Work Life Balance](https://mahoneycpa.com/mahoney-introduces-summer-hours-to-encourage-work-life-balance/) - By Roz Allyson, CPA , Managing PartnerMy husband and I finally made it to Utah in October 2021! We initially had this trip scheduled in April of 2020. It was rescheduled two more times before we made it last fall. We enjoyed Capitol Reef, Canyonlands and Arches National Parks. We spent most of our time near
- [Valuable gifts to charity may require an appraisal](https://mahoneycpa.com/valuable-gifts-to-charity-may-require-an-appraisal/) - If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements apply.
- [Best Practices for Nonprofits: Statement of Functional Expenses](https://mahoneycpa.com/best-practices-for-nonprofits-statement-of-functional-expenses/) - Most of us are familiar with the statement “100% of nonprofit donations should go directly towards those in need.” From a donor’s perspective, that is an enviable goal. However, from an accounting perspective, we know 100% is not reasonable. Almost all nonprofits have overhead and all are required to classify how they spend their resources.
- [Can Too Much Cash Be a Problem?](https://mahoneycpa.com/can-too-much-cash-be-a-problem/) - Positive cash flow can be a strong indicator of the financial health of an organization. It’s good to have cash on hand, but can too much cash be a risk to your organization? Read below to gain an understanding of two common risks associated with the cash position of your organization and ways to mitigate
- [Senior Housing Cooperatives](https://mahoneycpa.com/senior-housing-cooperatives/) - Seniors over age 55 have a wide range of housing options, including: single family residences, townhomes, condominiums and apartments. One housing option many people are not familiar with is a senior housing cooperative. According to seniorcoops.org, there are more than 140 senior cooperatives in the United States, with new buildings opening seemingly every month. The
- [Selling & Buying Real Estate? Utilize Like-Kind Exchanges to Defer Gain](https://mahoneycpa.com/selling-buying-real-estate-utilize-like-kind-exchanges-to-defer-gain/) - Amid a plethora of new and proposed tax legislation, it’s important to remember tax-savings strategies that existed before the COVID-era. One of these strategies, which is particularly beneficial for taxpayers engaging in real estate transactions, is utilizing the like-kind exchange rules. Take a look below to see how like-kind exchange rules might benefit you.The ConceptLike-kind
- [In-kind Contributions – When and How to Record Them](https://mahoneycpa.com/n-kind-contributions-when-and-how-to-record-them/) - Who doesn’t love getting free stuff? In the nonprofit world, they have a special name for the free stuff they receive: it’s called an in-kind contribution. What is considered an in-kind contribution can vary drastically depending on the situation. Some of the most common in-kind contributions are pro bono legal services, free consulting, donated vehicles
- [Gambling Fund Transfers deductibility on Form 990-T](https://mahoneycpa.com/gambling-fund-transfers-deductibility-on-form-990-t/) - 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 year-end and would do anything to bring those profits down to reduce the income tax
- [Record Year-End Adjusting Entries in QuickBooks and “Close Your Books”](https://mahoneycpa.com/record-year-end-adjusting-entries-in-quickbooks-and-close-your-books/) - You just signed the e-file authorization form, and your CPA has electronically filed your business tax return. Wait – you’re not done yet!After your tax return has been filed you have one more job to do: record year-end adjusting entries in your QuickBooks file and “close your books.”This is important for two reasons:Save money: If
- [Internal Controls for Smaller Entities](https://mahoneycpa.com/internal-controls-for-smaller-entities/) - Internal controls are vital to help an entity operate effectively and efficiently, while also mitigating the risk of fraud and detecting errors or irregularities. Many small entities face the challenge of having strong and sound internal controls within their organization due to limited resources and personnel. Each organization is built uniquely, but all can have
- [Automate and Streamline your Accounting](https://mahoneycpa.com/automate-and-streamline-your-accounting/) - Have you ever thought that there might be a better way to do some of the day-to-day accounting in your business? If you haven’t started using some of the many tools available to automate accounting, then there definitely IS an easier way. The tools available for automating these days are tried and true, vetted solutions
- [The Importance of Understanding Segregation of Duties for Your Organization](https://mahoneycpa.com/the-importance-of-understanding-segregation-of-duties-for-your-organization/) - Segregation of Duties (SOD) is fundamental to maintaining internal controls and practicing good risk management within an organization. Over the lifespan of an asset or transaction, the key principle of SOD is that no individual is completely responsible for authorization, custody and record keeping, as well as reconciliations.Assignment of duties should be clear and documented.
- [Benefits of Outsourcing Your Accounting](https://mahoneycpa.com/benefits-of-outsourcing-your-accounting/) - Hiring in today’s climate is difficult, and many small businesses are not confident doing their own accounting. More and more owners are finding that outsourcing is the best answer for their business for a number of reasons.Refocusing strengthsWearing too many hats dilutes your effectiveness in driving your organization’s success. Letting an experienced and trustworthy accounting
- [4 Benefits of Loving Your Work](https://mahoneycpa.com/4-benefits-of-loving-your-work/) - By Roz Allyson, CPA , Managing PartnerFebruary is typically known as the “Month of Love.” Many times the focus is on the love for our family and friend relationships. But loving our job is also very important. I like this quote from Steve Jobs: “Your work is going to fill a large part of your life, and the
- [How to Avoid Miscalculating the First-Year Applicable Fraction](https://mahoneycpa.com/how-to-avoid-miscalculating-the-first-year-applicable-fraction/) - In the first year of a tax credit project, the applicable fraction is calculated differently than subsequent years. Calculating the applicable fraction for first-year low-income housing tax credits isn’t quite as easy as taking the months a building is in service divided by 12 months.The IRS ExplanationDescribed in IRC §42(f)(2)(A), the special rule for the
- [The 50% Test for Low-Income Housing Tax Credit](https://mahoneycpa.com/the-50-test-for-low-income-housing-tax-credit/) - 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 bond proceeds are used to finance the aggregate basis of any building and the land on
- [The Statement of Cash Flows: Where does all the cash go?](https://mahoneycpa.com/the-statement-of-cash-flows-where-does-all-the-cash-go/) - Cash management affects just about every piece of how a business operates. Accountants have long proclaimed that “cash is king,” after all. While small business owners may not think of cash quite so regally, they do often ask a very important question: where does all the cash go?The statement of cash flows is designed to
- [3 Tips to Speed Processing and Avoid Hassles This Tax Season](https://mahoneycpa.com/3-tips-to-speed-processing-and-avoid-hassles-this-tax-season/) - The IRS began accepting 2021 individual tax returns on January 24, 2022. Here are a few tips to help speed the processing and avoid unnecessary hassles.Tip 1: Gather all documents needed to prepare an accurate returnIn addition to W-2 and 1099 forms, you may have received statements or letters in connection with Economic Impact Payments
- [How to Increase Net Profits with Installment Sale Rules](https://mahoneycpa.com/how-to-increase-net-profits-with-installment-sale-rules/) - The sale of an asset, especially a large asset such as real estate, can trigger a substantial tax obligation. Finding ways to reduce the tax burden is time well spent, as prudent tax planning can result in significant savings. One of the strategies used to reduce taxable gain from the sale of property is using
- [Saving For College? Here Are Two Credits That Can Help](https://mahoneycpa.com/saving-for-college-here-are-two-credits-that-can-help/) - 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 these two credits–as well as who can claim them– can cause confusion for even experienced
- [Studying for your CPA Exams While Working Fulltime in Public Accounting](https://mahoneycpa.com/studying-for-your-cpa-exams-while-working-fulltime-in-public-accounting/) - So you just graduated with a degree in accounting and you are thinking to yourself “I’m done!” Unfortunately, the next phase of your life (for the next one to one and a half years) will be studying for your CPA exams–while working full-time in public accounting!Managing StressStudying for your CPA exams while working full time
- [Mahoney Times: Mahoney Passes 2021 Peer Review](https://mahoneycpa.com/mahoney-times-mahoney-passes-2021-peer-review/) - By Roz Allyson, CPA, Managing Partner Peer reviews are required of all public accounting firms that provide attestation work within the scope of the American Institute of Certified Public Accountants (AICPA) practice monitoring standards. The peer review is required under both the AICPA and Minnesota Society of Certified Public Accountants (MNCPA) bylaws. Also, in order
- [IRS Extends COVID Relief Again For LIHTC Deadlines](https://mahoneycpa.com/irs-extends-covid-relief-again-for-lihtc-deadlines/) - In response to the continuing presence of the COVID-19 pandemic, the IRS has again issued a notice that extends certain deadlines for low-income housing projects.Notice 2022-5 extended relief for the following deadlines and operational waivers:Deadline Relief• 10-percent test for carryover allocations• Section 42(e)(3)(A)(ii) 24-month minimum rehabilitation expenditure period• Placed in service deadline• Reasonable period for
- [Minnesota Pass-Through Entity Tax](https://mahoneycpa.com/minnesota-pass-through-entity-tax/) - Payroll tax, federal income tax, state income tax, property tax, sales tax, gas tax…. you get the idea; we pay a lot of taxes. So why all the excitement surrounding Minnesota’s new pass-through entity (PTE) tax? In short, the PTE tax actually has the potential to save taxpayers money. At first glance, this doesn’t seem
- [Lease Reporting: Applying ASC 842 to Lease Liability Calculations](https://mahoneycpa.com/applying-asc-842-to-lease-liability-calculations/) - In my last post, I listed items required to calculate right-of-use assets and lease liabilities. Outlined below are the components of Excel’s present value formula and how each input can be affected in the application of the new lease standard. Once the present value of total lease payments has been calculated using the formula, I’ll
- [Leasing Standards Under ASC 842: An Overview of Changes](https://mahoneycpa.com/leasing-standards-under-asc-842-an-overview-of-changes/) - As discussed in an earlier post, private companies who prepare financial statements in accordance with generally accepted accounting principles (GAAP) will soon be making big changes in lease reporting. Under the new standard (ASC 842), all leases for a period more than twelve months will have reporting requirements affecting the balance sheet and notes to
- [MN Historic Tax Credit - Sunset Shortens Completion Time Available](https://mahoneycpa.com/mn-historic-tax-credit-sunset-shortens-completion-time-available/) - HistoryThe Minnesota Historic Structure Rehabilitation Tax Credit (MN HTC) was enacted in 2010. To qualify a historic building rehabilitation project for the MN HTC, a MN Part A application must be submitted to the Minnesota State Historic Preservation Office (MN SHPO) along with the Federal Part 2 Application. After the National Park Service (NPS) approves
- [Cryptocurrency, Taxes, and You](https://mahoneycpa.com/cryptocurrency-taxes-and-you/) - Cryptocurrency has made a lot of headlines since its inception in 2009 and, regardless of your opinion of it, there’s no denying its recent surge in popularity. According to a Gemini crypto report issued in April 2021, approximately 21.2 million adults in the U.S. own cryptocurrency. Unfortunately, many of these crypto owners don’t fully understand
- [Historic Rehabilitation Tax Credits - Can Individual Taxpayers Claim Them?](https://mahoneycpa.com/historic-rehabilitation-tax-credits-can-individual-taxpayers-claim-them/) - Passive Activity Rule LimitationsThe Historic Rehabilitation Tax Credit (HTC) is most often generated from a passive rental real estate activity. Accordingly, individual taxpayers may be limited or prevented from claiming HTC under the passive activity rules unless one of the following applies:1. The taxpayer has taxable income from this activity or other passive activities. The
- [Low Income Housing Tax Credits - Can Individual Taxpayers Claim Them?](https://mahoneycpa.com/low-income-housing-tax-credits-can-individual-taxpayers-claim-them/) - Passive Activity Rule LimitationsThe Low-Income Housing Tax Credit is generated from a passive rental real estate activity. Accordingly, individual taxpayers may be limited or prevented from claiming Low Income Housing Tax Credits under the passive activity rules unless one of the following applies:1. The taxpayer has taxable income from this or other passive activities. The
- [Self-Employed Retirement Plans: Which One is Right for Me?](https://mahoneycpa.com/tax-planning-self-employed/) - Everyone knows we are supposed to save for retirement, but what is the most effective way to do it? For employees, determining what kind of retirement plan to use is easy: simply use what the employer provides. For the self-employed, however, it’s not quite so easy. Self-employed individuals are responsible for all of their own
- [Low Income Housing Tax Credits (LIHTC) 101 - Applying for 4% credits](https://mahoneycpa.com/low-income-housing-tax-credits-lihtc-101-applying-for-4-credits/) - How do you receive an allocation of 4% LIHTC?4% Low Income Housing Tax Credits (4% Credits) are utilized to finance new construction and/or acquisition & rehabilitation of affordable housing projects. To receive an allocation of 4% Credits a developer must first apply for and receive an allocation of tax-exempt volume cap limited bonds (Tax-Exempt Bonds).
