Uncategorized

On July 1, 2021, the Minnesota Legislature passed, and Governor Tim Walz signed a 2021 tax bill. The bill includes tax changes related to unemployment compensation, Paycheck Protection Program (PPP) loan...

Outsourced accounting offers a huge benefit to many businesses, both small and large. However, most business owners don’t understand the benefits until year-end when they see the cleanup done of...

Now that we are half-way through the year it is time to assess your business. Mid-year reviews help business owners see how they are doing and adjust to achieve their...

If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a...

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS...

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed...

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct...

The Consolidated Appropriations Act, 2021 (CAA), was signed into law on December 27, 2020, and, with respect to the Employee Retention Credit (ERC), the CAA did two things. First, the...

Per the SECURE Act (a bipartisan bill designed to aid Americans’ ability to save for retirement), a business owner now has until their tax filing deadline to install a 2020...

When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax...