Mahoney - CPAs and Advisors

10/22/2026

Caregiving for a parent can be challenging, but it may also open the door to valuable tax-saving opportunities if you provide financial support. Depending on your situation, you might qualify for a dependent credit, a more favorable filing status, or medical expense deductions. We explore each of these options.

Caregiving for a parent can be mentally and emotionally demanding. But providing financial support may allow you to claim a tax credit, use a more fav

10/20/2026

The IRS may initiate an audit of a nonprofit for any number of reasons. But one of the most common is something the IRS finds questionable in an annual Form 990 filing. This article looks at potential trouble areas and how nonprofits can reduce their audit risk. It also explains the difference between correspondence and field audits.

The IRS can initiate an audit of your nonprofit organization for any number of reasons. One potential source of scrutiny is information reported on yo

10/15/2026

Investment real estate offers opportunities to generate income and build wealth, but taxes can affect your returns at every stage of ownership.

In our latest blog, we break down the key tax considerations for real estate investors, including passive loss r ules, depreciation strategies, and gain-deferral opportunities such as 1031 exchanges.

Read the blog to learn how proactive tax planning can help protect and maximize your investment returns.

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Maximize real estate investment returns with smart tax planning strategies for rental properties, depreciation, passive activity rules, and gain deferral.

10/13/2026

Mahoney's Karl Jackson recently attended the University of Wisconsin - River Falls Scholarship Recognition Event, where we had the privilege of recognizing two outstanding accounting students receiving the Mahoney Accounting Scholarship.

Each year, Mahoney proudly sponsors scholarships for UWRF accounting students as part of our commitment to supporting higher education and growing the accounting profession. We also support students at Concordia University - St. Paul by helping provide coursework books, making education resources more accessible.

As campuses come alive for a new academic year, we're excited to continue supporting the talented individuals who will become the future leaders of our industry.

Congratulations to our scholarship recipients, and here's to a successful school year ahead!

10/08/2026

Audits take time and effort, but they can provide a fair assessment of your organization's financial health and reveal vulnerabilities. IRS Form 990 doesn't mandate audits, but it asks nonprofits to discuss related activities and the role their boards play in them. This article looks at differences between internal and external audits and explains what audit committees do.

Audits have become more important due to increased public and government scrutiny of not-for-profit organizations, their management and their boards.

10/06/2026

Employers that pay overtime should familiarize themselves with the new IRS guidance on the federal tax deduction for overtime pay. The updated FAQs clarify the rigorous requirements for how employers must identify, calculate, and report qualified overtime income. We review the deduction's basic concepts and highlight key points from the guidance.

Before the One Big Beautiful Bill Act (OBBBA) became law in 2025, overtime income was fully taxable for federal income tax purposes. However, the OBBB

10/01/2026

Estate administration can be complex, especially when tax filing requirements add another layer of responsibility during an already difficult time.

In our latest blog written by Tyler Sauve, CPA, we explore how Section 645 election can help simplify estate and trust income tax filings, reduce administrative burdens, and provide added flexibility during estate administration.

Learn:
✔ What a Qualified Revocable Trust (QRT) is
✔ Key benefits of a §645 election
✔ How the election works
✔ Important considerations for executors and trustees

Read the full article:

Learn from Tyler Sauve, CPA how a Section 645 election can simplify estate administration by combining trust and estate income tax filings into one return

09/29/2026

At some point, your not-for-profit might consider outsourcing the functions that fall under its accounting and financial umbrella. But it's important to weigh the pros and cons before making this decision. At the same time, an outsourced professional may not be available whenever you need to discuss an issue.

As your not-for-profit strives to use its resources as effectively as possible, you might at some point consider outsourcing the functions that fall u

09/22/2026

S'more around the campfire, cannonballs in the pool - vacation homes can be used for many things. Owners may even be able to claim charitable-giving tax breaks to their properties. But the rules are tricky, and the circumstances must be just right. We explore some of the pertinent details.

Owning a vacation home can provide a fun, relaxing getaway for you and perhaps family and friends. It may also provide certain tax benefits, such as d

09/17/2026

Many parents and students focus only on the sticker price of higher education. But other elements come into play. This article looks at how financial aid - including loans, grants, and scholarships - can lower the actual cost. A sidebar explores the American Opportunity Tax Credit and Lifetime Learning Credit, which can help defray college costs.

If you're the parent of a college-aged child, you already know how pricey higher education has become. According to EducationData.org's Education Data