Elite Tax and Consulting

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Elite Tax and Consulting No annoying advisory and financial lingo. Just straight, authoritative and friendly advice. We are professional, experienced, and affordable.

Elite Tax and Consulting is licensed in ND and specializes in Bookkeeping. We offer a broad range of services for business owners, executives, and independent professionals. Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality. Professionalism
Our firm is one of the leading firms in the area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention. Our high standards, service and specialized staff spell the difference between our outstanding performance, and other firms. We make sure that every client is served by the expertise of our whole firm. Responsiveness
Our firm is responsive. Companies who choose our firm rely on competent advice and fast, accurate personnel. We provide total financial services to individuals, large and small businesses and other agencies. Through hard work, we have earned the respect of the business and financial communities. This respect illustrates our diverse talents, dedication and ability to respond quickly. Quality
An accounting firm is known for the quality of its service. Our firm's reputation reflects the high standards we demand of ourselves. Our primary goal as a trusted advisor is to be available and to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you. We feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge and service to our clients. Our high service quality and "raving fan" clients are the result of our commitment to excellence. We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.

An IRS notice is something no business owner wants to find in the mailbox, but it’s not uncommon. In a survey of small b...
10/22/2026

An IRS notice is something no business owner wants to find in the mailbox, but it’s not uncommon. In a survey of small business owners, 59.7% said they had received an IRS notice, and 37.7% said they had received one more than once. Also, 57% reported claiming a deduction they weren’t sure about. That doesn’t mean those deductions were improper or caused the notices; it highlights the uncertainty business owners can face.

Running a business means making decisions every day. Tax deductions shouldn’t feel like guesswork. Clear records, thoughtful questions, and conversations with your tax professional throughout the year, not just at filing time, can help you approach tax matters with more confidence.

Elite Tax and Consulting provides year-round accounting and QuickBooks support to help business owners stay organized and get answers along the way. Reach out to start a conversation.

This is general information, not individualized tax advice.

Three AICPA developments, not a sweeping rule for every CPA firm: one changes audit requirements; two guide application ...
10/21/2026

Three AICPA developments, not a sweeping rule for every CPA firm: one changes audit requirements; two guide application of existing standards.

SAS No. 150 requires external confirmation procedures for third-party cash and cash equivalents, unless exceptions apply. It addresses electronic platforms, direct access to external information, and conditions for negative confirmations. Digital methods are recognized. Effective for periods ending on/after Dec. 15, 2028; early adoption allowed.

The August 2026 digital-assets practice aid is nonauthoritative, not a new accounting standard or tax rule. It adds guidance on stablecoin issuers’ token obligations and reserves, mining-pool participants and data-center hosts, and auditing standards including engagement-level quality management.

Technical Q&A 9561 explains how service organizations’ AI affects SOC 1 and SOC 2 examinations. No AI-specific exam or criteria, and no blanket SOC-report requirement for every CPA using AI. Auditors consider AI’s impact on in-scope services, systems, risks, and controls: its use and description, output checks, data protection, model changes, and customer controls.

For tax and advisory practices: a targeted relevance check, identify affected engagements, clients, or vendors. General information, not individualized advice.

Lending to family or between a corporation and shareholder? October’s IRS benchmark rates may matter, but they do not ch...
10/21/2026

Lending to family or between a corporation and shareholder? October’s IRS benchmark rates may matter, but they do not change everyone’s borrowing or tax rate.

Revenue Ruling 2026-19 announces monthly applicable federal rates (AFRs) for certain October 2026 tax calculations. Annual compounding: short-term (3 years or less) 4.25%; mid-term (over 3 through 9 years) 4.61%; long-term (over 9 years) 5.22%. Semiannual, quarterly and monthly rates are alternative compounding conventions, not loan-term categories.

Example: A $100,000 five-year note made in October at 4.61% means about $4,610 annual interest. Using the applicable AFR helps avoid below-market-loan rules. An interest-free loan may be treated as a gift of forgone interest and taxable interest received, even if no cash changes hands.

AFRs also matter for seller-financed deals (unstated interest and original issue discount). Estate and trust planning uses the separate Section 7520 rate: 5.60% for October.

A properly structured fixed-term loan generally keeps its origination AFR; a new monthly ruling does not automatically reset it. Demand loans follow different rules.

General information, not individualized tax advice. Contact Elite Tax and Consulting for guidance.

🗓️ 73 days left in 2026. Is your tax plan ready?Most tax-saving moves have to happen BEFORE Dec 31, not in April. Here’s...
10/19/2026

🗓️ 73 days left in 2026. Is your tax plan ready?

Most tax-saving moves have to happen BEFORE Dec 31, not in April. Here’s your year-end checklist:

✅ Max out your 401(k) or 403(b) contributions (payroll deadline is Dec 31)
✅ Harvest investment losses to offset gains
✅ Take your required minimum distribution if you’re 73+
✅ Bunch charitable gifts, or use a donor-advised fund
✅ Spend down your FSA balance before it expires
✅ Consider a Roth conversion in a lower-income year
✅ Review your withholding to avoid an April surprise

April is for filing. October is for planning. 💡

Which one are you tackling first? 👇

Year-end tax planning season is here, and a little preparation now can make a big difference before December 31.Business...
10/19/2026

Year-end tax planning season is here, and a little preparation now can make a big difference before December 31.

Business owners: review your books, reconcile accounts, catch up on bookkeeping, check payroll and estimated payments, and discuss planned purchases, retirement contributions, and your entity structure.

