Member of Russell Bedford International, a global network of independent professional service firms.
Member of Russell Bedford International, a global network of independent professional service firms.
College foundations play a critical role in creating opportunities for students, but managing the internal accounting procedures of those organizations can be complex. In this fourth and last video in our college foundations series, Dan Swanson, shares his perspective on the unique challenges and opportunities college foundations face. Dan discusses best practices for financial reporting, common issues foundations encounter and how clear communication can help organizations stay focused on their ultimate goal, which is supporting students through scholarships and funding.
Transcript
Welcome, everybody. I’m very excited to be here today. My name is Dan Swanson. I am an assurance manager here at Cray Kaiser. I’ve been with the firm for about 12, 13 years now, and I wanted to talk about a subject matter that I’m very passionate about, and that is college foundations and some of the important factors that we need to be considering, some of the hot topic issues. I want to talk about some success stories, some issues that they commonly face.
One of the reasons I’m very passionate about this, because we always hear that question, if I wasn’t an accountant, what would I be doing? I’m a big fan of education. My parents were teachers. I have brothers that are teachers. So if I wasn’t an accountant, I would be a teacher. So by serving these college foundations, I feel like I get the best of both worlds. I’m helping students while getting to use my accounting knowledge and expertise. So it’s very near and dear to me.
So I wanted to kind of talk about foundations and how we here at CK have helped foundations on a number of different areas. So where I think Cray Kaiser can really add value and where I believe sets us apart from either having an internal full-time person or another outsourced firm, assisting with the monthly accounting is I’m a big fan of the education piece and the communication piece.
So what I always try to do is explain to the foundation and the staff is here’s what I’m doing. Here’s why I’m doing it. And here’s kind of the end game. Here’s the goal. Start with the end in mind. So here’s what we’re trying to get to. But in order to get there, we got to do these three, four, five things. So really helping them understand my process or CK’s process. Here’s how we’re going to go through it. Here’s how we’re going to work through it. I think really helps them understand kind of the efforts and what it takes and the value that they are getting from this.
Because I don’t ever want to be just an expense item on their income statement. I want that to have meaning, to add value. If we’re just a necessary evil expense, then I feel like I’m not doing my job. But if we can help them add that value, then it’s a win-win.
So again, that’s educating them along the way, communicating with them. And really kind of strategically thinking, how do we make things better? How do we make the financial statements more transparent? If there’s this big manual, Excel manual process, how do we let the system do that heavy lifting? Because if there’s a time-consuming manual process, what happens? We’re all human. We all make errors. So if we can let the system do those, automate it, utilize the system to automate those tasks, our consistency and our errors are going to improve.
So again that’s I think where we can come in since we’ve worked with these systems, we know how they work we know how they operate we know how they think so let’s lean on that to streamline processes, streamline these manual processes and then educate.
That’s where I think we come in to improve is if you have a question ask. You know the old Who Wants to be a Millionaire game show. I want to be your “phone a friend”, if you have a question, give me a call and we’ll talk through it. I’m a big fan of let’s just get better. So just because we did it last month doesn’t mean we’re going to hit cruise control and do it the same way the following month. Consistency is key, but can we improve? And so let’s work together to always get better, always get more transparent, and let’s continue to have those conversations with the executive director, the finance committee, the board members, and let’s make sure we’re all in it together. Because again, what’s the goal? What’s the purpose of these foundations? Let’s raise money. Let’s raise donations. So we have tons of scholarship funds available for students. That’s the goal so let’s keep the goal in mind and so that’s and how do we get there? Again, that’s education communication and constant improvement.
So that’s what I try to bring, that’s what Cray Kaiser tries to bring, is that winning successful attitude. Other issues that I see or that we can help out with I may have mentioned just timeliness on monthly financials. So how do we get to you by the 20th of every month. Those month end financials are done and closed. So us being auditors and us understanding the importance of internal controls and processes, when you come to Cray Kaiser, we can kind of plug in that mentality and really help you streamline your month end closes.
