Insights & Resources

Insights

Driven by personal passions, Abdo professionals dive deep into their individual areas of expertise and distill their knowledge to keep you fully informed.

The GST tax and your estate plan: What you need to know

The generation-skipping transfer (GST) tax is among the harshest and most complex in the tax code. So, if you’re planning to share some of your wealth with your grandchildren or great grandchildren — or if your estate plan is likely to benefit these generations — it’s critical to consider and plan for the GST tax.

Abdo Accelerate: Shedding Light on a Public Accounting Career

This year’s Abdo Accelerate, which was formerly known as Experience AEM, was held in-person on May 10 and 11. Here’s how we helped 20 students illuminate their paths forward.

A Living Will Can Help Ensure Your Last Medical Wishes are Carried Out

The terms “last will and testament” and “living will” may sound similar, but, in fact, they’re not at all similar. The latter is an important estate planning document that details your medical wishes should you become incapacitated.

Immediate R&D Expensing Is No More: What Does This Mean for Your Business?

The research and development (R&D) tax credit has long served as an incentive for business owners to invest in R&D efforts. Recently, however, one of its most advantageous benefits disappeared. Here’s what you should know.

Why You May Want to Reconsider Games of Chance at Your Fundraising Events

If your nonprofit is hosting a fundraising event this year, you’ll want to think carefully about the activities you’ll include on the agenda: The Minnesota Department of Revenue’s (MNDOR’s) nonprofit fundraising sales tax exemption does NOT apply when gambling takes place at an event.

The HSA: A healthy supplement to your wealth-building regimen

In addition to helping to reduce health care costs, a Health Savings Account can positively affect an estate plan because its funds grow on a tax-deferred basis, potentially building wealth for heirs.

Worried About Your Unemployment Insurance Bill? What You Should Know

Great news for Minnesota nonprofits and businesses–lawmakers finally came to an agreement on how to repay the state’s unemployment insurance trust fund. How does this impact your organization?

How automation can benefit your organization

Simply put, “automation” is the act of automating certain processes within an organization. These processes could include accounts payable and receivable, payroll, and other administrative functions. While automation typically relies on software, it’s not about reducing your organization’s headcount. Instead, it’s about finding ways to eliminate redundancies, paper, and even errors. The result: Your staff members are free to do more of what they were hired to do—and empowered to do it more easily.

How to Protect Yourself from Fraud When Investing in Real Estate

Conducting due diligence is critical when making a real estate investment. Over the past two years, however, the pandemic has made it more difficult than ever. Here are a few ways to protect yourself from real estate fraud given the current environment.

7 Benefits of Automating Your Accounts Payable Process

Accounts payable is an infamously tedious process. For many cities and local governments, it can be downright overwhelming, especially for those with an overburdened finance department. If your organization is getting bogged down by the flow of vendor invoices and checks, automation could be the solution.

Opening up to SLAT opportunities

Estate tax planning can become complicated when multiple parties are involved. For example, you have a spouse from a second marriage and children from your first marriage. Spousal lifetime access trusts, or SLATs, are designed to benefit your children or other heirs, while paying income to your spouse during his or her lifetime.

What estate planning strategies are available for non-U.S. citizens?

If you’re a U.S. resident, but not a citizen, the IRS treats you similarly to a U.S. citizen. Residency is a complicated subject and estate tax planning can get complicated if you or your spouse is a nonresident alien.