Blog

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...

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...

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...

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...

The Families First Coronavirus Response Act, has been signed by the President and includes mandatory paid leave requirements and related tax credits that will affect many small businesses.  These rules were effective April 1, 2020. Required Paid Leave Employers with fewer than 500 employees are now required to provide two...