What are some best practices? What are some great work papers? What are some great recs that we can do? We can help meet with your staff there and kind of help train them, help guide them, help empower them to do some of that work ahead of time. We’re happy to do it, but we’re also happy to help train and guide your people internally, so they know how to do it moving forward, as well. I really want it to be a team atmosphere. I want to educate you along the process. Here’s what we’re doing. Here’s why we’re doing it. And this is why I think it’s going to help everybody here. So that’s kind of the time. Yes, we’ll set a schedule. This is what we want to do. And this is how we’re going to do it. Do we always meet that? No, there’s always issues that come up, but we can work through them.
So from some of my past experiences, that timeliness of financial reporting wasn’t being done or there’s a transition. This long time finance position person is retiring and we’re having a hard time finding a new person or training a new person, so that’s where since we have the experience here can kind of come help in and either bridge that gap or even be that outsourced kind of finance position to help you produce accurate financial statements, either quarterly, monthly, whatever you need, so your finance committee, your board, can review and approve, etc.
Here’s a scenario where Cray Kaiser was able to step in and provide value. So there was a longtime financial person in the shoes that we are at now who retired. What happened was they retired and then that transition did not go well and so they were five to six months behind in their financial reporting. They were months behind in entering payables into their accounting system and they were months behind in just simply cutting vendor checks. So it’s kind of triage, what are what are the key items, the key problems, the key sources that you need us to do.
So I still remember day one us simply going out there and looking through their vendor payables, entering them and cutting checks was a huge win. Just that simple task was a big win just because that transition for whatever reason did not go well. But again with us and our knowledge with nonprofits, our knowledge of accounting principles, our knowledge with working with different systems, we were able to quickly step in kind of see their system that we weren’t new to, understand it and start just simply cutting checks. Sweet! Day one we got a win. Okay, now tomorrow let’s come back. Okay, what else what else is on your mind, what else hasn’t been done, what else is of super importance. You tell us what you need us to do we don’t want to ever just assume and do things so you help us understand your struggles and we’ll provide solutions or provide help where we need it.
So again there was the just simply cutting checks and then just bank reconciliations. In the accounting world that’s key. Can we get timely bank reconciliation done? Again five, six months behind and a simple, quote unquote, simple bank reconciliation. So that was on their mind. So let’s make sure we understand that process and get that moving forward and get that scheduled out.
I keep talking about the investment piece. So again, as foundations, depending on the size, that they could have millions of dollars in investments that have earnings each month. So how do we make sure that these earnings are being appropriately allocated to these 200 scholarship funds? Are all those scholarship funds included in those earnings? If there’s a new endowment, how do we make sure that new endowment is now added to that pool?
So it’s kind of going through a whole list of scholarships or endowments. What should be part of that earnings pool? And is it in there? And what are some best practices to track that moving forward to ensure as new ones are added, they’re added timely. As new money comes into the foundation, how do we make sure those new funds are invested in a timely fashion? So again, that’s where that internal control processes, best practices come into play. And that’s where I think Cray Kaiser does a good job stepping in and just having those discussions to make sure we’re aware of all the issues so we can address them one at a time.
As accountants, as CPAs, I kind of say, we have that strong accounting foundation, that accounting base. So we have a step up on working with new accounting software. We already know what the answer should be because we’re strong accountants. So how do we get the system to do what we know the accounting needs to be? And if you can kind of have that strong accounting knowledge, it makes utilizing that system that much better.
So if you made it this far in my video presentation, I want to thank you for staying. If you have any questions that you would want to ask me, please feel free to reach out. You can go to the Cray Kaiser website. And you can find me. Again, I’m Dan Swanson. I’m an assurance manager here. Again, I’m very passionate about foundations and the importance of solid financial reporting. Over the years working with them, I think I’m pretty good at it. And again, I always think of what is their mission, what is their vision, what is their value of these foundations? And at the end of the day, we want to provide opportunities, funding for students.
Again if I wasn’t an accountant I would be a teacher and educator so working with these foundations, I get the best of both worlds. I’m able to achieve both of those dreams. So again if you have any questions, if you’re seeking more information, hey, if you just want to talk to me for a half hour I’d love to help. So again please feel free to contact me all that information is on the Cray Kaiser website. And again, thanks for staying on if you made it this long.
