Redpath Insights

What Employers Need to Know About Qualified Transportation Fringe Benefits

On December 10, 2018, the IRS issued Notice 2018-99 that provides interim guidance for calculating the nondeductible portion of parking expenses provided to employees. This new requirement is a result of changes made as part of the Tax Cuts and...

New Guidance Will Require More Nonprofits to Pay Unrelated Business Income Tax

The tax-exempt sector has received the much-anticipated interim guidance from the Internal Revenue Service regarding the application of qualified transportation fringe (QTF) benefits.  Under this interim guidance, many tax-exempt organizations...

Small Business Taxes: New and Improved Access and Accounting Methods

The IRS has provided procedures that benefit many small business taxpayers by allowing them to obtain automatic consent to change to new accounting methods allowed under the Tax Cuts and Jobs Act (TCJA) in Rev. Proc. 2018-40. These updates may...

Special Fringe Benefit Reporting Rules for S-Corporations

A Fringe Benefit is a form of payment for the performance of services. For example, you provide an employee with a fringe benefit when you offer to pay a portion of their health insurance premiums. (This section appears as part of Redpath’s 2018...

Types of Charitable Giving and Their Tax Deductible Benefits

 ‘Tis the season for giving. Individuals and businesses often find great fulfillment in giving back to their community, supporting our troops, or donating to humanitarian efforts, the arts, education, or environmental initiatives. Charitable...

Changing State Residency and the Minnesota Department of Revenue

Residency is important because residents of Minnesota are taxed on worldwide income—no matter if it's earned overseas or in another state. If you're considered a Minnesota resident, everything reported on your federal return is going to be...

Requirements for Withholding on Payments to Foreign Vendors

Whether one makes payments to foreign individuals or foreign businesses, there are specific tax rules that one needs to consider. (This section appears as part of Redpath's 2018 Bottomline Newsletter as well.)

Tax Reform Act Impacts on the Construction and Real Estate Industry

On December 22nd, 2017 the Tax Cuts and Jobs Act was signed into law. The bill makes major changes to the individual, corporate and international tax code which will have a far-reaching impact on construction companies, investors and employees....

Opportunity Zones: New Tax Deferral Opportunity

There is an exciting tax-saving opportunity for those investing in designated zones across the country, including within our own metro area. These zones are designed to encourage economic development and create jobs in areas with significant...

Saving for Education: How to Manage Funds for Your Family's Future

Many of our clients want to know what they can be doing now to start planning for their children or grandchildren’s future. Since it’s important to consider future higher education costs while children are still young, here are some suggestions...