It's almost tax time, which means our experts will be releasing information more frequently in an effort to make tax time easier for you. This time around, we want you to be aware of the potential tax deductions as it relates to charitable contributions. Taxpayers who donate to charity should check out the resources below to see whether they qualify for a deduction on their tax return. If you donate to a charity, you may be able to claim a deduction on your tax return. These deductions basically reduce the amount of taxable income. Keep in mind, you can only deduct charitable contributions if you itemize deductions. Although, Minnesota does have a subtraction of 50% of the total amount of contributions over $500. Here are some Read More...
Archives for October 2019
Lease Accounting Standard Delay
On Wednesday, October 16th, the FASB officially approved the delay of the lease accounting standard, ASU 2016-02 Leases (Topic 842), for Private companies and Nonprofit organizations to December 31, 2021 (delayed to 2022 for fiscal year-ends). No changes were made for Public entities, which have a December 31, 2019 implementation date. Although delayed, the impact of the lease standard will be significant to the financial statements of many organizations and it’s never too early to begin this analysis. Christianson PLLP is here to assist in the transition process for your organization, and has developed tools and templates to assist in the implementation of the lease accounting standard. Give us a call or email Sara DeRoo Read More...