Mahoney - CPAs and Advisors

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

09/16/2026

If you're waiting until tax season to think about reducing your 2026 tax bill, you could be missing valuable planning opportunities available right now.

Midyear tax planning gives business owners and individuals time to:
✅ Review projected income and tax liability
✅ Maximize deductions and available credits
✅ Evaluate retirement contribution strategies
✅ Manage cash flow and estimated tax payments
✅ Make informed business and investment before year-end

Proactive planning today can make a significant difference when it's time to file.

Read our latest insights:

Review your income, deductions, and investments with these midyear tax planning strategies to help reduce your 2026 tax bill.

09/08/2026

Student-athletes in college can now earn substantial taxable income from the use of their "name, image, and likeness" (NIL). Such payments largely come from "boosters," individuals who make NIL contributions either directly or through third-party organizations commonly called "collectives". We explore key tax considerations for both parties.

Financially speaking, college athletics are a whole new ballgame these days. Student-athletes can now be paid for the use of their name, image and lik

09/03/2026

Lunch took a whole new meaning when Trent Senske and Tom Johnson stepped into the role of sushi chefs for an in-office wedding shower celebration.

From carefully rolling ingredients to serving up a variety of delicious sushi creations, Trent and Tom helped turn an ordinary lunch break into a fun and memorable event.

A big thank you to Trent and Tom, and many others that went above and beyond to create such an amazing event!

09/01/2026

Another year, another successful tournament in the books! ⛳

The MUCR Cup remains one of our favorite Mahoney traditions, bringing together team members from every stage of their careers, from current and incoming interns all the way to retired Partners. Now, in its 32nd year, the event once again delivered great competition, great company, and a beautiful day on the course. Somehow, the weather always seems to cooperate when it's time for the MUCR Cup!

After several years of Sam Broman and whichever team he was on claiming the title, a new group of champions has emerged. Congratulations to Nathan Plack, Will Leach, Jake Dalnes, and Sage Hoekstra on this year's victory!

A special thank you to Lost Spur Golf and Event Center for hosting another fantastic event, and to everyone who participated and volunteered. It was the perfect way to celebrate the end of summer and enjoy time as a team.

08/27/2026

We're proud to see our very own, Elizabeth Barchenger, CPA, featured in the August/September edition of Minnesota Society of CPAs Footnote magazine. In her article, "Trust but Verify: Using AI Responsibly in a CPA Firm," Elizabeth explores how accounting professionals can leverage AI while maintaining skepticism, judgement, and oversight that quality work demands.

As AI becomes increasingly integrated into audit and accounting processes, Elizabeth reminds us that technology is a powerful tool, but professional judgement remains irreplaceable.

Read the article here:

Discover best practices for ensuring effective and accurate AI use in audit.