Bookkeeping Red Flags and What To Do About Them
Bookkeeping is strategically important for every business because financials form the foundation for daily operations and future planning....
3 min read
Jared Weiskopf, CPA : June 3, 2019
June 3, 2019 — 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 exceptions. Some of the changes are retroactive to 2018, but others start in 2019. The Minnesota Department of Revenue is currently reviewing the Bill and you should not file amended returns or take any action at this time. The information below is intended to provide a high-level quick summary based on the information we have at this time, with more information to come as it becomes available. Below is a summary of some of the changes.
Effective for taxable years beginning after December 31, 2017:
Effective for taxable years beginning after December 31, 2018:
Effective for taxable years beginning after December 31, 2017:
Effective for taxable years beginning after December 31, 2018:
These changes may impact your 2018 and future Minnesota tax returns at both a business and individual level, so it’s important to speak with your tax advisor to understand what these changes mean for you.
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