Redpath Insights

SECURE Act: Summary of Key Provisions In The New Legislation

The SECURE Act (Setting Each Community Up for Retirement) recently passed, and the effects on employer-sponsored retirement plans as well as individual tax situations are the most significant since the Pension Protection Act of 2006. The...

Qualifying a Rental Real Estate Operation for the 199A Deduction

January 8, 2020 โ€” Under the Tax Cuts and Jobs Act, a 20% qualified business income deduction was granted to individuals and qualifying pass-through entities under IRC section 199A. Due to a large number of rental real estate operations owned...

2020 Form W-4 Reversion FAQ

January 2, 2020 โ€” Every year-end, the IRS releases the newest Form W-4 to use for the upcoming tax year. Since 1987 the form has carried forward year over year with the same layout and fields for completion, but with adjustments for tax table...

Updates to Tax Extenders, Refunds, Tax-Exempt Transportation Benefits

December 26, 2019 โ€” On December 20, 2019, the President signed into law the Taxpayer Certainty and Disaster Tax Relief Act of 2019, generally extending a number of โ€œTax Extendersโ€ (bills that are routinely set to expire in one to three year...

1042 Election: Defer Taxes on Your Sale to an ESOP

December 17, 2019 โ€” ESOPs come with a variety of advantages for the sponsoring company, the selling shareholders, and employees alike. For shareholders considering selling to an ESOP, a 1042 rollover can be a great tax deferral opportunity....

Changes to 2020 Form W4 for Employers and Employees

October 21, 2019 โ€” The Internal Revenue Service has made extensive changes to Form W-4 (Employeeโ€™s Withholding Certificate) to adjust employee withholding calculations to better align with the Tax Cuts and Jobs Act. For some, the form in its...

Minnesota Tax Conformity to Federal Tax Cuts and Jobs Act

June 3, 2019 โ€” On Friday, May 31st, Governor Tim Walz signed into law Minnesotaโ€™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...

Opting Out of S Corporation Status at the State Level to Avoid the $10K SALT Deduction Cap

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...

Saying No to the Business Interest Expense Deduction Limitation

May 22, 2019 โ€” Taxpayers who are in the real estate or construction industry may benefit from making an election to not be subject to the business interest expense deduction limitation that came about through tax reform.

Newly Proposed Opportunity Zone Regulations

May 7, 2019 โ€” The IRS recently released a set of proposed updated guidance around opportunity zones. You can view a qualified opportunity zones map by clicking here, or read our previous article on the subject by clicking here. Additionally, if...