- [IRS Clarifies Applicability of 4% Minimum Floor for Low Income Housing Tax Credits](https://mahoneycpa.com/irs-clarifies-applicability-of-4-minimum-floor-for-low-income-housing-tax-credits/) - On December 1, 2021, the IRS issued Revenue Ruling 2021-20 and Revenue Procedure 2021-43.Situations Where 4% Minimum Floor Is Not ApplicableSince the Taxpayer Certainty and Disaster Tax Relief Act of 2020 created the 4% Minimum Floor, there have been questions surrounding what qualifies a low income housing tax credit building to receive the 4% rate.
- [Why should you care about the new leasing standard?](https://mahoneycpa.com/why-should-you-care-about-the-new-leasing-standard/) - Are your company’s financial statements prepared under generally accepted accounting principles? Does your company have signed rent or lease agreements for office space, warehouse space, rent, land, or equipment? Do those agreements include services, supplies, or maintenance? Does your company have existing contracts not called leases that might have a lease component?Beginning 2022, private companies
- [The Ins and Outs of being Self Employed – Part 1: Deductions](https://mahoneycpa.com/the-ins-and-outs-of-being-self-employed-part-1-deductions/) - We would all love to be our own boss, right? While it may sound great, keep in mind that doing so can introduce a lot of complexity to your tax situation.We hear questions from clients on this all the time, such as: What can I deduct? What is deductible for meals and travel? Do I
- [Non-Profits - How to Record a PPP Loan and its Forgiveness](https://mahoneycpa.com/non-profits-how-to-record-a-ppp-loan-and-its-forgiveness/) - 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 keep employees employed during the pandemic. The SBA forgives loans if certain conditions are met
- [Mahoney Times: Mahoney Donates $10,000 to Local Charities](https://mahoneycpa.com/mahoney-times-mahoney-donates-10000-to-local-charities/) - By Roz Allyson, CPA, Managing PartnerIn 2021, the partners at Mahoney created a Donor Advised Fund. The Donor Advised Fund Committee consists of Mahoney team members, but no partners. The first order of business for the committee was to decide how the Donor Advised Fund would function. They decided that any team member can request
- [Concise, But Robust Chart of Accounts Improves Management Performance](https://mahoneycpa.com/concise-but-robust-chart-of-accounts-improves-management-performance/) - Have you ever misplaced a document or a receipt and thought to yourself “If I was just better organized, I would be able to find things easier!” Having a well-designed chart of accounts is the same as having an organized filing system; except it’s located in your accounting software, not your office desk. Chart of
- [New digital asset reporting requirements will be imposed in coming years](https://mahoneycpa.com/new-digital-asset-reporting-requirements-will-be-imposed-in-coming-years/) - 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 Form 1099 reporting for cryptocurrency transactionsExisting reporting rulesIf you have a stock brokerage account, whenever
- [2021 Tax Planning Using Qualified Opportunity Fund Investment](https://mahoneycpa.com/2021-tax-planning-using-qualified-opportunity-fund-investment/) - With the passage of the Tax Cuts and Jobs Act of 2017 came the Qualified Opportunity Zone tax incentive. The Qualified Opportunity Zone tax incentives are designed to encourage long-term investments and economic development while creating jobs in economically distressed communities. Taxable income eligible for deferral include capital gains and qualified Section 1231 gains. Income
- [Mahoney CPAs Earns Awards](https://mahoneycpa.com/mahoney-cpas-earns-awards/) - By Roz Allyson, CPA, MA Managing PartnerWe are honored to have received a number of awards in 2021, and would like to thank all of these wonderful organizations as well as the business community for your support and kind vote of confidence.Accounting Today’s Top 100 Best Firms & 10 Best Firms for Young AccountantsMahoney has
- [LIHTC Compliance Relief Provisions Expire](https://mahoneycpa.com/lihtc-compliance-relief-provisions-expire/) - LIHTC Compliance Relief Provisions Affected In response to the COVID-19 pandemic, the Department of the Treasury and the Internal Revenue Service issued multiple notices providing temporary relief from certain requirements for low income housing tax credit (LIHTC) projects. Relief from the following operational compliance requirements expired on September 30, 2021:Income Recertifications – Owners and Operators must
- [Low-Income Housing Inflation Adjustments for 2022](https://mahoneycpa.com/low-income-housing-inflation-adjustments-for-2022/) - On November 10, 2021, IRS issued Revenue Procedure 2021-45 which included a few provisions related to Section 42 low-income housing tax credits.Minimum Rehabilitation Expenditures for Low-Income Housing Units in 2022The minimum rehabilitation expenditures per low-income housing unit for calendar year 2022 is $7,400. This is the minimum per unit cost to meet the substantial rehabilitation
- [Real Estate Acquisition and Development: Part I](https://mahoneycpa.com/real-estate-acquisition-and-development-part-i/) - A key factor in the growth of the economy for many years has been real estate development. Simultaneously, the financial reporting and accounting for real estate acquisition and development continue to be very complex and require a good understanding of the industry.Generally accepted accounting principles (GAAP) requires certain costs to be capitalized or expensed during
- [How could the latest Biden tax plan affect you?](https://mahoneycpa.com/how-could-the-latest-biden-tax-plan-affect-you/) - 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 remain in place. It is still unclear what measures will make the final cut as
- [Why would I need a single audit now?](https://mahoneycpa.com/why-would-i-need-a-single-audit-now/) - How COVID-related legislation changes thresholds For many nonprofits, they received more federal funding in 2020 than ever before because of the ongoing COVID-19 pandemic.Between the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Coronavirus Response and Relief Supplement Appropriations (CCRSA) Act and the American Rescue Plan Act, the federal government allotted trillions of dollars in new
- [Which Form 990 should my non-profit be filing?](https://mahoneycpa.com/which-form-990-should-my-non-profit-be-filing/) - IRS compliance can be confusing for a non-profit. Failing to file, or filing the incorrect form can have serious consequences. This, of course, begs the question, which IRS Form 990 should my non-profit be filing: a 990-N, 990-EZ, 990, 990-PF, or a 990-T? If your non-profit is wondering what Form to file, here are some
- [Get your piece of the depreciation pie now with a cost segregation study](https://mahoneycpa.com/get-your-piece-of-the-depreciation-pie-now-with-a-cost-segregation-study/) - If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost
- [Why Join The Nonprofit Financial Group?](https://mahoneycpa.com/why-join-the-nonprofit-financial-group/) - Not-for-profit accounting is challenging. It has several unique quirks, and it is constantly evolving. These factors add increased complexities to an already difficult industry and put pressure on financial leaders of not-for-profits to keep current on technical trends and regulations.One resource that I have found incredibly helpful in my career assisting non-for-profits with accounting issues
- [Ten Time-Saving Steps for Your 2021 Business Tax Preparation](https://mahoneycpa.com/ten-time-saving-steps-for-your-2021-business-tax-preparation/) - It’s been a while since your 2020 tax return has been finalized and filed, and 2021 is quickly moving along! Here are ten steps to take now – before year end–to save time with this year’s business tax return preparation process.Make sure your 2020 trial balance is correct, as this will affect the accuracy of
- [Pandemic Tax Law Changes You Need to be Aware of](https://mahoneycpa.com/pandemic-tax-law-changes-you-need-to-be-aware-of/) - 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 following: the Coronavirus Preparedness and Response Supplemental Appropriates Act, the Families First Coronavirus Response (FFCRA) Act,
- [The 27th Annual MUCR  Cup Golf Tournament](https://mahoneycpa.com/the-27th-annual-mucr-cup-golf-tournament/) - The 27th Annual MUCR Cup Golf Tournament was held at Lost Spur Golf Course in Eagan on September 2nd, 2021. This time-honored tradition has evolved over the years, with two people on a team in the 1995 inaugural year, to three or four people on a team this year. We even had two of our
- [Over the Age of 70 ½ and Making Donations? Take Advantage of QCD’s](https://mahoneycpa.com/over-the-age-of-70-and-making-donations-take-advantage-of-qcds/) - With a whirlwind of new tax legislation in the past few years, it is hard to keep up with the most current tax-savings strategies. A good tax-saving strategy, that just recently became more appealing due to new legislation, is to utilize a qualified charitable distribution.What is a QCD?In 2018, the Tax Cuts and Jobs Act
- [Cooperative Arrangements: Patronage vs. Non-patronage Income Explained](https://mahoneycpa.com/cooperative-arrangements-patronage-vs-non-patronage-income-explained/) - With the housing market getting more difficult by the minute, alternative forms of housing ownership are growing in popularity—including cooperative housing arrangements. In a housing cooperative, the complex is jointly owned by its residents, who buy a “share” of the complex similar to how one would buy stock in a corporation and enjoy benefits similar
- [LIHTC Student Rules and Exceptions](https://mahoneycpa.com/ihtc-student-rules-and-exceptions/) - By Megan Brownell, AssociateBeing a recent college graduate, I was often frustrated with how expensive rent can be, especially in comparison to how little I was able to work and make money as a full-time college student. Taking 14-18 credits per semester didn’t leave much time to work. While my income level may have been
- [Next Gen Committee Delivers Great Ideas at Mahoney](https://mahoneycpa.com/next-gen-committee-delivers-great-ideas-at-mahoney/) - A couple years ago, our firm formed a NextGen Committee. This committee is comprised of our newest team members at the associate and senior associate levels and has representatives from each of our departments.The NextGen Committee was formed so we could infuse new ideas into the firm from the younger generations. In addition, at times
- [Does Your Non-Profit Have UBIT?](https://mahoneycpa.com/does-your-non-profit-have-ubit/) - Are you thinking “Our non-profit is a tax-exempt organization so why should we have to pay taxes?” When a tax-exempt organization has income that is not related to their exempt purpose it might be required to pay taxes. An organization is granted tax-exempt status when it completes a tax-exempt application and meets specific criteria. This
- [Helpful Tips For IRS Communications in a Pandemic](https://mahoneycpa.com/helpful-tips-for-irs-communications-in-a-pandemic/) - It is no secret that the IRS has had its struggles since the pandemic hit. From erroneously revoking charitable status of numerous nonprofits to lengthy delays in processing returns, the IRS remote work environment, like with most institutions, has presented its challenges.However, there has been news coming from the IRS that it is moving more
- [3 Tips for Success Reconciling Bank Statements in QuickBooks Online](https://mahoneycpa.com/3-tips-for-success-reconciling-bank-statements-in-quickbooks-online/) - The adage “Cash is King” still holds true for most businesses, and if your cash account is off, chances are your entire general ledger is inaccurate. For this reason, reconciling your bank accounts is very important. The goal of reconciling is to settle, or resolve, all differences between your bank register and your bank statement.
