blog
October 20, 2015
P is for Partnerships

P is for partnerships.  Partnerships are a very common tax structure, but to be taxed as a partnership the underlying business doesn’t necessarily need to be set up as a partnership.  Many new businesses these days are set up as Limited Liability Companies or LLCs. ...

September 2, 2015
Automatic Gratuities

Nothing is more frustrating to a server than frantically running to keep a table of 12 happy, only to find that the table thought a 5% tip was more than enough.  In comes the server’s knight in shining armor: The Automatic Gratuity.  On the face, they sound awesome!...

August 27, 2015
Restaurant Tip Reporting

Few industries can rival restaurants for the crown of “Most Specialized and Complex Tax Regulations”.  Restaurants have the unfortunate “honor” of their own code in income, payroll and sales tax.  A restaurant owner not fluent in these idiosyncrasies can find themselves in a costly predicament....

July 9, 2015
Strategic Business Planning – 7 Keys to Success

Today there are a number of business systems, tools and books to help small and mid-size businesses execute on their business strategy and reach their long and short-term goals....

April 16, 2015
Cash Flow Projections

Many business owners don’t feel they have time to do a cash flow projection.  This is a very important tool for all business owners to have.  It is a tool that could mean the difference between going out of business or staying in business....

January 8, 2015
Deducting Your Pet Costs

Wondering if you can deduct your pet costs?  People often treat their pets like children, but no matter how much money you spend on that pet the tax code doesn’t allow you to claim your pet as a dependent.  In general the expenses for the family pet won’t be tax deductible, just like the expenses for the family habit ...

May 29, 2014
Exempt Organizations and Sales & Use Tax

“What do you mean I have to charge sales tax on my sales?  I’m a tax exempt organization!”  That is a common mistake in the tax exempt community.  In Minnesota, an organization can apply for a formal tax exempt status from the Minnesota Department of Revenue. Form ST16 is used for this purpose....

May 20, 2014
GAAP Accounting for Goodwill – Accounting Standards Update (ASU) Impacts Private Companies

The Financial Accounting Standards Board (FASB) issued ASU No. 2014-02 in January 2014 which now allows private companies to amortize goodwill for book purposes (Generally Accepted Accounting Principles – GAAP)....

March 27, 2014
Like-Kind Exchange – Rental Property

A like-kind exchange is just that; an exchange of things that are similar.  They can be very useful in deferring gains on depreciated property.  The last post was about business vehicles, but there are many kinds of assets that can qualify for a like-kind exchange....

March 13, 2014
Why Do They Send Corrected 1099s?

About this time of year (and for the next month or so), you might receive a corrected Form 1099 from your broker....

March 6, 2014
S-Corp Tax Deposits

Generally speaking, S-Corporations do not pay tax.  If they were previously a C-Corp it’s possible they could run into some built-in gains, but those are somewhat unusual.  A true S-Corp shouldn’t pay any tax, but sometimes they do need to make a tax deposit.  No tax liability, but a tax deposit required?...

January 28, 2014
The Next Owner

As business owners look forward to retirement, many of them have high hopes they can pass along their business to their children.  A lot of times they just don’t know how to make this happen.  If this is something you are hoping for your business, be sure to speak to your children early and often....