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.

⏰ 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.

Monday is for people with a mission. 🎯For small business owners and entrepreneurs, a strong week starts with purpose and...
09/22/2026

Monday is for people with a mission. 🎯

For small business owners and entrepreneurs, a strong week starts with purpose and a clear plan. Set your priorities, review your books, know your numbers, and decide what needs your attention first.

Progress doesn’t happen all at once: it happens when you take intentional steps each day.

Start the week focused. Move your business forward. 💼

Gambling winnings are taxable, even without a tax form.For 2026, only 90% of gambling losses are potentially deductible,...
09/20/2026

Gambling winnings are taxable, even without a tax form.

For 2026, only 90% of gambling losses are potentially deductible, limited to reported winnings. Itemizing on Schedule A is required; you cannot report a net result.

Report full winnings as Other income on Schedule 1 of Form 1040: casino, sports/fantasy betting, lottery, racing, poker, and noncash prizes at fair value. No W-2G? Still reportable.

Example: $20,000 winnings and $20,000 documented losses: report $20,000, potentially deduct $18,000, leaving $2,000 taxable. Excess losses cannot offset other income or carry forward.

Keep a contemporaneous log of dates, location/platform, activity, wagers, wins, losses, and sessions. Save W-2Gs, tickets, sportsbook/player-club records, bank/card statements, and casino statements.

Federal withholding is a payment/credit. State rules differ: North Dakota starts with federal taxable income, so federal itemizing can affect the result. Multistate or online play may create filing obligations.

Takeaway: report every win, document every loss, compare itemizing with the standard deduction, and expect taxable income even if cash results break even.

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

The right tax resources can make planning and filing more organized, efficient, and less stressful. 📊For small business ...
09/17/2026

The right tax resources can make planning and filing more organized, efficient, and less stressful. 📊

For small business owners and individual taxpayers:

Tax organizers help gather important documents and keep your information organized before filing.

Tax calculators can help estimate your tax liability and support smarter planning throughout the year.

The right software can streamline bookkeeping, recordkeeping, and financial tracking.

Government resources provide official forms, instructions, deadlines, and guidance straight from the source.

Take advantage of these tools before the next filing season: and remember, you don’t have to do it alone. Contact Elite Tax and Consulting for help getting organized and prepared. Visit elitetaxandconsulting.com to get started.

On August 19, 2026, the IRS updated its business interest limitation FAQ in FS-2026-14, superseding the December 2025 ve...
09/13/2026

On August 19, 2026, the IRS updated its business interest limitation FAQ in FS-2026-14, superseding the December 2025 version.

The update addresses TCJA and OBBBA amendments to Section 163(j), deletes stale CARES Act questions, and clarifies ATI computation and carryforward rules.

For tax years beginning after December 31, 2024, depreciation, amortization, and depletion are added back when calculating ATI.

For tax years beginning after December 31, 2025, capitalized interest is generally included in business interest subject to the limitation.

If your Form 8990 workpaper from last year is rolling forward without a fresh review, stop and check it against the updated instructions. Section 163(j) calculations can affect businesses with significant interest expense, so careful review matters.

This is general tax information, not individualized advice. Consult your tax professional about how the updated rules apply to your business.

Why is my tax return so many pages? It may be more normal than you think.Form 1040 is only one part of a tax filing. Add...
09/12/2026

Why is my tax return so many pages? It may be more normal than you think.

Form 1040 is only one part of a tax filing. Additional pages may include:

• Schedules for income, deductions, and credits
• Business or self-employment forms
• Rental-property income and expenses
• Investment and retirement reporting
• Depreciation schedules
• State tax returns and required disclosures

A longer return does not automatically mean there is a problem: or that you owe more tax. In many cases, the length simply reflects the number of items that must be reported and documented.

Review your return with your tax professional, ask questions about unfamiliar forms, and keep your supporting records. Clear explanations can give you confidence that your filing is complete and accurate.

Need help understanding your return? Contact Elite Tax and Consulting to schedule a consultation.

Address

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

Telephone

+17015947000

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