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Category: Business Tax

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May 21, 2024
Tax Tips When Buying the Assets of a Business

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways:...

April 3, 2024
2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

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...

March 25, 2024
Beneficial Ownership Information Reporting

By now, many of you have become aware of newly enacted Federal Beneficial Ownership Reporting that passed as a part of the Corporate Transparency Act. For many Minnesota entities, the Minnesota Secretary of State sent out a notice stating that the filing is free and you shou...

February 12, 2024
9 Tax Considerations if You’re Starting a Business as a Sole Proprietor

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:...

February 5, 2024
Sales Tax with QBO

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...

January 8, 2024
Corporate Transparency Act — Beneficial Ownership Information Reporting Requirement

Starting January 1, 2024, a significant number of businesses are now required to comply with the Corporate Transparency Act (“CTA). The CTA” was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial o...

January 5, 2024
Manufacturers: Pay Attention to These 6 Tax-Related Items in 2024

What’s the tax outlook for manufacturers as 2024 begins? While certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act (IRA) and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act, ...

December 27, 2023
2024 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirement...

December 5, 2023
2023 Year End Tax Planning Webinar

In this recorded webinar, our tax team looks into the latest developments pertaining to tax laws and updates that hold relevance for both individuals and businesses. With an emphasis on ensuring your financial readiness as the current year concludes, our seasoned professiona...

October 25, 2023
The Social Security Wage Base for Employees and Self-Employed People is Increasing in 2024

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax....

September 26, 2023
2023 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. 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 app...

September 20, 2023
It’s Important to Understand How Taxes Factor into M&A Transactions

In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law....