Redpath Insights

How to Opt-out of the Advance Child Tax Credit

For tax year 2021 only, the IRS has modified the Child Tax Credit and will disburse an early payout of the credit equal to 50% of the amount a qualifying family would normally receive when they file their 2021 tax return. Disbursements began July...

How to Deduct Meals and Entertainment in 2021

July 13, 2021 - Earlier this year, the Consolidated Appropriations Act (CAA) 2021 introduced a temporary 100% deduction for expensing business meals purchased from qualifying restaurants after Dec. 31, 2020, and before Jan. 1, 2023. Under Notice...

Minnesota Conformity Bill Summary

July 8, 2021 - On July 1, 2021, Governor Walz signed a bevy of new bills into law, including both a $52B budget bill and a tax bill that benefits many Minnesota business and individual taxpayers. Below is a summary of some of the provisions in...

Not Sure You Can Claim the R&D Tax Credit? Think Again

June 4, 2021 - If your company does any research and development (R&D), the R&D tax credit can minimize your tax liability. But it's not just for manufacturers and engineers. In fact, you probably do more qualifying R&D work than you think,...

MN Legislature: PPP and Unemployment Benefits May Be Excluded From MN Taxes

May 20, 2021 - Minnesota State leaders in the Legislature and Governor Tim Walz have announced their intent to allow both $10,200 of unemployment benefits and all proceeds from forgiven PPP loan applications to be excluded from income in...

SBA Restaurant Revitalization Fund Applications Opening

April 30, 2021 - The Small Business Administration has announced that the Restaurant Revitalization Fund will open for registration by qualifying restaurants on April 30 at 9 am EST, with these same restaurants able to submit applications...

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.

Should You Buy Down to Offset MN's 2021 Unemployment Insurance Tax Assessment?

March 23, 2021 โ€“ Minnesota employers are accustomed to receiving their unemployment insurance (UI) tax rate notices in December notifying them of their unemployment tax rate for the coming year. This early notice generally allows employers time...

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.