- [Mitigating the Tax Effects of Biden’s Capital Gains Tax Proposal](https://mahoneycpa.com/mitigating-the-tax-effects-of-bidens-capital-gains-tax-proposal/) - 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. Biden’s proposal features two related components that could generate more than $300 billion over 10
- [MUCR is rebranded as <I>Mahoney</I> with new logo and identity](https://mahoneycpa.com/mucr-is-rebranded-as-mahoney-with-new-logo-and-identity/) - By Roz Allyson, CPA, MA Managing PartnerAt the end of May 2021, the last of Mahoney’s original 8 partners retired. The founding partners had a vision of a firm that provided excellent service and was fully committed to not only its clients and employees, but also the community it serves. It was important to our
- [Mahoney DEI Assessment Shows Progress and Opportunities](https://mahoneycpa.com/mahoney-dei-assessment-shows-progress-and-opportunities/) - By Roz Allyson, CPA, MA, Managing PartnerThe American Institute of Certified Public Accountants (AICPA) works to encourage and promote diversity, equity, and inclusion within the CPA profession. The AICPA National Commission on Diversity and Inclusion (NCDI) was formed in 2012 to be champions that influence the accounting profession to make diversity, equity, and inclusion a
- [Minnesota Tax Conformity](https://mahoneycpa.com/minnesota-tax-conformity/) - By Craig Mulcahy, CPA, MBTSignificant 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 say, it’s hard to keep them all straight. Complicating matters even more, Minnesotans need to stay
- [SAS 136: What You Need to Know](https://mahoneycpa.com/sas-136-what-you-need-to-know/) - In 2019, the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (SAS 136) with the goal of improving audit quality for audits of employee benefit plans subject to Employee Retirement Income Security Act (ERISA). Originally
- [MUCR is rebranded as Mahoney with new tagline Be the Next](https://mahoneycpa.com/mucr-is-rebranded-as-mahoney-with-new-tagline-be-the-next/) - By Roz Allyson, CPA, MA Managing PartnerOut of the branding research as well as our firm’s status as one of the accounting industry’s best places to work, we have chosen a new, flexible tagline: Be the Next.Be the Next speaks to our clients. We want to help our clients be the next success stories.Whether in
- [Remote Work Flexibility](https://mahoneycpa.com/the-mahoney-times-remote-work-flexibility/) - By Roz Allyson, CPA, MA, Managing Partner The past year has brought about many changes in our work and personal lives. One of the biggest changes was the quick move to working remotely. At Mahoney, we were well positioned to have our team members work from home very quickly as they all had the technology
- [Minnesota Legislature passes omnibus spending bill impacting affordable housing](https://mahoneycpa.com/minnesota-legislature-passes-omnibus-spending-bill-impacting-affordable-housing/) - By Donna Stevermer, CPAOn July 1st, 2021, the Minnesota Legislature, during a special session, passed an omnibus tax bill (HF9) that included several important changes impacting affordable housing in the state. While much of the multi-faceted tax bill is designed to help the State achieve conformity with recent Federal Covid-19 related assistance programs, there are
- [Not-for-Profits and the Section 168(h) Election: Considerations in LIHTC Deal Structuring](https://mahoneycpa.com/not-for-profits-and-the-section-168h-election-considerations-in-lihtc-deal-structuring/) - By Will Bates, CPAFor-profit investors need to examine how a not-for-profit entity is involved in a potential deal structure, as it may create a tax trap referred to as a tax-exempt use property. This creates an unfavorable situation for investors because they won’t receive as much tax depreciation as they would without the not-for-profit partner’s
- [Affordable Health Insurance for Nonprofits: BenefitsMN](https://mahoneycpa.com/affordable-health-insurance-for-nonprofits-benefitsmn/) - Not-for-profit organizations face the daily challenge of how to best accomplish their mission with the limited resources available at their disposal. With one eye looking at programming, the other is looking at the budget. The Minnesota Council of Nonprofits, whose vision that “nonprofit organizations accomplish their missions for a healthy, cooperative, and just society,” has
- [Fix These Common Issues in Employee Benefit Plans](https://mahoneycpa.com/fix-these-common-issues-in-employee-benefit-plans/) - When the calendar rolled forward from 2020, many people breathed a sigh of relief as we put that year behind us. While COVID-19 continues to be a major problem, there may also be not-so-obvious issues from 2020 that could plague employee benefit plans in 2021. Plan administrators can take these steps to help mitigate any
- [Revenue Recognition Standards](https://mahoneycpa.com/revenue-recognition-standards/) - For many not-for-profits, 2020 was the year of revenue recognition implementation. One of the most prevalent challenges I noticed for many not-for-profits was remembering revenue recognition consisted of implementing two accounting standards, not one. So, the first step for implementation was determining which standard their revenue should be recognized under.While there are potentially more standards
- [COVID-19 Relief Bill Includes 4% Housing Credit Floor Rate](https://mahoneycpa.com/covid-19-relief-bill-includes-4-housing-credit-floor-rate/) - The COVID-19 pandemic has highlighted the desperate need for more affordable housing more than ever before. This includes rising costs of construction, limited resources and a pandemic that has caused businesses to shut down or limit capacity. The affordable housing industry caught a break when President Biden signed the Consolidated Appropriations Act, 2021 on December
- [Your Organization Received Additional COVID-19 Funding. Now What?](https://mahoneycpa.com/your-organization-received-additional-covid-19-funding/) - By Elizabeth Barchenger, CPA2020 was the year of the pandemic and for many nonprofits that meant receiving a lot of new unique funding. The federal government, local governments, and many nonprofits and foundations awarded a massive amount of additional pandemic relief funding in 2020 and this continues into 2021. One thing most of this funding
- [The Real Estate Solutions Team Announces New Leader as John Ries Retires](https://mahoneycpa.com/the-real-estate-solutions-team-announces-new-leader-as-john-ries-retires/) - John RiesMay 26, 2021 marks the end of one era and the beginning of another at Mahoney as John Ries, the most tenured employee at Mahoney, has retired. I am honored to have had John as my mentor and colleague for over 30 years. I will miss John both personally and professionally, but I am

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- [Internships](https://mahoneycpa.com/careers/internships/) - Internships Mahoney’s internship program is a diverse and comprehensive experience with real world introductions to the multi-faceted public accounting industry. Your internship with Mahoney will directly contribute to client engagements while you continue your academic experience. Work and learn here with guidance from specialized professionals. Mahoney’s culture and firm size offer a personalized roadmap to help
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- [Leadership](https://mahoneycpa.com/your-team/leadership/) - Leadership Partners and DirectorsYour Mahoney team consists of highly skilled accounting professionals, eager to assist you with your specific needs and help support your accounting and finance goals. We provide a wealth of experience in each area of practice to provide you with training and education to become the next success story. Chief Executive Officer
- [Jeff DeGree, CPA](https://mahoneycpa.com/jeff-degree-cpa/) - Jeff DeGree, CPA Real Estate Solutions Team Director Direct: 651.798.0720Email: jdegree@mahoneycpa.com Jeff is a Director at Mahoney. His focus is on providing audit and accounting services to clients in the areas of real estate development, investment, and property management. He has been employed in public accounting for 10 years, all with Mahoney. Jeff graduated from
- [Craig A. Mulcahy, CPA, MBT](https://mahoneycpa.com/your-team/leadership/craig-mulcahy/) - Craig A. Mulcahy, CPA, MBT Tax Solutions Team Partner Direct: 651.281.1852Email: cmulcahy@mahoneycpa.comCraig A. Mulcahy is a Partner and has over 25 years of public accounting experience at Mahoney. He concentrates in providing tax and accounting services for his clients.Craig has extensive experience within the residential rental real estate and management industry, including housing tax credits
- [Trent E. Senske, CPA](https://mahoneycpa.com/your-team/leadership/trent-senske/) - Trent E. Senske, CPA Real Estate Solutions Team Partner Direct: 651.281.1857Email: tsenske@mahoneycpa.comTrent E. Senske is a Partner at Mahoney. He provides tax and accounting services to clients in real estate development, investment, and management. He has been employed in public accounting at Mahoney for over 10 years. Trent graduated from the University of Minnesota, Duluth with
- [Kari M. Erickson](https://mahoneycpa.com/your-team/leadership/kari-erickson/) - Kari M. Erickson, CPA, MST Tax Solutions Team Chief Operating Officer Direct: 651.281.1876Email: kerickson@mahoneycpa.comKari became the firm’s COO as of January 1, 2024. She is a Partner with over 20 years of public accounting experience at Mahoney. Her experience includes providing tax and accounting services to clients in various industries. Kari assists clients with accounting, tax
- [Aaron M. Martin](https://mahoneycpa.com/your-team/leadership/aaron-martin/) - Aaron M. Martin, CPA Assurance Solutions Team Director Direct: 651.281.1853Email: amartin@mahoneycpa.comAaron M. Martin has been employed in public accounting since 1998. He has experience in providing audit and accounting services to real estate businesses (including those with HUD, MHFA, and tax credit reporting requirements), not-for-profit entities, construction contractors and other for-profit entities. Prior to joining
- [Elizabeth F. Barchenger](https://mahoneycpa.com/your-team/leadership/elizabeth-barchenger/) - Elizabeth F. Barchenger, CPA Assurance Solutions Team Director Direct: 651.281.1871Email: ebarchenger@mahoneycpa.comElizabeth Barchenger is an audit services director at Mahoney with over 15 years’ experience in public accounting. Elizabeth’s primary area of practice is providing audit and accounting services to clients in the real estate and not-for-profit industries, including those with Uniform Guidance and HUD reporting
- [MaDonna L. Stevermer, CPA](https://mahoneycpa.com/your-team/leadership/madonna-stevermer/) - MaDonna L. Stevermer, CPA Real Estate Solutions Team Partner Direct: 651.281.1832Email: dstevermer@mahoneycpa.comMaDonna L. Stevermer is a Partner at Mahoney and leads the Real Estate Solutions Team. Donna specializes in the taxation and structuring of real estate transactions utilizing both federal and state low-income housing and historic rehabilitation tax credits. Donna graduated from The College of
- [Ruth M. Lott, CPA](https://mahoneycpa.com/your-team/leadership/ruth-lott/) - Ruth Lott, CPA Business Solutions Team Director Direct: 651.281.1868Email: rlott@mahoneycpa.comRuth Lott is a Director on the Business Solutions Team at Mahoney. She has over 17 years of experience in public accounting, starting as a tax and audit intern. She found her calling in helping not-for-profit organizations by assessing and improving their accounting workflows, and by
- [Thomas R. Johnson, CPA](https://mahoneycpa.com/your-team/leadership/thomas-johnson/) - Thomas R. Johnson, CPA Real Estate Solutions Team Chief Executive Officer Direct: 651.281.1849Email: tjohnson@mahoneycpa.comTom is a Partner at Mahoney and as of January 1, 2024, he was also named CEO. He is a graduate of St. Cloud State University with a degree in Accounting. Tom has been employed in public accounting at Mahoney for more
- [Jake Dalnes, CPA](https://mahoneycpa.com/jake-dalnes-cpa/) - Jake Dalnes, CPA Tax Solutions Team Director Direct: 651.281.1872Email: jdalnes@mahoneycpa.comJake Dalnes is a director on the Tax Solutions Team at Mahoney. He has been with Mahoney since 2015. With his experience in providing tax compliance and tax planning, Jake specializes in serving real estate businesses, individuals, and trusts/estates. His expertise ensures that client receive tailored,
- [Mahoney QuickBooks Tips, Tricks and Helpful Hints Newsletter](https://mahoneycpa.com/resources/mahoney-quickbooks-tips-tricks-and-helpful-hints-newsletter/) - Mahoney QuickBooks Tips, Tricks and Helpful Hints Newsletter Visit our blog for the most recent industry updates and firm news.
