In the coming weeks, it is anticipated that the Supreme Court will rule on South Dakota v. Wayfair. This is the first time in more than two decades that the U.S. Supreme Court is revisiting the issue of state tax nexus.
On May 5, 2018 the Iowa Legislature passed S.F. 2417, which provides a substantial change to the tax code of Iowa. The governor signed the billed into law on May 30, 2018. While most provisions to the new tax policy are far off and contingent, it’s important Iowa agricultural producers understand what has changed and how it will impact them. Key provisions impacting the industry include:
On May 25 the European Union (EU) enforced the General Data Protection Regulation (GDPR) law. Even though this is a European law, U.S. businesses, even businesses who do not conduct business overseas, will be impacted. Read on to learn how you can protect yourself and your business from regulation breaches and vulnerabilities.
Meet Joe Betzold! He’s a Technology Account Manager who loves connecting with our clients to help them make sound technology decisions for the future. On any given day you may find him in our St. Cloud office or on the road visiting clients. Read on to learn more about Joe!
Understanding entertainment expenses
The general rule-of-thumb for small businesses is that you are able to deduct ordinary and necessary expenses to entertain a client, customer or employee if the expenses meet the directly –related or associated test. We have outlined both tests and further definitions for you. Definitions Entertainment includes any activity generally considered to provide entertainment, amusement, […]
Buy-sell agreements explained
Along with a general agreement about ownership and responsibilities, every business with multiple owners needs a buy-sell agreement. A buy-sell agreement should include these key factors: Specific triggers that will set the agreement in motion. For example, if an owner terminates employment, gets divorced, declares bankruptcy or passes away. Consideration of granting a put option […]
Protecting your tax-exempt organization against fraud
According to a recent report, it is estimated that five percent of annual revenue is lost by organizations to fraud. The potential for lost revenue could be devastating for any organization, especially those in the nonprofit sector. This lost revenue could lead to payroll cuts, adverse publicity, or more importantly, reduced dollars used to perform […]
2012: International year of cooperatives
The United Nations declares international years to draw attention to major issues, and in this case, the International Year of the Cooperatives is raising awareness of the cooperative business model and the impact of cooperatives in reducing poverty and generating jobs. Bergan Paulsen’s agribusiness experts work with many cooperatives throughout the Midwest and are excited […]
Get to know more about Chris Gehling
Chris Gehling, Tax Partner Chris.Gehling@BerganKDV.com We recently had the chance to catch up with Tax Partner, Chris Gehling. Learn about how he leads by example and what he initially thought of becoming an accountant! What are some of the more important leadership lessons you’ve learned in your career? I’ve learned to listen. I think this […]
Work opportunity tax credit now available to qualified tax-exempt organizations that hire veterans
The work opportunity tax credit provides an elective credit to employers that hire individuals from targeted groups that have a high unemployment rate. This credit has been extended only with respect to qualified veterans who begin work for an employer on or before December 31, 2012. For the first time, this credit is available to […]
Contractors deal with confusing sales tax laws
BerganKDV Partner, Tom Kunz, recently shared his expertise with the Corridor Business Journal in an article entitled Contractors Deal with Confusing Sales Tax Laws. The article discusses challenges that contractors face regarding sales tax. Some contractors erroneously pay the sales tax from their equipment purchase and then submit the full amount of sales tax paid […]
Congress passes 2012 payroll tax holiday extension
Congress has extended the employee-side payroll tax cut through the end of 2012. After weeks of uncertainty over whether an agreement could be reached, the House passed the Middle Class Tax Relief and Job Creation Act of 2012 (H.R. 3630) by a vote of 293 to 132 on February 17, 2012. Senate approval quickly followed, […]
How long should you keep financial records? Sample retention and destruction schedule
We often get asked how long you should keep important documents and when is it time to clean up the office. So, we compiled the below chart with some rules-of-thumb to help keep your business organized. Description of Records Manner of Keeping Record Retention Period Disposition Accounts payable ledgers and schedules Compile and file records […]
Changes to Form 990 for 2011
The Internal Revenue Service has posted a new version Form 990 for 2011 filings by tax-exempt organizations. Among other changes, the new form revises how exempt organizations report income from joint ventures and changes the threshold for required reporting of activities outside the United States. For more information on the changes to Form 990, please […]