Redpath Insights

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...

Redpath and Company Announces 2019 Partner and Director Promotions

St. Paul, Minnesota (October 1, 2019) โ€” Certified public accounting firm Redpath and Company, Ltd. (Redpath) has promoted Ryan Everhart and Jared Weiskopf to partner and Teresa Radermacher to director.

Private Company Equity Grantsโ€”New Tax Deferral Opportunity for Employees

September 24, 2019 โ€” Generally, an employee receiving employer equity grants, such as restricted stock units (RSUs) or shares of their employerโ€™s stock from exercising employer stock options,  must include in taxable income the value of the...

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...

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

December 18, 2018 โ€” 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...

Changing State Residency and the Minnesota Department of Revenue

November 19, 2018 โ€” Residency is important because residents of Minnesota are taxed on worldwide incomeโ€”no matter if it's earned overseas or in another state. If you're considered a Minnesota resident, everything reported on your federal return...

Does the Standard Deduction or Itemizing Make Sense for Your Taxes?

July 31, 2018 โ€” Have you itemized in previous tax years? Should you itemize deductions for 2018? You may not, because it might not make the most sense anymore! The Tax Cuts and Jobs Act (TCJA) has eliminated exemptions, increased the standard...

For-Profit or For Fun? Donโ€™t Make the IRS Guess with Your Business Expense Deductions

June 13, 2018 โ€” Do you want to be able to deduct business expenses? Take the right steps to ensure your business will not be deemed a hobby by a taxing authority come audit time. Pending further guidance from the IRS, an effect of tax reform was...

IRS to States: Do Not Sidestep Deduction Limits

May 24, 2018 โ€” Late last year, Congress passed and President Trump signed into law the most comprehensive tax reform package since the 1986 Act. Within that bill was a major change to how much each taxpayer can deduct for the state and local...