- [Mahoney Not-for-Profit Newsletter](https://mahoneycpa.com/resources/mahoney-not-for-profit-newsletter/) - Mahoney Not-for-Profit Newsletter Visit our blog for the most recent industry updates and firm news.
- [Mahoney General Newsletter](https://mahoneycpa.com/resources/mahoney-general-newsletter/) - Mahoney General Newsletter Visit our blog for the most recent industry updates and firm news.
- [Real Estate Resources](https://mahoneycpa.com/resources/real-estate-resources/) - Real Estate Resources Find resources here for commercial real estate, affordable housing and tax credit and incentive programs. We will add resources periodically, so check back to see what’s new. Affordable Housing Resources Real Estate Solutions Team NewsletterSeptember 2025May 2025December 2024July 2024April 2024December 2023October 2023July 2023April 2023December 2022October 2022July 2022 LOW INCOME HOUSING TAX CREDITFederal
- [REST Easy with Mahoney September 2025](https://mahoneycpa.com/rest-easy-with-mahoney-september-2025/) - Important News for the Affordable Housing Industry Applicable Federal Rates (AFR) AFR Index Index of Applicable Federal Rates July 2025 AnnualMonthlyShort-Term4.12%3.93%Mid-Term4.19%4.00%Long-Term4.90%4.66% August 2025 AnnualMonthlyShort-Term4.03%3.93%Mid-Term4.06%4.00%Long-Term4.82%4.66% September 2025 AnnualMonthlyShort-Term4.00%3.93%Mid-Term4.04%4.00%Long-Term4.83%4.66% October 2025 AnnualMonthlyShort-Term3.81%3.93%Mid-Term3.87%4.00%Long-Term4.73%4.66% November 2025 AnnualMonthlyShort-Term3.69%3.93%Mid-Term3.83%4.00%Long-Term4.62%4.66% Upcoming Deadlines Deadlines By Logan WolfeMHFA2025 Carryover Application: 11/1/2025Links: Consolidated RFP HTC, pdfCPED2025 Carryover Application: 11/1/20252024 Final CPA Certification: 11/1/2025Links: HTC-Procedural-Manual.pdf,Dakota County CDA2025 Carryover application:
- [About Us](https://mahoneycpa.com/about-us/) - Maximize Your Financial Intelligence Dependable, In-Depth Advisory Solutions How do you define strength? Is it the skills to build a winning team, negotiate a successful transaction or anticipate industry trends? It could be all of them, and it starts with financial intelligence. Mahoney stands for strength. Throughout our firm’s history, we have broadened opportunities for
- [Careers](https://mahoneycpa.com/careers/) - Life at Mahoney People are the foundation of Mahoney’s success, from our team members to our clients and community partners.Collaboration drives strong relationships, and we reinforce that by regularly hosting fun social events, team building events and numerous firm-wide gatherings. Mahoney has an energetic culture that makes work fun and productive! When we’re connected, it
- [Careers](https://mahoneycpa.com/careers-old-2/) - Life at Mahoney Our people are our greatest asset and the foundation of our success. Collaboration drives the strong relationships of our team and helps us better support our clients. We regularly gather together for fun social events, such as; costume contests, chili cook-offs, firm-wide meetings and happy hours. We work better when we’re connected
- [Historic Tax Credits](https://mahoneycpa.com/industries/real-estate/tax-credits-and-incentives/historic-tax-credits/) - Historic Tax Credits Preserving historic buildings is our chance to preserve a piece of history in our communities. Once they are gone, they can never be replaced. Federal and state historic tax credits were created to protect and preserve these historic buildings. Let our Real Estate Solutions Team assist you in navigating the complex structures
- [REST Easy with Mahoney May 2025](https://mahoneycpa.com/rest-easy-with-mahoney-may-2025/) - Important News for the Affordable Housing Industry Applicable Federal Rates (AFR) AFR Index Index of Applicable Federal Rates February 2025 AnnualMonthlyShort-Term4.34%4.25%Mid-Term4.52%4.43%Long-Term4.86%4.75% March 2025 AnnualMonthlyShort-Term4.31%4.22%Mid-Term4.46%4.37%Long-Term4.82%4.71% April 2025 AnnualMonthlyShort-Term4.16%4.09%Mid-Term4.21%4.13%Long-Term4.61%4.52% May 2025 AnnualMonthlyShort-Term4.05%3.98%Mid-Term4.10%4.03%Long-Term4.62%4.53% June 2025 AnnualMonthlyShort-Term4.00%3.93%Mid-Term4.07%4.00%Long-Term4.77%4.66% Upcoming Deadlines Deadlines By Logan WolfeMHFA~ 2025 Carryover Application: 11/1/2025~ 2024 Final CPA Certification: 5/1/2025~ Low Income Housing 9% projects: 2025 Multifamily
- [Portal](https://mahoneycpa.com/portal/) - Portal We offer clients access to Mahoney’s ShareFile portal, a secure and convenient way to share and access files with us. ShareFile Portal Login
- [Josh Russell, CPA](https://mahoneycpa.com/josh-russell/) - Josh Russell, CPA Assurance Solutions Team Director Direct: 651.798.0722Email: jrussell@mahoneycpa.com Josh has been employed in public accounting since 2016. He has experience in providing audit and accounting services to real estate businesses (including those with HUD, MHFA, uniform guidance, and tax credit reporting requirements) and not-for-profit entities. Josh is a graduate of the Saint John’s
- [REST Easy with Mahoney December 2024](https://mahoneycpa.com/rest-easy-with-mahoney-december-2024/) - Important News for the Affordable Housing Industry Applicable Federal Rates (AFR) AFR Index Index of Applicable Federal Rates October 2024 AnnualMonthlyShort-Term4.21%4.13%Mid-Term3.70%3.64%Long-Term4.10%4.03% November 2024 AnnualMonthlyShort-Term4.00%3.93%Mid-Term3.70%3.64%Long-Term4.15%4.08% December 2024 AnnualMonthlyShort-Term4.30%4.21%Mid-Term4.18%4.10%Long-Term4.53%4.44% January 2025 AnnualMonthlyShort-Term4.33%4.24%Mid-Term4.24%4.16%Long-Term4.53%4.44% Upcoming Deadlines Deadlines By Veronica Naranjo MataMHFA~ 2025 HTC Round 1 is closed, selections will be available February 2025. 2025 HTC Round 2 to be
- [Kyle Krenske, CPA](https://mahoneycpa.com/your-team/leadership/kyle-krenske-cpa/) - Kyle D. Krenske, CPA Tax Solutions Team Director Direct: 651.281.1824Email: kkrenske@mahoneycpa.comKyle Krenske is a Director on the Tax Solutions Team at Mahoney. He has over 15 years of experience in public accounting. His focus is on providing exceptional tax planning and compliance services to firm clients. Kyle enjoys developing lasting relationships with clients while providing
- [Mission, Vision, Values](https://mahoneycpa.com/about-us/mission-vision-values/) - Mission, Vision, and Values Mission To nurture growth, inspire trust, and effect change. Vision Aspiring to be the accounting firm of choice, our vision is to empower the success of our people, provide unparalleled value to clients through trusted relationships, and enrich the lives of those in our community through strategic and impactful initiatives. Values
- [Lucas R. Roessler](https://mahoneycpa.com/your-team/leadership/lucas-roessler/) - Lucas R. Roessler, CPA Tax Solutions Team Partner Direct: 651.281.1839Email: lroessler@mahoneycpa.comLucas Roessler is a Partner at Mahoney and has been in public accounting since 2007. Luke coordinates the preparation of tax returns, tax projections, forecasts, and tax research for individuals, closely held businesses, trusts and estates. He has particular interest in tax-efficient business structuring and
- [Marc A. Kotsonas, CPA](https://mahoneycpa.com/your-team/leadership/marc-kotsonas/) - Marc A. Kotsonas, CPA Assurance Solutions Team Partner Direct: 651.281.1863Email: mkotsonas@mahoneycpa.comMarc Kotsonas is Partner at Mahoney and leads the firm’s Not-for-Profit Group. His primary emphasis is managing audits of real estate and not-for-profit organizations. He has over 20 years of experience working with clients in the low income, multi-family real estate, and not-for-profit industries.Marc is
- [Tyler Hanson, CPA](https://mahoneycpa.com/your-team/leadership/tyler-hanson-cpa-2/) - Tyler Hanson, CPA Assurance Solutions Team Director Direct: 651.281.1862Email: thanson@mahoneycpa.comTyler has been employed in public accounting since 2014. He has experience in providing audit and accounting services to real estate businesses (including those with HUD, MHFA, and tax credit reporting requirements) and employee benefit plans. Prior to joining Mahoney, Tyler assisted in performing audits in
- [Deanna Somvong, CPA](https://mahoneycpa.com/your-team/leadership/deanna-somvong-cpa/) - Deanna Somvong, CPA Assurance Solutions Team Director Direct: 651.281.0730Email: dsomvong@mahoneycpa.comDeanna Somvong is a Director at Mahoney. She has over 20 years of public and industry accounting experience providing services and working in a diverse mix of industries including, real estate developers, construction, hotels, financial services, retailers, commercial, lenders and manufacturing. Deanna graduated from the University
- [Katie M. McDonnell](https://mahoneycpa.com/your-team/leadership/katie-m-mcdonnell/) - Katie M. McDonnell, CPA Assurance Solutions Team Director Direct: 651.281.1867Email: kmcdonnell@mahoneycpa.comKatie M. McDonnell is an audit services director at Mahoney. She has over 10 years of experience in public accounting. Katie’s primary area of practice is providing audit and accounting services to clients in the real estate and nonprofit industries. Katie graduated from Minnesota State University,
- [Jayme L. Shuda](https://mahoneycpa.com/your-team/leadership/jayme-shuda/) - Jayme L. Shuda, CPA Business Solutions Team Partner Direct: 651.281.1878Email: jshuda@mahoneycpa.comJayme Shuda is a Partner on the Business Solutions Team at Mahoney. She has over 18 years of experience in public accounting. Jayme’s focus is on outsourced accounting solutions and QuickBooks® training for small to mid-size businesses. Jayme is an Advanced Certified QuickBooks® ProAdvisor and
