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.

It’s time to consider 2022 Minnesota PTE and Q1 estimated tax payments

Since the Tax Cut and Jobs Act was passed, there’s been a $10,000 limit on the deduction for state taxes paid by individuals on their federal returns. A growing number of states, including Minnesota, now offer workarounds to this personal state tax deduction limitation.

Cloud-based accounting for professional services firms: Spend less time creating financial reports and more time moving forward

Professional Services firms are facing an ever-evolving financial landscape. Weathering today’s environment while adapting a long-term strategy calls for speed and accuracy to be nimble and successful. Sage Intacct helps savvy firms evolve from being tactical to strategic by providing built-in automation and real-time, actionable insights in the key finance areas of billing, production and cash receipts.

A beneficiary designation or joint title can override your will

Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. To ensure that your estate plan reflects your wishes, review beneficiary designations and property titles regularly, particularly after significant life events.

Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

It can be risky to make gifts of hard-to-value assets, such as interests in a closely held business or family limited partnership (FLP) because of the prospect of unexpected tax liability. A defined-value gift may be the answer.

Leveraging cloud accounting insights to get ahead in the real estate industry

Weathering today’s environment while adapting a long-term strategy calls for speed and accuracy to be nimble and successful.

Clarity Counts When it Comes to Estate Planning Documents

If you’re planning your estate, precise language is critical in your planning documents. A lack of clarity may be an invitation to litigation. Learn more about the implications of ambiguous language from the dispute that arose after musician Tom Petty’s death.

Top 10 Tax Opportunities for Contractors

To be great advisors for contractors, we must proactively stay on top of ways for our clients in the industry to save on taxes and reduce financial risks.

Spotlighting Issues in Your Firm Using Strategic Data Analytics
Part 1: Productivity

Seeing a drop in productivity, even a small one, can be unnerving. One of the greatest benefits of data analytics is the objective view it provides. The numbers don’t lie, which means we’re empowered with answers instead of overwhelmed with assumptions.

What you need to know now about the recent ARPA Coronavirus State and Local Fiscal Recovery Funds ruling

Under the ARPA Coronavirus State and Local Fiscal Recovery Funds final ruling, your city’s decision regarding the amount of funding to be used-under or over the $10 million threshold-must be reported in your April 30, 2022 Project and Expenditure Report. The choice indicated on that report cannot be changed later, so now is the time to make this critical decision.

Are you paying yourself enough or too much? Considerations for S corps

The bottom line is that every company’s situation is different. If you’re uncertain about whether you are paying yourself (or your officers) enough or too much, talk to your tax advisor to determine the best amount for balancing the tax savings with the audit risk.

Protecting your organization (and yourself) from cryptocurrency scams

Investments tied to crypto and digital assets are by far the biggest threats facing individual investors in 2022. Given the exponential rise in reported crypto scams, awareness of the common types of scams and what kinds of things you can do to protect yourself from being cheated are more important than ever.

ARPA Coronavirus State and Local Fiscal Recovery Funds
Important Reminders

The Final Rule for the Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) was released in January 2022 and provided much needed clarification for local governments. As you prepare for your upcoming audit and CSLFRF Reporting requirements, keep these important reminders top of mind.