Wegner CPAs

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

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

This Memorial Day, we remember those who served and sacrificed.

Happy Memorial Day from Wegner CPAs! 💙⭐

Our offices are closed today in observance of the holiday.