July 8, 2021 - On July 1, 2021, Governor Walz signed a bevy of new bills into law, including both a $52B budget bill and a tax bill that benefits many Minnesota business and individual taxpayers. Below is a summary of some of the provisions in...
Jared Weiskopf, CPA
Recent Posts
June 15, 2021 - Cash is king for most โ if not all โ companies, and the ability to defer income taxes frees up cash and makes it available for reinvestment in the business. Moreover, maintaining a healthy reserve can sometimes mean the difference...
May 20, 2021 - Minnesota State leaders in the Legislature and Governor Tim Walz have announced their intent to allow both $10,200 of unemployment benefits and all proceeds from forgiven PPP loan applications to be excluded from income in...
December 18, 2020 -On December 16, 2020, Governor Walz signed a COVID-19 economic assistance package into law that provides business assistance grants for certain businesses operating in Minnesota that were closed to the public due to Executive...
July 17, 2020 - There is a new incentive for businesses licensed with the North Dakota Secretary of State, and the first round of applications opens July 31, 2020. This program applies to certain businesses that incur costs to help reduce the...
June 3, 2019 โ On Friday, May 31st, Governor Tim Walz signed into law Minnesotaโs 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...
May 28, 2019 โ 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...
May 1, 2019 โ 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...
July 25, 2018 โ Minnesota Revenue has updated their local sales tax collection requirements for Minnesota Sellers. Due to the U.S. Supreme Courtโs decision on South Dakota v. Wayfair, physical presence is no longer needed for a state to require...
March 21, 2018 โ 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....
