Tax and Accounting Blogs

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 break it down […]

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 Reduction Act and […]

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 has led to […]

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 pay a guaranteed […]

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, and to communicate […]

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 you had itemized […]

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 pages long. That […]

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 the tax law […]

Stimulus Payments – What you need to know Between migrating to virtual work, dealing with the joys of unemployment, and setting up kids for remote learning those stimulus payments in the spring seem like they were issued years ago. Many people have told me they do not remember exactly how much they received. In order […]

FORM 1099-NEC (non-employee compensation formerly reported on 1099-MISC) The IRS requires business owners to file a Form 1099-NEC by February 1, 2021, for every individual or non-corporate business that was paid over $600 in 2020 for nonemployee compensation and legal services.  It’s very important to meet these requirements, as late filings could result in penalties. […]