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Tax Legislation

Middle aged couple hiking.
Tax Legislation
Secure Act 2.0 Tax Savings Options

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 […]

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Minnesota State Capital
Tax Legislation
Minnesota Tax Law Update

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 […]

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Tax Legislation  ·  Tax Strategies
New Voluntary Disclosure Program for Employers that Filed Dubious ERC Claims

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,” […]

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Woman filing taxes
Tax Legislation  ·  Tax Strategies
The New Beneficial Ownership Information Reporting Requirements

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 […]

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Small Business image
Tax Legislation  ·  Tax Strategies
5 Ideas to Help Small Business Owners Reduce Taxes for 2023

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 […]

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close-up of hands counting money
Tax Legislation  ·  Tax Strategies
Minnesota 2023 Tax Law Changes

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 […]

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Photo of Minnesota Governor, Tim Walz, signing a bill.
Tax Legislation
Ms. Lindsey Goes to St. Paul – A Firsthand Account of the Federal Tax Conformity Bill Signing

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 […]

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silhouette of businessman holding umbrella facing lightning storm
Tax Legislation
Loss Limitation for Noncorporate Taxpayers

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 […]

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Tax Legislation
Related Party Transactions: Internal Revenue Code §267 – Tax Planning

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 […]

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Tax Legislation
No Current Deductions Before Business Commences

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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