Category: Business Tax

The case of Connelly v. United States was decided by the Supreme Court on June 6, 2024.  The case concerned the valuation of a business for estate tax purposes.  Crown C Supply Co. was a business co-owned by two brothers, Michael and Thomas Connelly.  When Michael Connell...

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....

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. ...

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:...

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...

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...

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...

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...

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, ...