Author: Andy Graf
President Trump issued an executive memorandum on August 8, 2020, allowing the deferral of the employee’s share of Social Security withholding for wages paid between September 1, 2020 and December 31, 2020. The deferral is only available to employees earning less than $4,000 each biweekly payroll period. This is a...
Read More
The Coronavirus Aid, Relief, and Economic Security Act was signed by President Trump on March 27, 2020. As part of this new law, stimulus rebate payments will soon be getting sent to most individuals. Taxpayers are eligible for a rebate payment equal to the sum of $1,200 ($2,400 for joint...
Read More
The Tax Cuts and Jobs Act made changes to the limits on passenger automobiles placed in service after 2017. These caps are often referred to as the “luxury auto limits” even though they generally affect vehicles that cost $18,000 and above and have a gross vehicle weight of less than...
Read More
The Tax Cuts and Jobs Act make substantial changes to the rules for bonus depreciation, Code Section 179 expensing deductions and regular depreciation deductions for property used in a business. Bonus Depreciation Property placed in service and acquired after September 27, 2017 100% bonus is allowed. Additionally, the post Sept....
Read More
Beware of scam calls and emails claiming to be from the Internal Revenue Service, U.S. Treasury or Minnesota Department of Revenue The IRS and MN Revenue are warning taxpayers of two specific scams to be on the lookout for. One involves email, and the other consists of con artists calling...
Read More