In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be prouder of the team we’ve grown and we’re excited for you to get to know them. This month, we’re shining our spotlight on Ted Stoik.
Ted Stoik is a Senior Assurance Accountant at Cray Kaiser. In his role, Ted leads audit engagements and guides staff through planning, fieldwork, and reporting. During a typical engagement, he works closely with clients to understand their businesses, assess risk, review key estimates, and ensure workpapers and financial statements are clear, accurate, and well-supported.
Ted has a particular interest in improving audit efficiency and documentation quality. He’s always looking for ways to refine processes and strengthen the overall audit experience for both clients and the CK team.
Ted joined CK in January of 2026. He was drawn to the firm’s strong reputation for quality work combined with a genuine commitment to work-life balance. And, as he puts it simply, “I really like the people.” Since joining, it’s the team culture and camaraderie that continue to stand out most.
The CK core value that resonates most with Ted is Education. He believes there is always more to learn, especially in public accounting, and that mindset drives him to sharpen his technical skills and expand the value he brings to clients.
Before joining CK, Ted earned his master’s degree in accounting from the University of Missouri. He interned at Grant Thornton before spending two years at RSM, where he gained hands-on experience working with manufacturing clients. One of the most impactful moments in his career was leading an engagement from planning through issuance for the first time.
“It pushed me out of my comfort zone and forced me to think not just about individual workpapers, but the financial statements as a whole,” Ted shares. “It gave me confidence in my ability to lead and reinforced how important clear communication and organization are in delivering a smooth audit.”
His advice to anyone just getting started in accounting?
“Ask questions early and often. Don’t fall into the trap of spinning your wheels. Your team is there to support you.”
Looking ahead, Ted is focused on continuing to grow within the assurance practice and deepening his expertise to bring even more insight and value to clients. He’s especially interested in data analytics and automation within accounting and audit, leveraging technology to identify trends, anomalies, and risks more efficiently and free up time for higher-level analysis and client conversations.
What was your favorite CK group outing?
The company bowling party! Despite only bowling a handful of times in my life, I walked away with two strikes and a great time.
How do you spend your weekends or time off?
Right now, much of my free time is dedicated to studying for the CPA exam. When I’m not hitting the books, I enjoy spending time with friends, watching shows, and being outdoors. I often travel to Michigan or Oregon to help family on farms and vineyards. Part farmhand, part family guest.
Tell us about your family.
My dad is a writer and my mom is an event planner for senior living communities. I spent summers in Michigan working on my family’s fruit and vegetable farm, and in the fall in Oregon helping with the grape harvest. Safe to say, I know my way around both spreadsheets and vineyards.
Do you have a hidden talent?
Farmer.
Favorite vacation spot?
The Boundary Waters in Minnesota. You can’t top crystal clear water, almost zero light pollution, and unbeatable hiking and canoeing.
Favorite TV show?
Suits. I admit I’m drawn to stories about sharp young professionals excelling in their field.
What’s on your music playlist?
A little bit of everything: metal, jazz, rock, classical, rap, and R&B. Lately, I’ve been on a “divorced dad rock” kick featuring Nickelback, Foo Fighters, and Alice in Chains.
When we give, we gain. It sounds simple but this year’s International Women’s Day theme is anything but small.
“Give to Gain” challenges us to see generosity not as subtraction but as intentional multiplication. When we give our time, knowledge, visibility, advocacy, mentorship, resources, or support, we’re not losing something. We’re building something. It comes in the form of stronger networks, confidence, and opportunities. And when women thrive, we all rise.
At Cray Kaiser, we asked several of our team members what this year’s theme means to them. Their responses remind us that giving isn’t just an action, it’s a mindset.
For Maria Gordon, “Give to Gain” is about shared growth.
“The theme ‘Give to Gain’ reminds me that sharing my expertise with others is a way to build trust and relationships, and as a result, develop a community of support. Together we grow stronger.”
Brigette Oberlander sees “Give to Gain” as a call to action.
“To me, ‘Give to Gain’ is a powerful reminder that progress, especially gender equality, is rarely achieved by taking, but by sharing, supporting, and uplifting other women. ‘Give to Gain’ isn’t just about what you give. It’s about creating a cycle where generosity fuels equality, empowerment, and collective success.”
