This past summer, Minnesota enacted a new passthrough entity (PTE) tax for years beginning after December 31, 2020. This entity-level tax is considered a workaround for the federal $10,000 state and local tax deduction limitation (SALT limitation) imposed on individuals who itemize deductions on their personal income tax returns. Many...
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November 22, 2021 by Staff
Cyber Security and Cyber Safety are very much related when it comes to the overall safeguard for online and information protection. Cyber safety focuses on protecting individuals from harmful online contents and activities, whereas cyber security involves the protection and securing of information on the network from all potential threats....
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October 27, 2021 by Staff
As a recent graduate from Rasmussen University with a Bachelor of Science in Cyber Security, I have gained an understanding what cyber security is and how ignoring it can be detrimental to businesses. Cyber Security can be described as the collective methods, technologies, and processes which protect the confidentiality, integrity,...
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October 15, 2021 by Staff
In June 2018 the US Supreme Court upturned the sales tax collection standard in its Wayfair vs. South Dakota decision. While the decision did not uphold South Dakota’s nexus statute based on the amount of sales and transactions, it revoked the prior ruling which required a physical presence to collect...
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September 16, 2021 by Staff
The 2017 Tax Cuts and Jobs Act (TCJA) limited the itemized deduction for state and local taxes (SALT) to $10,000. Many states enacted laws to work around this limitation and support business owners by allowing the business to pay and deduct the tax. Minnesota has now enacted its own Pass-Through...
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