As I wrote about on April 12th there was a large increase in Minnesota unemployment taxes for Q1 2022. After nearly all companies filed their Q1 unemployment tax returns (due 5/2) the Minnesota Legislature passed a “Trust Fund Replacement Bill” on April 29. This change reduces the unemployment tax rates...
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When plans reach a certain size, they are required to file the regular Form 5500 instead of the Short Form. In addition, plans are typically required to be audited and those audited financial statements are to be attached when the longer Form 5500 is required. The general requirement to file...
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There is a large payroll tax increase for employers (businesses and non-profits) in Minnesota that hasn’t gotten much attention. The increase is starting to be noticed now that Quarter 1 2022 payroll tax filings are coming due and taxes have to be paid. This increase is in MN Unemployment tax...
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Step 1 – Record bank feed transactions Bank Accounts Categorize expenses to expense accounts. Transfer money to any other bank account owned by your Company. Record Credit Card Payments for any payments from your bank account to your credit card. Match bank feed activity to transactions you’ve already recorded in...
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The last several years have been a whirlwind of tax law changes at the Federal and state levels. The following is an update targeting business owners and financial professionals that are not following the day-to-day changes in the tax code. Important Dates There are many important dates for tax filings...
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