She also shares one of the most practical ways she gives:
“One way I try to give to women in the community is by sharing access to clear, judgment-free information and encouragement.”
And her advice to women everywhere?
“Take the step. Adjust as you go. You are allowed to grow in public.”
For Deanna Salo, “Give to Gain” reflects the arc of a career and the privilege of paying it forward.
“Throughout my career, the ‘Give to Gain’ has lived well. Early in my career, I gave effort to gain experience and then by mid-career, I was given leadership to gain impact. Now, it’s a privilege to give opportunity to gain legacy. This is not my legacy, but about creating an environment where talented women have support to navigate without boundaries.”
Her lesson for others?
“Create space for talented women to advance, even if they are next to you. Build pathways that didn’t exist before you. Lead in a way where strength, compassion and empathy belong in the same room.”
Natalie McHugh offers a perspective we don’t talk about enough.
“Don’t be afraid to ask for help. Women often silently take on most responsibilities in a family, and this often extends to work and other aspects of our lives. No one person can ‘do it all’ – and asking for help from your partner, kids, coworkers, etc., is okay.”
Raimonda Kesler shared a favorite quote from Untamed by Glennon Doyle:
“When women lose themselves, the world loses its way… What we need right now is more women who have detoxed themselves so completely from the world’s expectations that they are full of nothing but themselves… A woman who is full of herself knows and trusts herself enough to say and do what must be done. She lets the rest burn.”
Kathy Myli reframed the theme in a way that stopped us in our tracks.
“We define “give” as to freely transfer the possession of, or cause or allow (someone/something) to have something; or the capacity to bend or alter in shape under pressure. As women, mothers, sisters, friends and colleagues, we do these things unconsciously. They are an innately inherent part of our beings and souls. Therefore, to define the word “give” is to define the word “women” With that, I reissue the theme as “Women to Gain.”
This year’s theme is a call for strength, unity and resilience. To come together and stand as one community, one voice. Not to break under pressure but to be REFORMED into something POWERFUL.”
“Give to Gain” is a mindset of abundant generosity and collaboration. We have so many things to offer each other, like knowledge, mentorship, visibility, advocacy, time, encouragement, opportunity, and more. When we give these things, we don’t just advance individual women. We create a more supportive, interconnected world.
At Cray Kaiser, we believe that when women have the support to grow without boundaries, businesses grow stronger, communities grow healthier and the future grows even brighter.
So, this International Women’s Day, we’ll leave you with this question: What will you give to gain in the upcoming year?
CPA | Manager
Financial statement audit season can feel overwhelming for K-12 school districts, but it doesn’t have to be. With a little preparation and clear communication, school districts can prepare themselves to have a successful and smooth audit. Below are some practical steps you can take in the months leading up to your audit to help ensure a positive experience.
Good organization is the foundation of a smooth audit. Make sure that important documentation is easy to access and clearly labeled, including:
When auditors can quickly locate what is needed, the process moves more quickly and requires fewer follow-up questions.
Before auditors arrive, your accounting records should be current. You will need to do the following:
Ideally, your books should be reconciled through the current date. Up-to-date records reduce surprises.
Don’t wait for the auditor to tell you that something looks unusual.
Run:
Then ask:
If something stands out, investigate it ahead of time. Unusual results often point to adjusting journal entries or posting errors that can be corrected before the audit.
School districts have unique compliance requirements that often go beyond the basic financial statement audit.
Be aware of:
If your district received significant federal funding during the year, you may be subject to additional compliance testing. Confirm your requirements early so you’re not caught off guard.
Strong communication can prevent most audit frustrations.
Schedule a pre-planning meeting to clarify expectations in the following areas:
Logistics
If possible, schedule audit work so that your team is not stretched too thin with everything else going on.
Staffing
Clear roles reduce confusion and duplicate requests.
Engagement Letter
Audit work should not begin until you have signed an engagement letter and you understand the letter.
PBC (Prepared by Client List)
Review the list carefully and begin gathering items as early as possible.
Discussion of Significant Matters
If any significant, unusual transactions have occurred during the year, or your organization is unsure about your books/records and the treatment of certain areas, ask your auditors for advice on these at this time. Early conversations help to prevent complications later.