- [Peer Review](https://mahoneycpa.com/resources/peer-review/) - Peer Review Mahoney Adheres to the Highest Professional Standards for CPA Firms Our team is dedicated to creating peer review reports that follow the highest-standard of quality. We have implemented strict quality control procedures to guarantee that the Firm continuously meets the highest professional standards. Our quality controls and procedures are examined by CPAs outside
- [Community & Pro Bono Work](https://mahoneycpa.com/careers/community-pro-bono-work/) - Community & Pro Bono Work Our PromiseMahoney is deeply committed to fostering strong community ties and making a positive impact through active involvement. Our promise to community involvement is rooted in the belief that by working together, we can create a more vibrant, inclusive, and supportive environment for everyone. We engage in various initiatives, from
- [DEIB](https://mahoneycpa.com/careers/deib-community/) - Diversity, Equity, Inclusion, and Belonging At Mahoney, we are committed to creating a diverse, equitable, and inclusive workplace of community, where diversity is celebrated, equity is upheld, and inclusion is a lived reality for everyone. Our core values will guide our journey. We believe that curiosity drives innovation and growth. We embrace diverse perspectives and
- [REST Easy with Mahoney July 2024](https://mahoneycpa.com/rest-easy-with-mahoney-july-2024/) - Important News for the Affordable Housing Industry Applicable Federal Rates (AFR) AFR Index Index of Applicable Federal Rates July 2024 AnnualMonthlyShort-Term5.06%4.95%Mid-Term4.49%4.40%Long-Term4.61%4.52% August 2024 AnnualMonthlyShort-Term4.95%4.84%Mid-Term4.34%4.25%Long-Term4.52%4.43% September 2024 AnnualMonthlyShort-Term4.57%4.48%Mid-Term4.02%3.95%Long-Term4.37%4.28% October 2024 AnnualMonthlyShort-Term4.21%4.13%Mid-Term3.70%3.64%Long-Term4.10%4.03% Upcoming Deadlines Deadlines By Jeff DeGreeMHFA~ Carryover Application: 11/1/2024~ Final CPA Certification: 5/1/2024~ Low Income Housing 9% – 2024 Multifamily Consolidated RFP/2025 Round 1 Tax
- [Payment](https://mahoneycpa.com/payment/) - Payment We have partnered with QuickFee to provide an easy-to-use, secure way for our clients to make payments online. You will be redirected to the QuickFee page when you submit payment below. Please have the following information available: Client ID (use your business name or first & last name), payment amount
- [REST Easy with Mahoney April 2024](https://mahoneycpa.com/rest-easy-with-mahoney-april-2024/) - Important News for the Affordable Housing Industry Applicable Federal Rates (AFR) AFR Index Index of Applicable Federal Rates February 2024 AnnualMonthlyShort-Term4.68%4.59%Mid-Term3.98%3.91%Long-Term4.18%4.10% March 2024 AnnualMonthlyShort-Term4.71%4.62%Mid-Term4.13%4.06%Long-Term4.40%4.31% April 2024 AnnualMonthlyShort-Term4.89%4.78%Mid-Term4.30%4.21%Long-Term4.45%4.36% May 2024 AnnualMonthlyShort-Term4.97%4.86%Mid-Term4.42%4.33%Long-Term4.55%4.46% June 2024 AnnualMonthlyShort-Term5.12%5.01%Mid-Term4.66%4.57%Long-Term4.79%4.68% Upcoming Deadlines Deadlines By Anjelica SmithMHFA~ Carryover Application: 11/1/2024~ Final CPA Certification: 5/1/2024~ Low Income Housing 9% – 2024 Multifamily Consolidated RFP/2025
- [REST Easy with Mahoney December 2023](https://mahoneycpa.com/rest-east-with-mahoney-december-2023/) - Important News for the Affordable Housing Industry Applicable Federal Rates (AFR) AFR Index Index of Applicable Federal Rates October AFRs AnnualMonthlyShort-Term5.22%5.10%Mid-Term4.43%4.34%Long-Term4.46%4.37% November AFRs AnnualMonthlyShort-Term5.30%5.17%Mid-Term4.69%4.60%Long-Term4.83%4.72% December AFRs AnnualMonthlyShort-Term5.26%5.13%Mid-Term4.82%4.71%Long-Term5.03%4.92% January 2024 AFRs AnnualMonthlyShort-Term5.00%4.89%Mid-Term4.37%4.28%Long-Term4.54%4.45% February 2024 AFRs AnnualMonthlyShort-Term4.68%4.59%Mid-Term3.98%3.91%Long-Term4.18%4.10% Upcoming Deadlines Deadlines By Logan WolfeMHFAFinal CPA 10% Carryover Certifications: 5/1/2024Minnesota Housing HTC Round 2: To be announced. Mahoney anticipates
- [REST Easy with Mahoney July 2023](https://mahoneycpa.com/rest-easy-with-mahoney-july-2023/) - Important News for the Affordable Housing Industry Applicable Federal Rates (AFR) AFR Index Index of Applicable Federal Rates July AFRs AnnualMonthlyShort-Term4.80%4.69%Mid-Term3.85%3.78%Long-Term3.98%3.91% August AFRs AnnualMonthlyShort-Term5.07%4.96%Mid-Term4.09%4.02%Long-Term4.03%3.96% September AFRs AnnualMonthlyShort-Term5.12%5.01%Mid-Term4.19%4.11%Long-Term4.19%4.11% Upcoming Deadlines Deadlines By Anjelica SmithLow Income Housing 9% – MHFA HTC 2023 Round 1 Tax Credit Allocation Applications – 7/13/2023City of Minneapolis Affordable Housing Trust Fund funding
- [Closely Held Businesses](https://mahoneycpa.com/industries/closely-held-businesses/) - Closely Held Businesses Focus on what you do best — running your business. From early-stage small businesses to multiple-generation family businesses, we help you move to the next stage with timely accounting services and tax planning guidance.Learn from our team of experienced accountants and CPAs, including Certified QuickBooks® ProAdvisors. You will gain detailed knowledge about your
- [Carolee Lindsey, CPA, MAcc](https://mahoneycpa.com/your-team/leadership/carolee-lindsey/) - Carolee Lindsey, CPA, MAcc Assurance Solutions Team Director Direct: 651.281.1828Email: clindsey@mahoneycpa.comCarolee Lindsey has been employed in public accounting since 1988. She has experience in providing audit and accounting services for a variety of organizations including real estate businesses (including those with HUD, MHFA, and tax credit reporting requirements), not-for-profit entities, construction contractors, and other for-profit entities.
- [Accounting Services](https://mahoneycpa.com/services/accounting-services/) - Accounting Services with QuickBooks ProAdvisor Support Timely Guidance + Planning Move your goals forward with timely outsourced accounting services and tax planning guidance. Our accounting services are individualized to your needs based on your day-to-day operations and specific industry guidelines. Whether you want us to handle your financial accounting needs or you are simply looking
- [Tax](https://mahoneycpa.com/services/tax/) - Tax Planning Strategies Everyone has a unique tax situation, but we have the experience to know the tax advantages related to your financial situation and the preparation required to achieve them. Find a Certified QuickBooks® ProAdvisor who is ready to transform your business or individual tax needs to support current and future financial goals. We
- [Outsourced Accounting Services](https://mahoneycpa.com/services/accounting-services/outsourced-accounting-services/) - Outsourced Accounting Services Master your accounting and finance challenges to create greater impact for your organization or business. Our team of experienced accountants and CPAs, including our highly rated Certified QuickBooks® ProAdvisors, help you build detailed knowledge about your financials and keep you in control. Work from a real-time balance sheet, refine product pricing, streamline
- [Business Tax](https://mahoneycpa.com/services/tax/business-tax/) - Business Tax Services Your business is always changing—that means your tax filing requirements, incentives and tax credits your business qualifies for are changing too. By understanding how planned business decisions and transactions affect your tax planning, you can be prepared to estimate, negotiate and time your decisions to support better outcomes. Our team also focuses
- [Individual Tax](https://mahoneycpa.com/services/tax/individual-tax/) - Individual Tax Services We work with individuals to help plan and prepare for today’s rapidly changing tax environment. Our services range from different types of tax planning strategies and tax preparation to management guidance and tax analysis.Working with our team of CPAs means that you’re receiving constant advice from a tax consultant who understands your
- [Real Estate](https://mahoneycpa.com/industries/real-estate/) - Real Estate When you invest in property, due diligence is important to manage your tax impact and support positive financial decisions in the future. Our real estate team has years of experience in real estate taxation, tax planning and tax management. Our consulting services help you navigate the intricacies of real estate transactions, ownership and
- [Services](https://mahoneycpa.com/services/) - Services for Not-for-Profits and Closely Held Business Owners Inform Your Future Decisions Partnering with Mahoney helps you focus on what you do best. Whether you lead a fast-growing real estate company, a not-for profit-organization or a closely held business, we have services that will support your needs now and into the future. Click to view
- [Mahoney Development Services, LLC](https://mahoneycpa.com/mahoney-development-services-llc/) - Mahoney Development Services, LLC Supporting the Next Big Deal…Yours. Real estate consulting that bridges the knowledge gap between developers, lenders and investors has been difficult to find — until now. Mahoney Development Services, LLC (MDS) delivers the capacity and insights that developers need to juggle multiple projects or break into new markets or product types.MDS
- [Estate and Trust Planning](https://mahoneycpa.com/services/tax/estate-and-trust-planning/) - Estate and Trust Planning Estate and trust planning supports financial security for your family and business, and also alleviates any unnecessary stress related to the transfer of assets.Our team is here to help navigate the complex and ever-changing tax laws to better facilitate the transfer of assets and minimize the tax liability of your beneficiaries.
