Wegner CPAs

📢 Accounting students, this one's for you!

We’re hosting our third annual Student Day at Wegner CPAs this August! Here’s what you can expect if you attend:

💻 Hands-On Demonstrations
💡 Presentations and Panel Discussion
🤝 Networking, Lunch, and More!

This program is open to all college students studying or intending to study accounting! Whether you’re obtaining your Associate's degree or pursuing your Master's, we’d love to meet you!

Learn more and register by visiting the link below! We hope to see you there 👋
https://hubs.li/Q04lDMnV0

Running a small business comes with no shortage of complexity, especially when it comes to taxes.

For federal tax purposes, whether your business qualifies as “small” can make a meaningful difference. Businesses that meet the Section 448(c) gross receipts test may be eligible for valuable tax advantages, including simpler accounting methods, inventory rule relief, an exemption from certain business interest limits, and more flexibility for long-term contracts.

In our latest article, we break down why size matters for tax purposes and what business owners should understand when evaluating potential opportunities.

Read more: https://hubs.li/Q04ltVxv0

When it comes to nonprofit board minutes, “Approved as presented” can be acceptable, but only when the minutes clearly identify what was presented and where the final supporting materials are retained.

For nonprofits, board minutes are a critical part of the organization’s governance record. They may be reviewed during audits, grant reviews, compliance inquiries, leadership transitions, and future board discussions. But too often, we see board minutes that are vague and incomplete.

A stronger standard is simple:
➡️Summarize.
➡️Attach.
➡️Preserve.

Your minutes do not need to become a transcript, but they should give enough context for someone outside the room to understand:
1️⃣What the board reviewed
2️⃣What was discussed
3️⃣What decision was made
4️⃣Where final materials can be found

Here's a practical starting point:
Review your most recent board or committee minutes.

Could a future board member understand the decision without needing to chase down a link, dashboard, or replaced file? If the answer is no, it’s time to improve your board minute practices.

Remember: strong documentation does not happen by accident; it’s built through consistent governance habits!

If your nonprofit is reviewing board reporting, documentation, or governance processes, our nonprofit advisors can help you think through practical next steps.

Wegner in the Wild is back, and this one has a little bit of everything: celebration, competition, team bonding, and puppy cuddles! 🐶

Recently, we gathered to celebrate Jeff Eversoll, our Firm Administrator, as he begins his well-earned retirement after two decades with Wegner. Jeff has played an important role in helping our firm grow into what it is today, and while we’re excited for his next chapter, he will certainly be missed!

Our Sauk County teams also brought out their competitive sides for the annual Co****le Tournament, with our Baraboo and Reedsburg offices facing off for bragging rights. Our CAS team kept the fun going with a bowling night, and in Madison, our team took a well-deserved break for a puppy party — because sometimes the best way to recharge is with four-legged friends.

These are the kinds of moments that make Wegner feel uniquely Wegner💙

Influencer tax advice can make the Augusta Rule sound like an easy win for business owners, but the reality is more nuanced.

The Augusta Rule may allow homeowners to exclude rental income when renting a personal residence for fewer than 15 days, but when a business owner rents their home to their business, the IRS will look closely at the facts🔎

If you're leveraging the Augusta Rule, you should be prepared to show:
➡️A legitimate and real business purpose
➡️A written rental agreement
➡️A reasonable rental rate
➡️Timely payments
➡️Meeting records, agendas, or minutes
➡️Support for why the home was used

Trying to recreate records later or assign inflated rental amounts can create unnecessary risk. This strategy can be useful in the right circumstances, but it should be planned carefully!

Our latest article breaks down what business owners should know before relying on Augusta Rule advice they see online:
https://hubs.li/Q04kMwQP0

Strong internal controls matter, even when your team is small.

Nonprofit leaders have to balance managing the mission, the finances, the board, the reporting, AND the day-to-day questions that never seem to slow down. If that's not stressful enough, they also have to maintain strong internal controls within a small team where responsibilities often overlap!

Our upcoming webinar, Strengthening Internal Controls Without Adding Staff, is designed for nonprofit executive directors and finance professionals who need accessible, practical ways to reduce risk without adding headcount or creating unnecessary complexity.

Strengthen controls without the overwhelm! Save your spot and learn how to build controls that work for your reality:
https://hubs.li/Q04ksg2p0

Thinking about moving to a new state? Your tax situation may move with you!

Whether you're moving for a new job, retirement, family, or simply a change of scenery, it's easy to overlook the tax implications that can come with relocation.

Before making a move, consider how your new state may treat:
➡️Income tax
➡️Property tax
➡️Sales tax
➡️Estate or inheritance tax
➡️Pension, retirement account, and Social Security income

You should also take steps to properly establish domicile in your new state. Updating key documents, registering to vote, obtaining a driver’s license, and creating clear ties to your new state can help support your change in residency and reduce the risk of residency disputes.

Taking time to evaluate the full tax impact beforehand can help you avoid surprises and make the most of available benefits!

Read more:
https://hubs.li/Q04k3PY80

AMS migrations can do more than change how your association manages members and events. They can also change the reports, workflows, reconciliations, and controls that support your audit.

Before, during, and after a system transition, audit readiness comes down to a few key habits:

1️⃣Document changes clearly
2️⃣Reconcile data early
3️⃣Validate reports
4️⃣Involve your auditor before issues create rework

(We think #4 is the most important habit😉)

Our latest article breaks down the audit risks associations should watch for during an AMS migration and how to stay ahead of them:
https://hubs.li/Q04jQH8m0