Deliverables and Deadlines
An exit conference helps confirm the next steps and ensures everyone is aligned before the audit is completed.
An audit shouldn’t feel like a surprise inspection, instead it should be a well-managed project. When a school district stays organized, keeps financial records current, understands the compliance requirements and communicates clearly with auditors, audit season becomes more manageable. If you have any questions during your district’s audit, the trusted advisors at CK can help. You can call us at 630.953.4900 or contact us through our website.
In part 3 of our video series about college foundations, Dan Swanson, an assurance manager at CK, shares his perspective on working with college foundations. In this video, he explains key year-end considerations, like tax reporting and nonprofit audits and how proactive planning can take the stress out of the process. He also highlights how CK partners with foundation staff and boards to prepare for audits, maintain clean records and ultimately free up time to focus on fundraising and advancing the foundation’s mission.
Transcript:
Welcome, everybody. I’m very excited to be here today. My name is Dan Swanson. I am an assurance manager here at Cray Kaiser. I’ve been with the firm for about 12, 13 years now, and I wanted to talk about a subject matter that I’m very passionate about, and that is college foundations, and some of the important factors that we need to be considering, some of the hot topic issues.
What are they doing with year-end tax reporting? Even though they’re a nonprofit, there’s still some year-end tax reporting that needs to be done. So how do we alleviate that requirement? Nonprofits need year-end audits. So how do we help the foundation get through the year-end audit procedures? We here as auditors kind of have a leg up in that because we know what they’re going to ask for. We know what type of work papers they need. We know the routine so we can be your advisor to get you through that process.
So another value add that I think teaming up with Cray Kaiser has is the year-end audit. So as foundations, as a nonprofit organization. The foundations that we do work with, they’re required to have an annual audit performed. And typically it’s in conjunction with the college’s audit. They’re both separate audits, but they need to be issued kind of simultaneously. So an issue that comes up a lot is, oh no, it’s year-end audit time, what do we do? How do we get prepared? What are the auditors going to ask for? What do we need to do?
So what’s super cool about, you know, teaming up with Cray Kaiser is we’re also auditors. So as auditors, we know the process. We know what questions are going to be asked. We know the expectations that the auditors are going to have on the foundation. So having all that knowledge and all that experience, we can advise and we can consult with the foundation, counting staff, board members, et cetera, okay, here’s what we think needs to happen, and we can get them prepared ahead of time in advance. So come year-end audit time, all that worry, all that stress hopefully goes away because we’re ready. We have clean records. Everything reconciles. We’re super transparent. Any question the auditors have, we’re going to be able to explain, okay, here’s what we did, and here’s why we did it, here’s our work paper to support that balance or to support that transaction. Having a good clean records done monthly really sets you apart come audit time.
You know what we typically do with the foundations, I work with is the auditors will have a request list. And so what I like to do is schedule a meeting with the foundations and we’re going to go through this request list one by one and I’m going to help educate them. Okay they’re asking for this and here’s why. You know we’ll take care of this request as kind of your outside accountants or you guys take care of this because this deals with donor information and you know you have that at the ready. So we kind of divide up responsibilities on the audit. Here’s what we’ll take care of. Here’s why they’re asking for it. And we’ll meet again in a couple weeks and see where we’re at, so when the auditors are here are present they have everything they need to do to get through it timely. And we try to get out ahead of any requests that way the auditors have what they need and it’s simply they just need to get through it.
So again that’s the fun part again because I know what they’re going to ask for. I know what they need. I know how they think. And I can help educate the foundation staff and make sure that they’re as prepared as can be, come year-end audit time so these things don’t drag on and on and on and then becomes this high stress situation. If I can relieve that stress, if I can relieve that angst, then I feel like I’m doing my job.
And so far, knock on wood, the foundations every year, in my opinion, I think the audits have gone very smoothly and so that’s where my cool that’s kind of awesome. You know, we’re doing it we’re teaming up with them they’re getting through this, this year on audit procedure. It’s not this overwhelmingly stressful task. So again a lot of them, they’re fundraisers, so accounting isn’t their fortitude. So if we can come in and help educate on the accounting piece then I can free them up to go out and fundraise and spread the mission on the foundation. So that’s, I’ve got the accounting. I’ll help you out.