- [State and Local Tax](https://mahoneycpa.com/services/tax/state-and-local-tax/) - State and Local Tax Services Working or living among various states comes with another layer of tax rules and regulations. Not only do sales and income taxes vary state-by-state, but so do the tax planning strategies you want to incorporate into your business and individual goals. Our team is experienced on how you can handle
- [Management Assistance](https://mahoneycpa.com/services/consulting-services/management-assistance/) - Management Assistance Maybe you’re planning on transferring ownership of your closely held business or your affordable housing investment is coming to maturity. Maybe your nonprofit board has questions about a revenue source and its relationship to your mission. What’s your next move?These types of challenging situations require experienced guidance from CPAs and advisors who know
- [Internal Controls](https://mahoneycpa.com/services/consulting-services/internal-controls/) - Internal Controls When we perform an audit, we document and understand the controls and processes of your nonprofit or small business. We also take time to understand the financial laws and regulations of your industry.To help ensure your internal controls are properly set up and maintained, we act as your accounting resource, to help your
- [Consulting Services](https://mahoneycpa.com/services/consulting-services/) - Individualized Consulting Services No matter how complex your business questions may seem, our team has the experience and resources to help you be the next success story. Obtain valuable information that will drive action toward sustainable results. Whether you’re a not-for-profit, real estate developer or closely held business, you gain the personal attention and tools
- [Employee Benefit Plans](https://mahoneycpa.com/services/assurance/employee-benefit-plans/) - Employee Benefit Plans Do you need an employee benefit plan audit? Our experienced team performs more than 15 employee benefit audits each year. Keep your employee benefit plan compliant and manage your fiduciary responsibilities as a plan administrator according to current Department of Labor regulations. In addition to completing and reporting the results of the audit,
- [Agreed-Upon Procedures](https://mahoneycpa.com/services/assurance/agreed-upon-procedures/) - Agreed-Upon Procedures You may have a third party requesting that you conduct an Agreed-Upon Procedures engagement. This is a type of engagement for which the auditor performs certain procedures that are agreed upon in advance. In this engagement, the auditor and specified parties agree that the auditor will perform specific procedures and report the findings.Our
- [Audit, Review, Compilation](https://mahoneycpa.com/services/assurance/audit-review-compilation/) - Audit, Review and Compilation Services Connect with a certified public accountant who understands financial reporting for your industry. Improve internal controls and transparency with the right level of assurance. By guiding you on specific improvements through our knowledge of your industry’s standards, we help you gain experience to manage compliance and avoid surprises.Our Firm’s experience
- [Assurance](https://mahoneycpa.com/services/assurance/) - Assurance Services Mahoney has built a reputation of maintaining the highest standards of integrity and ethics. Our dedication to these standards has helped us to be a leader in this space, providing outstanding and professional assurance services to our real estate, not-for-profit and small business clients.Our team is readily available to help you share your
- [Accounting System Consulting](https://mahoneycpa.com/services/accounting-services/accounting-system-consulting/) - Accounting Software Consulting and Training No matter what accounting, billing or credit card software your business has chosen, our experienced team encompasses the skills and knowledge to assist you with your accounting and finance needs. Work with CPAs, Certified QuickBooks® ProAdvisors, Sage Intacct specialists and Bill.com consultants. Accounting software platforms are ever-changing, and we stay
- [Training and Consulting](https://mahoneycpa.com/services/accounting-services/training-and-consulting/) - Training and Consulting Services Make your financial tools work harder for you. When your workflow is streamlined and you can easily pull reports for timely decisions, you gain the advantage to improve your bottom line. At Mahoney, we provide in-depth training and consulting services to optimize your operations.Whether you need clarity on profitability or QuickBooks®
- [Bookkeeping](https://mahoneycpa.com/services/accounting-services/bookkeeping/) - Bookkeeping Services We understand that fast-growing and complex enterprises need timely accounting and finance information. When you work with an experienced Certified Public Accountant or Certified QuickBooks® ProAdvisor at Mahoney, you’re on your way to a clean and timely chart of accounts and balance sheet.Choose your level of support. Our team can conduct historical clean-up
- [Tax Credits and Incentives](https://mahoneycpa.com/industries/real-estate/tax-credits-and-incentives/) - Tax Credits and Incentives Understanding which tax credits or incentives make sense for your business or not-for-profit properties is easier with knowledgeable CPAs and advisors. Depend on our real estate consultants at Mahoney to make this process simpler, whether you have one or two properties or many across the country. Learn more about how our
- [Not-for-profits](https://mahoneycpa.com/industries/not-for-profits/) - Not-For-Profits Since our CPA firm opened in 1989, we have supported not-for-profit organizations with transparent assurance, accounting solutions and tax reporting. Today, Mahoney advises more than 200 not-for-profit organizations of all sizes. Some have budgets of less than $100,000 while others oversee complex missions with budgets in the millions. Most organizations operate multiple, distinct programs
- [Commercial Real Estate](https://mahoneycpa.com/industries/real-estate/commercial-real-estate/) - Commercial Real Estate Ready for the next investment or development? Let’s work together to match the deal structuring to your business or personal tax expectations. Partnering with our experienced Real Estate Solutions Team gives you the depth of guidance and accessible answers to make informed decisions. Your CPA should help you expedite the next big
- [Low-Income Housing Tax Credits](https://mahoneycpa.com/industries/real-estate/tax-credits-and-incentives/low-income-housing-tax-credits/) - Low-Income Housing Tax Credits This is one of the most important and most successful resources available to create, develop and preserve affordable housing in the U.S. Since the LIHTC was enacted as part of the Tax Reform Act of 1986, Mahoney has worked as trusted advisors to the affordable housing industry and has assisted developers
- [Affordable Housing Accountants](https://mahoneycpa.com/industries/real-estate/affordable-housing/) - Affordable Housing Accountants The increasing complexity of developing and managing affordable housing requires a broad range of sophisticated financial skills and precise, closely coordinated teamwork. Our Real Estate Solutions Team all sectors of the affordable housing industry, working with a diverse group of clients. Our extensive experience enables us to provide strategic consulting, effective implementation
- [Industries](https://mahoneycpa.com/industries/) - Stay Informed. Move Ahead. Industry Knowledge From Mahoney When your CPA understands the special circumstances and challenges of your industry, your life just gets easier. Regulations. Tax planning. Transactions. Mahoney works hard to stay on top of all of it for you. In our chosen industries, we go deeply into accounting and finance, assurance and
- [REST Easy With Mahoney October 2023](https://mahoneycpa.com/resources/real-estate-resources/real-estate-solutions-team-october-2023-newsletter/) - Important News for the Affordable Housing Industry Applicable Federal Rates (AFR) AFR Index Index of Applicable Federal Rates August AFRs AnnualMonthlyShort-Term5.07%4.96%Mid-Term4.09%4.02%Long-Term4.03%3.96% September AFRs AnnualMonthlyShort-Term5.12%5.01%Mid-Term4.19%4.11%Long-Term4.19%4.11% October AFRs AnnualMonthlyShort-Term5.22%5.10%Mid-Term4.43%4.34%Long-Term4.46%4.37% November AFRs AnnualMonthlyShort-Term5.30%5.17%Mid-Term4.69%4.60%Long-Term4.83%4.72% Upcoming Deadlines Deadlines By Kyle KrenskeMHFACarryover Application: 11/1/2023Final CPA Certifications: 5/1/2024CPED/St. Paul PEDCarryover Application: 11/1/2023Final CPA Certifications: 5/1/2024Dakota County CDACarryover Application: 10/16/2023Final CPA Certification: 10/1/2024Washington
- [Resources](https://mahoneycpa.com/resources/) - Resources to Keep You Informed Stay Up-To-Date We’ve created a variety of resources and tool to keep you up-to-date on industry best practices, news and events. We also provide numerous financial tools to help you make informed future decisions. Visit our blog and resources pages to stay in-the-know. Accounting and Tax Resources Learn More Business
- [REST Easy with Mahoney April 2023](https://mahoneycpa.com/rest-easy-with-mahoney-april-2023/) - Important News for the Affordable Housing Industry Applicable Federal Rates (AFR) AFR Index Index of Applicable Federal Rates March AFRs AnnualMonthlyShort-Term4.50%4.41%Mid-Term3.70%3.64%Long-Term3.74%3.68% April AFRs AnnualMonthlyShort-Term4.86%4.75%Mid-Term4.15%4.08%Long-Term4.02%3.95% May AFRs AnnualMonthlyShort-Term4.30%4.21%Mid-Term3.57%3.51%Long-Term3.72%3.66% June AFRs Annual Monthly Short-Term 4.43% 4.34% Mid-Term 3.56% 3.50% Long-Term 3.79% 3.72% Upcoming Deadlines Deadlines Low Income Housing 9% – MHFA HTC 2023 Round 1 Tax
- [Test](https://mahoneycpa.com/test-2/) - Sign-up for our e-Newsletter First Name: Last Name: Email Address (required): Company: Phone Number: Newsletters Mahoney Newsletter Design Test Design Test 2 Mahoney QuickBooks Tips, Tricks and Helpful Hints Newsletter Not-for-Profit Newsletter
