Blog

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...

The CARES Act includes two important provisions related to retirement accounts: a suspension of required minimum distributions and a new exception to the early withdrawal penalty.   Changes to Required Distributions  Normally, taxpayers are required to take a distribution from their retirement plans when they turn 72 (70 ½ for...

The IRS released guidance disallowing business deductions to the extent of eligible loan forgiveness under the Paychecks Protection Program (PPP). The CARES Act created the Paychecks Protection Program to add liquidity to businesses by issuing forgivable loans through the Small Business Administration (SBA) for expenses such as payroll, employee benefits,...