The SECURE 2.0 Act of 2022 (Secure Act 2.0) is a law designed to improve retirement savings options for both businesses and individuals. It revises the Secure Act signed into law in 2019 in a few areas. Small Business Retirement […]
Tax Legislation
There were several changes to Minnesota’s tax code that were added to the legislative session in May 2023. Here are the significant tax law updates to keep in mind for your tax planning strategies and filing your 2023 individual tax […]
As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a voluntary disclosure program for employers. Under the program, businesses can “pay back the money they received after filing ERC claims in error,” […]
Are you ready for the new Beneficial Ownership Information (BOI) reporting requirements implemented by the Corporate Transparency Act (CTA) that will go into effect on January 1, 2024? If you answered no, you are not alone. It is estimated that […]
As year-end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax year — and beyond. Fortunately, no significant unfavorable federal tax law changes that would affect 2023 or […]
The Minnesota legislature was very active in 2023 when it came to new tax implications. Minnesota enacted multiple changes that will impact taxpayers, such as adjustments in tax rates, deductions, credits and reporting requirements. Below are some changes that may […]
I thought it was a prank — the voicemail I received Jan. 11th from Geno Fragnito, MNCPA director of government relations, couldn’t be true. He said we were invited to the State Capitol to watch Gov. Tim Walz sign the […]
Initially, the Tax Cuts and Jobs Act (TCJA) of 2017 introduced the excess business loss (EBL) limitation which was effective for tax years 2018 to 2025. In 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act retroactively delayed the […]
It is common for individuals to make transactions with family members or businesses owned by family members. Did you know that such transactions could potentially have adverse tax consequence for you? The normal tax rules regarding the deductibility of losses […]
Starting up a business and wondering about how tax deductions will be handled? The most important thing to understand is that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business […]
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