- [Newsletter](https://mahoneycpa.com/newsletter/) - Newsletter Sign up for any of our e-Newsletters or get some info on monthly hot topics below. Sign-up for our e-Newsletter First Name: Last Name: Email Address (required): Company: Phone Number: Newsletters Mahoney Newsletter Mahoney QuickBooks Tips, Tricks and Helpful Hints Newsletter Not-for-Profit Newsletter Visit our blog for the most recent industry updates and firm
- [Current Openings](https://mahoneycpa.com/careers/current-openings/) - Current Openings Assurance Solutions Team Junior Associate Accountant Mahoney is a firm committed to a culture of development, opportunity and excellence. Our continued growth paves the way for an exciting future and is a great fit for a talented assurance professional.Be a part of an award-winning and thriving firm that makes a difference with our
- [REST Easy with Mahoney December 2022](https://mahoneycpa.com/rest-easy-with-mahoney-december-2022-2/) - Important News for the Affordable Housing Industry Applicable Federal Rates (AFR) AFR Index Index of Applicable Federal Rates February AFRs AnnualMonthlyShort-Term4.47%4.38%Mid-Term3.82%3.75%Long-Term3.86%3.79% March AFRs AnnualMonthlyShort-Term4.50%4.41%Mid-Term3.70%3.64%Long-Term3.74%3.68% April AFRs AnnualMonthlyShort-Term4.86%4.75%Mid-Term4.15%4.08%Long-Term4.02%3.95% Upcoming Deadlines Deadlines by: Will BatesLow Income Housing 9% – MHFA HTC 2022 Round 2 Tax Credit Allocation Applications- TBD, last year was in MarchLow Income Housing 4%
- [Careers Old](https://mahoneycpa.com/careers-old/) - Life at Mahoney Our people are our greatest asset and the foundation of our success. Collaboration drives the strong relationships of our team and helps us better support our clients. We regularly gather together for fun social events, such as; costume contests, chili cook-offs, firm-wide meetings and happy hours. We work better when we’re connected
- [REST Easy with Mahoney October 2022](https://mahoneycpa.com/rest-easy-with-mahoney-october-2022/) - Important News for the Affordable Housing Industry AFR Upcoming Deadlines Legislative Updates Accordion #2 AFR Index Index of Applicable Federal Rates AFR Rates for October 2022 Applicable Federal Rates for October 2022 AnnualMonthlyShort-term3.40%3.35%Mid-term3.28%3.23%Long-term3.43%3.38% AFR Rates for November 2022 Applicable Federal Rates for November 2022 AnnualMonthlyShort-term4.10%4.03%Mid-term3.97%3.90%Long-term3.92%3.85% Accordion #1 Lorem ipsum dolor sit
- [REST Easy with Mahoney July 2022](https://mahoneycpa.com/real-estate-news-draft/) - Important News for the Affordable Housing Industry AFR Upcoming Deadlines Legislative Updates Accordion #2 AFR Index Index of Applicable Federal Rates AFR Rates for July 2022 Applicable Federal Rates for July 2022 Annual Monthly Short-term 2.37% 2.35% Mid-term 2.99% 2.95% Long-term 3.22% 3.17% AFR Rates for August 2022 Applicable Federal Rates
- [Your CPA for Small Business](https://mahoneycpa.com/your-cpa-for-small-business-2/) - Your Certified Public Accountant for Small Business The foundation of a successful small business is accurate financials. Knowing where you stand with expenses, revenue and cash flow will help you make important business decisions. Mahoney handles accounting clean-up. Then we work with you to select key performance indicators and tailor your accounting and finance reporting. Instead
- [Your CPA for Small Business](https://mahoneycpa.com/your-cpa-for-small-business/) - Your Certified Public Accountant for Small Business The foundation of a successful small business is accurate financials. Knowing where you stand with expenses, revenue and cash flow will help you make important business decisions. Mahoney handles accounting clean-up. Then we work with you to select key performance indicators and tailor your accounting and finance reporting.
- [Privacy Policy](https://mahoneycpa.com/privacy-policy/) - This Privacy Policy discloses the privacy practices of Mahoney, Ulbrich, Christiansen, Russ PA (“Mahoney”) and Mahoney Development Services LLC (“MDS”) (Mahoney and MDS are collectively referred to herein as the “Firm”, “us,” or “we”). We are committed to protecting your privacy. We recognize and respect the privacy expectations of today’s consumers and the requirements of
- [Blog](https://mahoneycpa.com/resources/blog/) - News and Resources for Strong Leaders Not-for-Profit, Real Estate and Business Topics Tax Strategies Tax Filing Extensions: How to Buy Time Without Paying More What you need to know about filing an extension – and minimizing... Continue Reading Tax Strategies FICA Tip Tax Credit for Restaurants and Service Businesses Are you a restaurant owner, bar
- [Remote Assistance](https://mahoneycpa.com/remote-assistance/) - Remote Assistance Allow Mahoney support to access this computer A small program is needed to initiate support. Click one of the links below to download the connection client.Windows downloadAndroid download (watch setup tutorial)Mac downloadiOS download (watch setup tutorial)2. Launch the downloaded program. It may be in your Downloads folder.3. Give the 9-digit number to your Mahoney support
- [Lance J. Brock, CPA](https://mahoneycpa.com/your-team/leadership/lance-brock/) - Lance J. Brock, CPA Assurance Solutions Team Partner Direct: 651.281.1873Email: lbrock@mahoneycpa.comLance J. Brock is a Partner in assurance services and leads the Assurance Solutions Team at Mahoney. He has over 17 years of experience in public accounting. Lance’s primary area of practice is providing audit and accounting services to clients in the real estate and
- [Company Directory](https://mahoneycpa.com/your-team/company-directory/) - Company Directory This is Mahoney! We’re ready to serve you. AllAssurance Solutions TeamBusiness Solutions TeamOperations TeamReal Estate Solutions TeamTax Solutions TeamAaron Martin DirectorAssurance Solutions TeamPhone: 651.281.1853amartin@mahoneycpa.comView BioAbigail Hansen Associate ManagerAssurance Solutions TeamPhone: 651.281.1866ahansen@mahoneycpa.comAdrian Purnama Senior AssociateAssurance Solutions TeamPhone: 651.789.0735apurnama@mahoneycpa.comAdrienne Mobley Client Relationship SpecialistAssurance Solutions TeamPhone: 651.281.1834amobley@mahoneycpa.comAlina Shreshta Associate Assurance Solutions TeamPhone: 651.789.0740ashrestha@mahoneycpa.comAmy Siegel Associate ManagerBusiness Solutions TeamPhone: 651.789.0725asiegel@mahoneycpa.comAngelina Lind AssociateAssurance Solutions TeamPhone: 651.281.1825alind@mahoneycpa.comAnjelica
- [Time line of recent Federal and State guidance affecting Real Estate](https://mahoneycpa.com/industries/real-estate/time-line-of-recent-federal-and-state-guidance-affecting-real-estate/) - Time line of recent Federal and State guidance affecting Real Estate
- [Contact](https://mahoneycpa.com/contact/) - Contact Us Our team of experienced consultants are ready to support your business or individual accounting and finance goals! Reach out to get connected with our team today. Your Name (required) Email Address (required) What Can We Help You With? Your Message Which is bigger, 2 or 8? Where We're Located Learn more about our
- [Are Your Nonprofit Financials Telling the Right Story Download](https://mahoneycpa.com/are-your-nonprofit-financials-telling-the-right-story-download/) - Are Your Nonprofit Financials Telling the Right Story? Nonprofit and Affordable Housing Accounting and Audit Services Download the report View Mahoney’s Accounting Services.
- [End User License Agreement](https://mahoneycpa.com/end-user-license-agreement/) - End User License Agreement END USER LICENSE AGREEMENTThe following an End User License Agreement (“Agreement”) between Mahoney, Ulbrich, Christiansen, Russ PA (“Mahoney”), Mahoney Development Services LLC (“MDS”) (Mahoney and MDS are collectively referred to herein as the “Firm”), and the undersigned (“Client” or “You”) effective on the date it is executed by the Firm’s authorized
- [Are Your Nonprofit Financials Telling the Right Story?](https://mahoneycpa.com/are-your-nonprofit-financials-telling-the-right-story/) - Are Your Nonprofit Financials Telling the Right Story? Nonprofit and Affordable Housing Accounting and Audit Services Schedule a conversation. Mahoney advises more than 200 not-for-profit organizations of all sizes. Most of our clients operate multiple, distinct programs with a variety of funding sources that require knowledge of specific regulations and reporting standards. With this experience,
- [Your CPA for Small Business Download](https://mahoneycpa.com/your-cpa-for-small-business-download-211013/) - Your CPA for Small Business Certified QuickBooks® ProAdvisor Accounting and Tax Help Click here to download the pdf checklist View Mahoney’s Accounting Services.
- [Staff Sample](https://mahoneycpa.com/staff-sample/)
- [Test](https://mahoneycpa.com/test/)

## My Templates

- [Values Template](https://mahoneycpa.com/?elementor_library=values-template) - Maximize Your Financial Intelligence Dependable, In-Depth Advisory Solutions How do you define strength? Is it the skills to build a winning team, negotiate a successful transaction or anticipate industry trends? It could be all of them, and it starts with financial intelligence. Mahoney stands for strength. Throughout our firm’s history, we have broadened opportunities for
- [Horizontal Header Photo](https://mahoneycpa.com/?elementor_library=horizontal-header-photo)
- [REST Easy Newsletter Template](https://mahoneycpa.com/?elementor_library=rest-easy-newsletter-template) - Important News for the Affordable Housing Industry Applicable Federal Rates (AFR) AFR Index Index of Applicable Federal Rates July AFRs AnnualMonthlyShort-Term4.80%4.69%Mid-Term3.85%3.78%Long-Term3.98%3.91% August AFRs AnnualMonthlyShort-Term5.07%4.96%Mid-Term4.09%4.02%Long-Term4.03%3.96% Upcoming Deadlines Deadlines By Anjelica SmithLow Income Housing 9% – MHFA HTC 2023 Round 1 Tax Credit Allocation Applications – 7/13/2023City of Minneapolis Affordable Housing Trust Fund funding proposals are due
- [230817 Download Section Template](https://mahoneycpa.com/?elementor_library=230817-download-section-template) - Ready to Talk?Tell us about your needs. Download our Business Lifecycle Checklist, then email it to us for a Business Solutions consultation.You can also contact us now.
