Author: Staff
November 24, 2020 by Staff
For states where you are not filing sales tax, review your 2020 sales into those states to determine if you are close to the Wayfair thresholds. You may have to register and begin collecting sales tax by the beginning of 2021. Most states’ thresholds are based on calendar year sales. ...
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November 13, 2020 by Staff
The TCJA limited the state and local tax (SALT) itemized deduction to $10,000, which essentially increased the federal income tax on many small business owners operating as passthrough entities (PTE) (i.e. partnerships and S corporations). For federal purposes, a PTE’s income is taxed on the individual income tax return and...
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March 12, 2020 by Staff
In June 2018 the US Supreme Court transformed the landscape for businesses collecting sales tax[i]. Our October 8, 2018 blog, “Economic Nexus and How it Might Affect You”, explained the impact of this decision. A year and half later, apart from Florida and Missouri, all states with a sales tax[ii]...
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November 11, 2019 by Staff
If not, here are some ideas, courtesy of our friends at Sanford, Pierson, Thone and Strean, Attorneys at Law, for married Minnesota residents and nonresident Minnesota property owners to consider: Minnesota is an equal opportunity estate taxing authority: it taxes residents and nonresidents alike. If you live in Minnesota, or...
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June 28, 2019 by Staff
The 2019 Minnesota Omnibus Tax Bill was signed after a special session of the legislature on 5/30/2019. This law attempted to fix the problems caused by not adopting the Tax Cuts and Jobs Act of 2017 (TCJA) and other federal law changes. However, the late enactment has created new challenges...
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