IRS extends relief for inherited IRAs

For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required minimum … [Read more...]

Retail Delivery Fee

Starting July 1, 2024, there will be a Retail Delivery Fee of $0.50 that applies to certain transactions involving retail delivery in Minnesota. The fee … [Read more...]

Gov. Walz Urges Small Businesses to Apply for Assistance

As Minnesota continues to face record-high winter temperatures, Governor Tim Walz recently announced that Minnesota has unlocked federal funding for small … [Read more...]

Charity scams: A small business perspective

Many businesses support their communities by donating to local charities. Although there are plenty of nonprofits that deserve your support, some exist solely … [Read more...]

What are your options to fund long-term care expenses?

Few things can derail your estate plan as quickly as unanticipated long-term care (LTC) expenses. Most people will need some form of LTC — such as a nursing … [Read more...]

Coordinating Sec. 179 tax deductions with bonus depreciation

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving … [Read more...]

Discontinuation of QuickBooks Desktop 2021

Intuit has begun to send notices to users of QuickBooks Desktop 2021 and older stating that the software will be unsupported as of May 31, 2024. Users can still … [Read more...]

What’s the best accounting method route for business tax purposes?

Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax … [Read more...]

Get ready for the 2023 gift tax return deadline

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax … [Read more...]