Redpath Insights

Individual Aspects of the American Rescue Plan

March 26, 2021 - The American Rescue Plan Act of 2021 included many provisions affecting businesses, pensions, payroll, and individuals. Below are some of the provisions affecting individuals.

IRS Extends 2021 Individual Tax Deadline to May 17

March 17, 2021 โ€“ Acknowledging pressure from both Congress and tax and accounting groups, the IRS announced today that it plans to extend this yearโ€™s tax deadline from April 15 to May 17. While the IRS has not yet provided formal guidance, the...

Additional Stimulus Bill โ€“ Business and Individual Incentives

March 10, 2021 - The House of Representatives has passed another stimulus bill (the American Rescue Plan Act of 2021) which was recently passed by the Senate. The bill now goes to the President who is expected to sign the legislation.

Why You Need to File a Gift Return, Even for Non-Taxable Gifts

February 9, 2021 - Gifting is a rewarding and smart way to pass assets to your family, friends, or favorite causes. If done correctly and as part of an overall gifting strategy, you can direct your wealth to those you want to benefit and avoid...

New Law Makes Big Changes to the Employee Retention Credit

January 7, 2021 โ€“ Most of the excitement from the Consolidated Appropriations Act (CAA) came from clarity on the deductibility of PPP expenses and the additional stimulus checks. However, Congress also passed a very favorable extension and...

Understanding the FFCRA: Tax Credit Opportunity and Compliance Issues

December 16, 2020 - The Families First Coronavirus Response Act (FFCRA), signed into law by President Trump in March 2020, requires certain employers to provide employees with paid sick leave and expanded family and medical leave for reasons...

November Paycheck Protection Program (PPP) Loan Forgiveness Guidance

November 19, 2020 - On November 18, 2020, the IRS released additional guidance (Revenue Ruling 2020-27 and Revenue Procedure 2020-51) regarding the deductibility of expenses related to the Paycheck Protection Program when loan forgiveness is not...

The Impact of Uncertainty on Mergers and Acquisitions

November 2, 2020 - If there's one thing that's certain, it's that "uncertainty" has been the operative word over the course of 2020.  As things sit today, businesses are trying to operate in the middle of a global pandemic, there is an election...

Picking the Right Gifting Strategy to Minimize Gift Taxes

October 27, 2020 - Gifting strategies can provide for those you care about and organizations close to you. Understanding how to give the greatest possible amount with the smallest tax burden can be challenging โ€“ especially when gifting large...

Section 179 Conformity Helps Small Business and Agriculture

October 16, 2020 - In a special session on Oct. 15, the Minnesota State Legislature approved $208 million in tax relief by conforming to federal rules related to Section 179 expensing. Minnesota will now allow up to $1 million in annual Section...