But again, selfishly, I’ll do the accounting so you can go out and do what you do best. So that’s where I think coming to Cray Kaiser adds value. If you have any questions that you would want to ask me, please feel free to reach out. You can go to the Cray Kaiser website and you can find me. Again, I’m Dan Swanson. I’m an assurance manager here.
In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be prouder of the team we’ve grown and we’re excited for you to get to know them. This month we’re shining our spotlight on Brigette Oberlander. Listen to her audio blog and learn more about why she chose to be a part of the CK team.
Transcript:
Brigette Oberlander. I am the Client Accounting and Advisory Supervisor. As the Accounting and Advisory Supervisor, my day-to-day responsibilities involve a diverse range of tasks, ranging from preparing monthly financial statements, navigating complex accounting regulations, and training and mentoring staff.
I joined the team in October of 2025. I was initially drawn to CK for their reputation for culture and personal development. I’m excited to gain more exposure to a diverse client base, giving me more opportunities to solve problems and grow my accounting knowledge, while also providing a chance to make an impact both internally and with clients. as the firm evolves. Since I’m brand new, I really just enjoy the people-first relationship-driven environment that Cray Kaiser provides.
The people, they provide a balanced, respectful work environment, and I really appreciate CK’s commitment to balance and well-being, and they really invest in their staff through multiple things like mentoring, training, and leadership opportunities.
I have a strong foundation in accounting and advisory work, supported by a master’s degree from Keller Graduate School of Management. My career has been built across several industries, primarily manufacturing for the most recent seven years, with additional experience in construction and real estate.
I would have to say, stay curious and always be willing to ask questions. I think the best thing you can do is build a habit of learning and focus on developing really good work habits and being open to continuous growth.
Family is a big part of my life. I have two kids. My son is 18, my daughter is 21, and they are both in college right now, which has been an exciting chapter for all of us. And at home, I have two dogs who keep things very lively and make sure there’s never a dull moment in my house.
Uh, not really a special talent, but I do know a lot of very random movie quotes. It’s never anything useful, but it does come in handy more often than you would expect. So, I recently suffered a pretty major knee injury, which has kept me away from sports for the last six, seven months.
So, I’m currently reading a book called On Top of Your Game, Mental Skills to Maximize Your Athletic Performance. I’m hoping it tries to help me both physically and mentally recover from this injury.
CPA | CK Principal
The One Big Beautiful Bill Act was signed into law on July 4th. The law significantly expands the Qualified Small Business Stock (QSBS) exclusion under Internal Revenue Code 1202 for stock acquired after July 4, 2025.
Below is a concise summary of the changes:
Stock acquired before July 4, 2025
Stock acquired on/after July 4, 2025
Tiered gain exclusion based on holding period:
Stock acquired before July 4, 2025
Stock acquired on/after July 4, 2025
Stock acquired before July 4, 2025
Stock acquired on/after July 4, 2025
Federal QSBS benefits don’t always apply at the state level. Cray Kaiser can provide guidance on state conformity regarding QSBS.
QSBS planning is time-sensitive and documentation-heavy. There are qualifications that must be met to qualify for this gain exclusion. Have QSBS questions? Contact Cray Kaiser today. We will help you navigate through these hurdles.
CPA | Tax Manager
The Qualified Opportunity Zone (QOZ) program was originally introduced as part of the Tax Cuts and Jobs Act (TCJA) of 2017 to encourage long-term investments in economically distressed communities. The One Big Beautiful Bill Act (OBBBA), is bringing major updates to this tax incentive program, giving investors and developers new benefits and rules.
Here’s a breakdown of what’s new, why it matters and how you can prepare for what’s next.
A Qualified Opportunity Zone is a designated economically distressed area in the U.S. The goal is to encourage private investments in these zones by offering tax breaks to investors to stimulate growth and development in these areas.
Under the original rules, investors could benefit from:
However, these benefits were set to expire on December 31, 2026, which limited long term planning.