Individuals: review withholding, charitable giving, retirement contributions, capital gains and losses, and start gathering tax documents. Some deductions and contributions have December 31 deadlines, while eligible IRA and HSA contributions may generally be made by the tax filing deadline. Rules and considerations can differ between Minnesota and North Dakota.

Don’t wait until the calendar gets crowded. Reach out to schedule a personalized planning meeting: availability fills up as year-end approaches.

This is general information, not individualized tax advice. Please consult a tax professional about your situation.

⏰ October 15 is the final deadline to file your federal individual income tax return if you requested an extension in Ap...
10/15/2026

⏰ October 15 is the final deadline to file your federal individual income tax return if you requested an extension in April. North Dakota individual returns generally follow the same extended deadline.

An extension gave you more time to file, not more time to pay. Any tax owed was still due in April, and unpaid amounts may be subject to interest and penalties.

Still working on your return? Check for missing documents, file as soon as possible, or contact a tax professional for help. If you missed the deadline, filing promptly may help limit additional penalties.

This post provides general information, not individualized tax advice. Contact a tax professional about your specific situation.

Happy National Coffee Day! ☕️Here’s to the coffee that fuels early mornings, big ideas, busy workdays, and the entrepren...
09/29/2026

Happy National Coffee Day! ☕️

Here’s to the coffee that fuels early mornings, big ideas, busy workdays, and the entrepreneurs who keep moving forward.

Whether you’re balancing the books, building your business, or simply enjoying a well-deserved break, we hope your cup is full and your day is productive. Cheers from your friends at Elite Tax & Consulting!

“Section 409A” has two meanings for startups and private companies.IRC §409A covers nonqualified deferred compensation: ...
09/28/2026

“Section 409A” has two meanings for startups and private companies.

IRC §409A covers nonqualified deferred compensation: pay earned now, received later. It limits deferral elections, distributions: generally only upon separation, disability, death, a fixed schedule, change in control, or unforeseeable emergency, and payment-date changes. Typical 401(k) plans are generally outside it.

A “409A valuation” appraises private-company common-stock FMV to set an option exercise price. Below-FMV grants may cause the holder accelerated income, a 20% additional federal tax, and interest penalties.

It is not the latest financing price divided by shares. Preferred investors may have liquidation preferences. Value is allocated among preferred, common, options, and warrants; common may receive a lack-of-marketability discount. Thus, $10 preferred stock can have materially lower common FMV.

Obtain the valuation before grants; refresh at least annually and after financing, an acquisition or sale process, major results or forecast changes, a planned IPO or change of control, or capital-structure shifts. The safe harbor presumes reasonableness unless the IRS proves gross unreasonableness.

Checklist: review bonus, severance, change-in-control, phantom-equity, and consulting agreements; retain the report, board consent, cap table, and grant records.

General information only, not tax or legal advice. Contact Elite Tax and Consulting for guidance.

Is your scholarship taxable? Often, only partly.A scholarship is generally tax-free when it pays qualified education exp...
09/25/2026

Is your scholarship taxable? Often, only partly.

A scholarship is generally tax-free when it pays qualified education expenses for a degree-seeking student at an eligible educational institution. The award must not be specifically restricted to nonqualified costs.

Tax-free expenses generally include:
• Tuition
• Required enrollment or attendance fees
• Required books, supplies, and equipment

The portion used for other costs is generally taxable, including:
• Room and board
• Travel and transportation
• Meals and personal or living expenses
• Optional computers, equipment, or supplies
• Research or clerical expenses outside the qualified-expense rules

Amounts received for teaching, research, or other required services are generally taxable, even when applied to tuition, subject to limited exceptions for certain programs.

Example: A student receives a $20,000 scholarship and has $14,000 in tuition and required fees, $1,500 in required books and supplies, and $6,000 in room and board. Qualified expenses total $15,500, so $15,500 is tax-free and $4,500 is generally taxable. That taxable portion is generally reported on the student’s return.

The same expenses cannot be used both to exclude scholarship income and claim an education credit.

This is general information, not individualized tax advice. Contact Elite Tax and Consulting with questions about your situation.

Can your home office reduce your tax bill? If you’re self-employed or operating a business, it may qualify under federal...
09/25/2026

Can your home office reduce your tax bill? If you’re self-employed or operating a business, it may qualify under federal tax rules.

The space generally must be used regularly and exclusively for business (not as a guest room, family desk, or kitchen table) and must be your principal place of business or a place where you regularly meet clients. A consultant working at client locations may qualify when billing, bookkeeping, scheduling, proposals, and management are handled in a dedicated home office with no other fixed office. A detached office, shop, garage, or studio may also qualify.

Two methods are available:
• Simplified: $5 per square foot, up to 300 square feet, for a maximum $1,500. No actual home expenses or depreciation are deducted. Mortgage interest and property taxes may still be claimed on Schedule A. This election must be made on a timely filed original return and is irrevocable for that year.
• Regular: Actual expenses allocated by business-use percentage, generally using Form 8829. This may include rent or mortgage interest, utilities, insurance, repairs, and depreciation. The deduction is limited by business gross income; excess amounts may carry forward.

Eligibility rules are the same for both methods. Employees generally cannot claim this federal deduction. Regular-method depreciation may be subject to recapture when the home is sold.

This is general information, not individualized tax advice. Contact Elite Tax and Consulting to review your situation.

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3217 FIECHTNER Drive S SUITE A1
Fargo, ND
58103

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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+17015947000

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