On Friday, May 31st, Governor Tim Walz signed into law Minnesota’s response to the federal Tax Cuts and Jobs Act (TCJA). House bill No 5 lays out these changes. Minnesota adopted many of the changes made to the Internal Revenue Code, with several...

With the Tax Cuts and Jobs Act limiting an individual taxpayer to a $10,000 ($5,000 for married filing a separate return) state and local tax (SALT) itemized deduction, many taxpayers no longer benefit from itemizing their deductions. Limiting...

Owners of pass-through entities (S corporations, LLC/partnerships) that sell services or sell/license the right to use intangibles may benefit from analyzing how revenue is being sourced if the owners are residents of states with no income tax...

Minnesota Revenue has updated their local sales tax collection requirements for Minnesota Sellers.  Due to the U.S. Supreme Court’s decision on South Dakota v. Wayfair, physical presence is no longer needed for a state to require a company to...

As a business owner or employee benefits specialist, you're most likely aware of the Pension Protection Act enacted in 2006. It increased oversight of retirement accounts and held businesses accountable for underfunded accounts. However, what...

Federal tax reform is all over the news these days, but state tax saving opportunities are often left out of the headlines. A window has opened for many companies to consider changing their entity structure, but they will need to analyze how...

Cash is king for many tech companies, but this is especially true for startups. Deferral of income taxes frees up cash and makes it available for reinvestment. Maintaining a healthy reserve can be the difference between surviving and thriving, so...

Cash is king for many technology companies, especially start-ups. Generally, the longer a company can defer paying income taxes, the more cash they have available to grow the business—and maintaining a healthy level of cash can be the difference...