Category: Tax Tips

Did you start a business in 2020 and think that you were unable to qualify for the amazing Employee Retention Credit? Well, think again; you could be in luck. The recently enacted American Rescue Plan Act of 2021 (ARPA), created a new path that could allow you to qualify for...

It’s never been a particularly pleasant experience dealing with the IRS, but the IRS is struggling mightily right now in a way they have never struggled before. Their service is at an all-time low and there is no end in sight. They have millions of unopened pieces of mai...

On July 1, 2021, Governor Tim Walz signed into law Minnesota’s FY 2022-2023 State Budget, which includes a new elective pass-through entity (PTE) tax. This allows certain qualifying PTEs, including partnerships, limited liability companies (LLC’s), and S corporations, to...

As the recovery from the COVID-19 crisis takes hold and the economy and life begin to return to normal, now is an ideal time to focus on tax planning for the remainder of 2021. ...

The IRS released its annual “Dirty Dozen” tax scams for 2021 on June 28th. One of the key provisions of this announcement is the IRS this year made its Identity Protection PIN program available to all taxpayers. ...

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:...

If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees....

With the new developments regarding PPP, make sure you are aware of the details of the updates.  We have highlighted some of the resources we have created and we can show you how we can assist you with your PPP Loan Forgiveness....

Minnesota has conformed to the Federal Section 179 deduction. This deduction allows taxpayers to deduct the entire cost of certain property as an expense. This eliminates the addback under the former Minnesota law....

This webinar was recorded on April 24, 2020 and featured Boyum Barenscheer CPAs discussing PPP Loan Forgiveness - Who, What, Where and Why to Spend the Money.  The one hour presentation was followed by 30 minutes of Q&A.  ...

As I put together this document of the timeline, summaries and resources for you, I wanted to share what message I printed out and shared with my daughters as they start their first day at home of flex learning: Don’t Stress, Do Your Best, Forget the Rest...

The 179D deduction has been gone since 2017 and the good news is that it is back.  The tax extenders bill passed in December 2019 with this popular Energy Efficient Commercial Buildings Deduction.  This had become a viable tax savings strategy again for many taxpayers. The...