Nels Larsen, CPA, CMA, CFM
Pros and Cons of Extending Your Return
To extend or not to extend, that is the question many business owners and individuals face each year. There are important reasons for...
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VIDEOS & POSTS
Nels Larsen, CPA, CMA, CFM
Feb 81 min read
6 Ways to Avoid Tax Audit Attention
When it comes to tax audits, there are several red flags that could increase your chances of drawing unwanted attention from the IRS....
Nels Larsen, CPA, CMA, CFM
Jan 83 min read
Beneficial Ownership (BOI) Reporting: What you Need to Know
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law is part of the U.S. government’s efforts to make...
Nels Larsen, CPA, CMA, CFM
May 25, 20232 min read
State of MN to issue Tax Rebate Payments
The Minnesota Department of Revenue will send direct tax rebate payments for tax year 2021 to eligible Minnesotans after a recent tax law...
Nels Larsen, CPA, CMA, CFM
Apr 7, 20233 min read
IRS: Average taxpayers ‘should not be worried’ about audits as agency grows
By Katie Lobosco, CNN Updated 5:26 PM EDT, Thu April 6, 2023 Danny Werfel testifies before the Senate Finance Committee during his IRS...
Nels Larsen, CPA, CMA, CFM
Feb 27, 20231 min read
How to Arrange Travel to Maximize Business Deductibility
We often get asked how or if travel arrangements can be made to make trips deductible as a business expense. Please read the following...
Nels Larsen, CPA, CMA, CFM
Feb 27, 20232 min read
More reasons to have a Health Savings Account (HSA)
Many people have health savings accounts, or at least have heard of them. While you (or your employer) can only contribute money to them...
Nels Larsen, CPA, CMA, CFM
Feb 5, 20237 min read
Should you Extend Your Tax Returns? Top 13 things to Consider
With tax season upon us, an almost universal question that many CPA’s and tax professionals get asked, “should I extend my tax returns”...
Nels Larsen, CPA, CMA, CFM
Jan 11, 20233 min read
How to Section 1031 Exchange into a Delaware Statutory Trust
As you likely know, the Section 1031 tax-deferred like-kind exchange is one of the greatest wealth-building mechanisms for real estate...
Nels Larsen, CPA, CMA, CFM
Jan 11, 20232 min read
When Cancellation of Debt (COD) Income Can Be Tax-Free
When we see negative impacts on the economy we often see an increase in individual's debts piling up beyond a borrower’s ability to...
Nels Larsen, CPA, CMA, CFM
Jan 9, 20232 min read
It's Not Too Late to Make IRA & HSA Contributions for the 2022 Tax Year
Want an after the fact tax deduction you can take for 2022 in 2023? Contribute to your IRA or HSA! Here are some things to keep in mind:...
Nels Larsen, CPA, CMA, CFM
Jan 3, 20233 min read
Why Everyone Who Qualifies Should Have a Health Savings Account
As a small business owner, you know how important it is to save money whenever possible. One great way to do this is by taking advantage...
Nels Larsen, CPA, CMA, CFM
Dec 29, 20223 min read
What All Real Estate Investors Need to Know About 1031 Exchanges
1031 Like-Kind Exchanges for Real Estate Investors If you're a real estate investor, you've probably heard of 1031 like-kind exchanges....
Nels Larsen, CPA, CMA, CFM
Dec 16, 20222 min read
A Beefed Up IRS?
12/16/2022 You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and...
Nels Larsen, CPA, CMA, CFM
Aug 17, 20222 min read
More on the increase in IRS Funding
Yellen tells IRS to develop modernization plan in 6 months By The Associated Press Published: Aug. 17, 2022 at 10:53 AM CDT|Updated: 5...
Nels Larsen, CPA, CMA, CFM
Aug 12, 20225 min read
The IRS is Going to Get More Money- this article does a nice job detailing how they may use it
The IRS is set to get billions for audit enforcement. Here’s what it means for taxpayers By Katie Lobosco, CNN Updated 2:53 PM EDT, Thu...
Nels Larsen, CPA, CMA, CFM
Aug 4, 20224 min read
Avoid the Self-Rental Trap
Let's say you own a building. Now, let's say that you rent this building to your business. With no tax planning, you have a self-rental,...
Nels Larsen, CPA, CMA, CFM
Jul 30, 20222 min read
Bonus Depreciation is Phasing Out!
Just a short article to remind readers that while it seems like we have had 100% bonus depreciation for a while, this year (2022) is the...
Nels Larsen, CPA, CMA, CFM
Apr 17, 20204 min read
Covid-19 Financial Update
The coronavirus pandemic has caused an extraordinary situation that is impacting not only our daily lives but our businesses and...
Nels Larsen, CPA, CMA, CFM
Jul 12, 20173 min read
What is a good retirement plan?
Business owners ask me all the time about setting up a retirement plan for their small business. Making sure there is a nest egg in...
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