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Minnesota Metro Sales Tax Increase

September 19, 2023

On October 1, 2023, a metro sales tax increase will affect seven metro counties in Minnesota. The counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington will need to collect a new 1% local sales tax that will be used to fund transportation and housing projects.

Emergency Savings Accounts

August 24, 2023

In 2024, new provisions of the Secure Act 2.0 may allow businesses to help non-highly compensated employees in financial emergencies to take a withdrawal from their 401(k), 403(b) or 457(b) plan using emergency savings accounts that are linked to the plan.

Personally Paid Corporate Expenses

July 31, 2023

When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax deductible by either you or the business.

Trust Fund Recovery Penalty

July 25, 2023

When employment taxes aren't paid to the government, the Trust Fund Recovery Penalty is personally imposed on certain business owners and managers. Here are the rules, along with two cases where individuals were held liable and hit with the harsh penalty.

Family and Medical Leave Act

June 29, 2023

Do you know if your employees are covered by the Family and Medical Leave Act (FMLA)? In this article, get the details on employee thresholds and leave provisions.

Minnesota Bans Non-Compete Provisions

June 23, 2023

As of July 1, 2023, Minnesota will prohibit employers from requiring employees to sign non-compete agreements restricting their employment options upon termination.

First-Year Depreciation

June 22, 2023

If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider.

Educational Assistance Program

June 12, 2023

Education benefits help attract, retain and motivate employees. One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employer.

Employee Benefit Plan Audit

January 26, 2023

An employee benefit plan audit is a periodic and independent examination of a company’s benefit plans that are subject to ERISA. If your company currently offers or plans to offer an employee benefit plan, read this article to learn about audit requirements.

Navigating Tough Times for Business Owners

November 4, 2022

In these difficult economic times, here are some tips on optimizing your business in the professional services industry.

Deducting Website Costs

August 10, 2022

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on deducting website costs. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs.

Going Out of Business Tax Obligations

July 12, 2022

Many businesses shut down due to the pandemic and the economy. However, going out of business tax obligations need to be met. First, a business must file a final income tax return and other related forms for the year it closes its doors.

Research Tax Credit

June 16, 2022

If your small business or start-up is planning to claim the research tax credit, there’s an option to get immediate use of the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits against payroll taxes instead of your income tax.

Estimated Tax Payment

June 7, 2022

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated tax payments. You want your business to pay the minimum estimated tax payment without triggering the penalty for underpayment of estimated tax.

R&D Expense Changes

May 11, 2022

New Federal tax law changes are set to take place that could significantly increase the tax liabilities for companies that take part in research and development (R&D) activities.