The One Big Beautiful Bill Act gives the Opportunity Zone program new life by removing the expiration date and introducing a set of enhancements designed to focus investment in the areas that need it most.
Here are the key updates:
The Program is Permanently Extended
The QOZ program is no longer set to expire in 2026. Instead, it’s been extended indefinitely, providing long-term stability for investors and developers.
New Zones Every 10 Years
Stricter Eligibility Requirements for Zone Designation
To better target areas in need:
Updated Tax Incentive
There are a few important adjustments to how tax breaks work:
New Opportunities for Rural Investors
For the first time, there’s a special focus on rural America through the creation of Qualified Rural Opportunity Funds. These funds come with extra perks, including:
Unfortunately, these exciting changes do not take effect until January 1, 2027. This means all investments prior to then will fall under the old QOZ rules. Under the old rules gains are only deferred until 2026, at which point you must report and pay tax on them. A one-year deferral isn’t much of an incentive for investing prior to 2027. Because of this lag in policy, experts anticipate a slowdown in QOZ funds as investors wait for the new rules and longer deferral periods to kick in.
The Opportunity Zone program has entered a new era. With enhanced benefits, a focus on rural areas, and long-term stability, investors may find fresh reasons to explore these communities and investments. But until the new rules take effect, investors should consider holding off on QOZ opportunities until they can take full advantage of the new benefits starting in 2027.
If you’re wondering how these changes could affect your investment strategy, our tax experts can help you evaluate your options and prepare for the new Opportunity Zone landscape. Contact us to learn how to make the most of these upcoming opportunities.
MSA, MST | In-Charge Staff Accountant
On December 2, 2025, the Internal Revenue Service (IRS) released a draft of the new Form 4547, titled Trump Account Election(s). This form allows authorized individuals (typically parents or guardians) to elect to open a “Trump Account” for eligible minors. These accounts are part of a new federal initiative designed to help children build financial assets early in life. One of the most notable features of Form 4547 is the option to receive a $1,000 “Pilot Program Contribution” from the U.S. Treasury for children born between 2025 and 2028.
According to the IRS instructions, the the most efficient way to file Form 4547 is by submitting it with the authorized individual’s electronically filed current-year federal income tax return. For the initial rollout, this would likely coincide with the filing of the 2025 tax return.
If the form is not filed with the tax return, it may still be filed separately using paper filing.
The IRS has announced plans to launch an online portal at trumpaccounts.gov in mid-2026. This portal may eventually allow authorized individuals to make Trump Account elections online. However, it is important to note that contributions to Trump Accounts will not be allowed before July 4, 2026.
In early December, the Michael & Susan Dell Foundation announced a $6.25 billion philanthropic commitment to fund 25 million Trump Accounts. Through this initiative, the foundation plans to contribute $250 per account for children who:
This program is intended to support children who do not qualify for the $1,000 federal Pilot Program Contribution. Parents can assess potential eligibility by entering their zip code into Census Reporter which provides median income data from the U.S. Census Bureau. Additional details about the Dell Foundation contribution aren’t available yet but we will provide an update as soon as more substantive information becomes available.
To learn more about how Trump accounts, Form 4547 or related contribution programs may impact your family, please contact one of the trusted advisors at Cray Kaiser. We can help you navigate new developments and plan accordingly.
CPA | CK Principal
As it does every year, the Internal Revenue Service recently announced the inflation-adjusted 2026 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Additionally, tax professionals and their clients may use the optional standard mileage rate to calculate the deductible costs of operating vehicles for moving purposes for certain active-duty members of the Armed Forces, and now, under the One, Big, Beautiful Bill, certain members of the intelligence community.
Beginning on Jan. 1, 2026, the standard mileage rates for the use of a car (van, pickup or panel truck) are:
The business standard mileage rate is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. The rate for using an automobile while performing services for a charitable organization is statutorily set (it can only be changed by Congressional action) and has been 14 cents per mile for over 15 years.
Taxpayers always have the option of calculating the actual costs of using their vehicle for business rather than using the standard mileage rates. Notice 2026-10 contains additional information.
If you have questions about the standard mileage rate or calculating the actual cost of using your vehicle for business, please contact Cray Kaiser.