- [Newsletter Subscription Box](https://mahoneycpa.com/?elementor_library=newsletter-subscription-box) - Subscribe to our newsletter Click here
- [Quick Apply](https://mahoneycpa.com/?elementor_library=quick-apply) - Current Openings Assurance Solutions Team Junior Associate Accountant Mahoney is a firm committed to a culture of development, opportunity and excellence. Our continued growth paves the way for an exciting future and is a great fit for a talented assurance professional.Be a part of an award-winning and thriving firm that makes a difference with our
- [22 Pt CTA](https://mahoneycpa.com/?elementor_library=22-pt-cta) - Individualized Consulting Services No matter how complex your business questions may seem, our team has the experience and resources to help you be the next success story. Obtain valuable information that will drive action toward sustainable results. Whether you’re a not-for-profit, real estate developer or closely held business, you gain the personal attention and tools
- [test-Lacey](https://mahoneycpa.com/?elementor_library=test-lacey) - The Reports menu in QuickBooks Desktop speaks to the software’s robust reporting capabilities. A brief scan presents nearly endless opportunities to track every piece of your business. However, as a ProAdvisor, I realize the same menu can also be a source of frustration and confusion. With so many reporting categories, names and customizations available, trying
- [Default Kit](https://mahoneycpa.com/?elementor_library=default-kit)
- [Mahoney Blog Post Template](https://mahoneycpa.com/?elementor_library=mahoney-blog-post-template) - In my last post, I listed items required to calculate right-of-use assets and lease liabilities. Outlined below are the components of Excel’s present value formula and how each input can be affected in the application of the new lease standard. Once the present value of total lease payments has been calculated using the formula, I’ll
- [Accounting Services Template](https://mahoneycpa.com/?elementor_library=accounting-services-template) - Individualized Consulting Services No matter how complex your business questions may seem, our team has the experience and resources to help you be the next success story. Obtain valuable information that will drive action toward sustainable results. Whether you’re a not-for-profit, real estate developer or closely held business, you gain the personal attention and tools
- [Resources Page with Real Estate Resources](https://mahoneycpa.com/?elementor_library=resources-page-with-real-estate-resources) - Accounting and Tax Resources We’ve created financial tools, tax calculators and other resources to help you make informed and accurate decisions moving forward. Click on each of the resources below to find the most up-to-date information related to your industry or individual accounting and finance goals. Remote SupportFinancial ToolsTax GuidePeer Review Real Estate Frequently Asked Questions
- [Newsletter Subscription](https://mahoneycpa.com/?elementor_library=newsletter-subscription) - Subscribe to our newsletterHT Mega Addons Click here
- [Fun Facts](https://mahoneycpa.com/?elementor_library=fun-facts) - Fun facts about Lance Lance is an avid runner and has run the Twin Cities Marathon six times. He coaches all of his kids’ sports and enjoys fishing and being outdoors.
- [Your Team Page](https://mahoneycpa.com/?elementor_library=your-team-page) - Your Team AllAssurance Solutions TeamBusiness Solutions TeamOperations TeamReal Estate Solutions TeamTax Solutions TeamAaron Martin DirectorAssurance Solutions TeamPhone: 651.281.1853amartin@mahoneycpa.comView BioAbigail Hansen Associate ManagerAssurance Solutions TeamPhone: 651.281.1866ahansen@mahoneycpa.comAdrian Purnama Senior AssociateAssurance Solutions TeamPhone: 651.789.0735apurnama@mahoneycpa.comAdrienne Mobley Client Relationship SpecialistAssurance Solutions TeamPhone: 651.281.1834amobley@mahoneycpa.comAlina Shreshta Associate Assurance Solutions TeamPhone: 651.789.0740ashrestha@mahoneycpa.comAmy Siegel Associate ManagerBusiness Solutions TeamPhone: 651.789.0725asiegel@mahoneycpa.comAngelina Lind AssociateAssurance Solutions TeamPhone: 651.281.1825alind@mahoneycpa.comAnjelica Smith Associate ManagerReal Estate Solutions TeamPhone: 651.789.0716asmith@mahoneycpa.comAnthony Philblad-Lange Associate
- [Real Estate Timeline](https://mahoneycpa.com/?elementor_library=real-estate-timeline) - Time line of recent Federal and State guidance affecting Real Estate Accordion #1 Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. 12/22/17 - Tax Cuts and Jobs Act, Pub. L. No. 115-97 PUBL097.PS (congress.gov)Corporate tax rate dropped to 21%Limited interest deductions to 30% of adjusted
- [Non For Profit Section](https://mahoneycpa.com/?elementor_library=non-for-profit-section) - Not-for-profits Ever since our CPA firm opened in 1989, we have supported not-for-profit organizations with transparent assurance, accounting solutions and tax reporting. We have a wealth of knowledge in this industry to support a variety of not-for-profit organizations, all with differing mission statements and initiatives.Affordable housingCommunity developmentYouthHealth and welfareSportsEnvironmentalArts / Culture / HumanitiesCharitable gamingConnect with
- [Full Width Template (Remote Assistance)](https://mahoneycpa.com/?elementor_library=full-width-template-remote-assistance) - Remote Assistance Allow MUCR support to access this computer A small program is needed to initiate support. Click one of the links below to download the connection client.Windows downloadAndroid download (watch setup tutorial)Mac downloadiOS download (watch setup tutorial)2. Launch the downloaded program. It may be in your Downloads folder.3. Give the 9-digit number to your MUCR support
- [Roz Bio Template](https://mahoneycpa.com/?elementor_library=roz-bio-template) - Rozalyn Z. Allyson, CPA, MA Managing Partner 651.281.1833Email: rallyson@mucr.comRoz became managing partner in 2015. Her experience includes providing audit and accounting services to clients in the not for profit and real estate industries.Roz graduated from the University of North Dakota in 1987 with a Bachelor of Accountancy degree and in 1988 with a Master of
- [John Ries Bio Template](https://mahoneycpa.com/?elementor_library=john-ries-bio-template) - John M. Ries, CPA, MBT “My goal is to help our clients succeed. I want to provide high quality work at a fair price.”John M. Ries has over 30 years of experience in public accounting. He was the Firm’s Managing Partner from 2006-2014. He specializes in the taxation and structuring of real estate transactions, utilizing low-income housing
- [Industries Page Template](https://mahoneycpa.com/?elementor_library=industries-page-template) - Stay Informed. Move Ahead. Industry Knowledge From Mahoney When your CPA understands the special circumstances and challenges of your industry, your life just gets easier. Regulations. Tax planning. Transactions. Mahoney works hard to stay on top of all of it for you. In our chosen industries, we go deeply into accounting and finance, assurance and
- [About Us Page Template](https://mahoneycpa.com/?elementor_library=about-us-page-template) - Build Your Reputation With Mahoney Dependable, In-Depth Advisory and Solutions How do you define strength? Is it the skills to build a winning team, negotiate a successful transaction or anticipate industry trends? It could be all of them, and it starts with financial intelligence. Mahoney stands for strength. Throughout our firm’s history, we have broadened opportunities
- [Sliding Photo Template](https://mahoneycpa.com/?elementor_library=sliding-photo-template) - Get Requirement What does work, however, is the ability to present the company as being professional Brainstorming What does work, however, is the ability to present the company as being professional Project Planning What does work, however, is the ability to present the company as being professional Estimated Time What does work, however, is the
- [Original Home Page Design](https://mahoneycpa.com/?elementor_library=original-home-page-design) - Be the Next. Innovator. Leader. Success Story. Read more Our Commitment is You We Help Not-for-Profits Serve and Thrive Read more Know Where You Stand Outsourced Accounting and Finance Strategies Read more Build Your Financial Roadmap Tailored Real Estate Consulting Read more Strengthen your financial intelligence. Outdated or generic reports should never cross your desk,
- [Nav](https://mahoneycpa.com/?elementor_library=nav) - About Us Mission, Vision, Values Our Team Leadership Company Directory Industries Closely Held Businesses Not-for-profits Real Estate Affordable Housing Accountants Commercial Real Estate Tax Credits and Incentives Historic Tax Credits Low-Income Housing Tax Credits Services Accounting Services Outsourced Accounting Services Bookkeeping Training and Consulting Accounting System Consulting Assurance Audit, Review, Compilation Agreed-Upon Procedures Employee Benefit
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- [Default Kit](https://mahoneycpa.com/?elementor_library=default-kit-2)
- [Single Port1 Counters](https://mahoneycpa.com/?elementor_library=single-port1-counters) - Avg. Time on Page + 0 % Avg. Session Duration + 0 % Avg. Page Load Time - 0 % Bounce Rate + 0 %
- [Single Port1 Column](https://mahoneycpa.com/?elementor_library=single-port1-column) - The good writers touch life often. The mediocre ones run a quick hand over her. The bad ones rape her and leave her for the flies. Our Services Brand Consulting Marketing Management Customer Insight

## Headers

- [Mahoney-1](https://mahoneycpa.com/header/header-1/) - 651.227.6695 info@mahoneycpa.com Client Portal Remote Assistance Payment CONTACT Facebook Twitter Linkedin About Us Mission, Vision, Values Our Team Leadership Company Directory Industries Closely Held Businesses Not-for-profits Real Estate Affordable Housing Accountants Commercial Real Estate Tax Credits and Incentives Historic Tax Credits Low-Income Housing Tax Credits Services Accounting Services Outsourced Accounting Services Bookkeeping Training and Consulting
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- [Header 2 Transparent](https://mahoneycpa.com/header/header-2-transparent/) - +1-3435-2356 info@avant.com Mon-Fri 8am - 6pm Free Consultant About Us Mission, Vision, Values Our Team Leadership Company Directory Industries Closely Held Businesses Not-for-profits Real Estate Affordable Housing Accountants Commercial Real Estate Tax Credits and Incentives Historic Tax Credits Low-Income Housing Tax Credits Services Accounting Services Outsourced Accounting Services Bookkeeping Training and Consulting Accounting System Consulting

## Footers

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## Mega Menus

- [Home Demos](https://mahoneycpa.com/megamenu/home-demos/)
- [Services](https://mahoneycpa.com/megamenu/services/) - Business Transform Consistently ranked among the top consulting firms across the nation. Learn More Learning Innovation Dedicated to providing personal attention to all our clients. Learn More Digital Experience We take pride fighting for individuals, not big companies. Learn More Our Products Salvia esse nihil, flexitarian Truffaut synth art party deep v chillwave. Learn More

## Staff Templates

- [Mahoney Test List](https://mahoneycpa.com/cpt_staff_lst/mahoney-test-list/)
- [Mahoney Horizontal List B](https://mahoneycpa.com/cpt_staff_lst/mahoney-horizontal-list-b/)
- [Mahoney Horizontal Quickstart](https://mahoneycpa.com/cpt_staff_lst/mahoney-horizontal-quickstart/)
- [Mahoney Horizontal Template](https://mahoneycpa.com/cpt_staff_lst/mahoney-horizontal-template/)

## Categories

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## Tags

- [Nonprofit](https://mahoneycpa.com/tag/nonprofit/)
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- [business tax; small business taxes; small business tax help; business income tax; tax consultant; partnership; exceptions; taxes; schedule k-2; schedule k-3](https://mahoneycpa.com/tag/business-tax-small-business-taxes-small-business-tax-help-business-income-tax-tax-consultant-partnership-exceptions-taxes-schedule-k-2-schedule-k-3/)
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