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...]

Filing jointly or separately as a married couple: What’s the difference?

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain … [Read more...]

Answers to your tax season questions

Here are answers to six individual tax season questions we receive at this time of year. … [Read more...]

A power of attorney is a critical component of an effective estate plan

While much of your estate plan focuses on actions that take place after death, it’s equally important to have a plan for making critical financial or medical … [Read more...]

Update on IRS efforts to combat questionable Employee Retention Tax Credit claims

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable … [Read more...]

If you gave to charity in 2023, check to see that you have substantiation

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive … [Read more...]

Minnesota Employment Law Updates for January 1

Minnesota’s legislature had a busy year, with special attention paid to the state’s employment laws. All of the new laws below took effect on January 1, 2024, … [Read more...]

Businesses: Do you have to comply with the new corporate transparency reporting rules?

Beginning on January 1, 2024, under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to … [Read more...]

Where should you keep your estate planning documents?

You’ve likely put a great deal of time, effort and expense into implementing an estate plan that meets your goals. But unless your loved ones know that these … [Read more...]