Category: Business Management

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, ...

Ever since it was established in 1984 in the case Chevron v. Natural Resources Defense Council, the “Chevron Doctrine” has been a cornerstone of federal administrative law. Under the Chevron Doctrine if Congress has not directly addressed an issue, courts were required t...

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), which is part of the U. S. Department of T...

The Minnesota Department of Revenue recently distributed information regarding the new Minnesota Retail Delivery Fee that was passed in the 2023 legislative session and became effective July 1, 2024. A retail delivery fee of $.50 now applies to some transactions where a ret...

If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate....

QuickBooks Desktop, a cornerstone of small business accounting software for years, is being phased out by Intuit. As of June 2024, support for all versions of QuickBooks Desktop will cease, pushing users to transition to QuickBooks Online. This change aims to provide users w...

The 2024 legislative session in Minnesota ended on May 19, 2024 and brought some changes to the tax law as well as multiple changes to employment law that employers should be aware of. The following summarizes the major changes to be aware of. ...

In the video, Chris Wittich discuss the recent IRS announcement regarding ERC claims, highlighting that between 10 and 20 percent of claims are deemed high risk and likely fraudulent. The IRS emphasizes that even legitimate claims will face significant delays in processing, ...

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations:...

QBO has a very powerful built-in feature for sales tax. We have found that some clients are not taking advantage of QBO’s features and may be manually maintaining rates. This especially may be true if the filed was converted from QB Desktop. Automated sales tax may not...