blog
July 2, 2018
Claiming the Child Tax Credit is Gonna Get Easier

I love my dog, Shea. I think of her as my child, but she has never given me any tax benefits. If you have an actual child, you always love them, but even a little more when it’s time to file taxes. This is because you’re able to claim them as a dependent, which meant a reduction of $4,050 per child to your taxable...

June 26, 2018
Repatriation Toll Charge

If you own part of a foreign corporation you should read this all the way to the end.  If you don’t own a foreign corporation you probably don’t need to read on because this is going to get ugly and it’s going to be really long, there is just no quick way to attempt to explain this toll charge. ...

June 26, 2018
Streamlined Disclosure Program Ending

My favorite IRS program - the Streamlined Disclosure Program - is going away September 28th so I had to write about it one more time. The past 10 years have seen a dramatic increase in the awareness and enforcement for the rules relating to foreign bank accounts. US citizens are required to make a number of disclosures...

June 23, 2018
Sales Tax Ruling June 2018

The Supreme Court ruled June 21, 2018 on a sales tax case that removed the physical presence standard that has long been the standard for sales tax....

June 20, 2018
Best Practices on Extending Customer Credit

Funny thing about customers: They can keep you in business — but they can also put you out of it. The latter circumstance often arises when a company overly relies on a few customers that abuse their credit to the point where the company’s cash flow...

There are two different ways to exclude your foreign earned income from your U.S. tax return - the physical presence test or the bona fide resident test.
- Chris Wittich, CPA
June 13, 2018
Midyear Business Review Should Go Beyond Financials

Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons learned. The middle of the year is the perfect time to stop for a breather.  ...

June 7, 2018
Could a Long-Term Deal Ease Your Succession Planning Woes?

Some business owners — particularly those who founded their companies — may find it hard to give up control to a successor. Maybe you just can’t identify the right person internally to fill your shoes. While retirement isn’t in your immediate future, you know you must eventually step down. ...

June 5, 2018
Federal Tax Reform Highlights for Businesses

The federal tax reform highlights affecting businesses include a flat rate for c corporations, new limits in business loss deductions, section 179 expensing changes, luxury auto depreciation annual limit increases and other provisions included in this blog....

June 5, 2018
Federal Tax Reform Highlights for Individuals

Highlights of the federal tax reform affecting individuals includes lower individual rates, and changes to the standard deduction, exemptions, medical expenses, charitable contributions, child tax credits, home mortgage interest and other items, described in this blog post....

May 22, 2018
Why the State Tax Bill Matters to Minnesotans

ST. PAUL, Minn. (WCCO) — One of the biggest items facing a veto in the Minnesota Legislature is the state tax bill.The bill lines up our taxes with the new Federal law so that at least 800,000 Minnesotans don’t end up paying more. WCCO asked CPA Chris Wittich to give us examples for 2018 tax bills....

May 21, 2018
Cost Control Takes a Total Team Effort

Cost control is a formal management technique through which you evaluate your company’s operations and isolate activities costing you too much money. This isn’t something you can do on your own — you’ll need a total team effort from your managers and advisors. Done properly, however, the results can be well worth it....