The straight line

Dennis Gardiner, CPA, Managing Partner The 2017 Tax Cuts Jobs Act (TCJA) is due to sun set on December 31, 2025 (with the 2025 tax year).  The 21% corporate tax rate was permanently changed with TCJA, so it will not expire.  As you are likely aware of, the Section 199A(g) deduction will expire.  This deduction...

Matt Gardiner, CPA, CFE, Audit Manager In today’s rapidly evolving digital landscape, it is imperative for businesses to stay ahead of potential IT risks. A recently introduced auditing standard, SAS 145, emphasizes the importance of a robust risk assessment process, particularly focusing on the IT environment. Here’s why understanding SAS 145 and conducting a thorough...

Matt Gardiner, CPA, CFE, Audit Manager Starting July 1, a new rule will make more workers eligible for overtime wages. The threshold for exempt executive, administrative, and professional employees will increase from $35,568 to $43,888, making an estimated 1 million additional workers eligible for overtime pay. On January 1, 2025 this threshold will rise further...

Robert Bell, CPA, Tax & Audit Manager The Inflation Reduction Act created a new tax credit for biofuel that rewards producers for creating low-carbon options. What is the 45z tax credit? This tax credit rewards biofuel producers who can demonstrate a lower carbon intensity (CI) score in the crops used to create biofuels. The CI...

Matt Gardiner, CPA, CFE, Audit Manager Each year, our entire team comes together for a couple of days dedicated to team-building and professional training. Given that our staff is spread across four offices (Lincoln, NE; Charles City, IA; Sioux Falls, SD; and Des Moines, IA), this event is crucial for fostering unity and collaboration. As...

Elizabeth Thyer, CPA, Partner One of the issues facing our clients last year was the Opioid Settlement. The State of Iowa and counties within the state settled claims relating to the misleading and fraudulent conduct of certain prescription drug companies and pharmaceutical distributors. Local governments began receiving settlement payments during the fiscal year ended June...