Tax and Accounting Blogs

Filing Requirements for Business Owners We have important news to share regarding a new filing requirement that will impact the vast majority of small businesses in the United States starting in January of 2024. In 2021, Congress, with bipartisan support, enacted the Corporate Transparency Act to address the problem of corruption, money ...

In 2024, the IRS has made important adjustments to the standard mileage rates, affecting various aspects of business, medical, moving, and charitable activities involving the use of vehicles. Here's a closer look at some key details and implications of these rate changes: Business Standard Mileage Rate Increase: The most significant change is ...

Big news in the world of employment law in Minnesota that you should be aware of: the Earned Sick and Safe Time (ESST) law kicks off on January 1, 2024. This new regulation is designed to benefit employees across the state, ensuring they have access to paid sick and safe time. Let's ...

Let's discuss steps that can be taken to reduce taxes and help you save for your future. Though there has been a lot of political attention to tax law changes, inflation, and environmental sustainability, political compromise has led to smaller impacts on taxes this year. However, with the passage of the Inflation ...

As we wrap up 2022, it’s important to take a closer look at your personal taxes Let's discuss steps that can be taken to reduce taxes and help you save for your future. Though there has been a lot of political attention to tax law changes, inflation, and environmental sustainability, political compromise ...

Now is the time to get the books updated, see where you stand, and schedule your year-end planning with us. Buy I Bonds Now to Earn Huge Interest! Inflation is high, but there is one good thing that can come from it. The U.S. Treasury Department is offering Series I bonds that ...

Ready For Your Mid-Year Check-In? For those of you on our monthly maintenance advisory package, this is just a friendly reminder that we’ll be reaching out to you soon to schedule your mid-year check-in. Why? To make sure your business is on the right track, opportunities for tax savings are not overlooked, ...

New Tax Breaks for Individuals The PPP loans and stimulus checks have attracted most of the attention from the new 5,600+ page stimulus package. However, there were some small new or extended tax breaks for individuals. Charitable Donations – Normally, you could only deduct charitable contributions on the federal tax return if ...

PPP Loan Forgiveness The US Small Business Administration (SBA) and Treasury finally published the updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less. The interesting part of this one-page form is that the instructions are four ...

The IRS announced it will start accepting and processing 2020 tax returns on Friday, Feb. 12. This is later than in most previous years when tax season has started in late January. The IRS says the delay is due to the extra time it needs for programming and testing its systems following ...