Author: Allison Stevens
The Corporate Transparency Act from 2021 (CTA) created new reporting requirements that will impact many businesses. Certain companies will need to disclose their beneficial owners through filings with the Financial Crimes Enforcement Network (FinCEN) beginning on January 1, 2024. The report will be filed through FinCEN’s website (https://www.fincen.gov/boi). Who is...
Read More
This past summer, Minnesota enacted a new passthrough entity (PTE) tax for years beginning after December 31, 2020. This entity-level tax is considered a workaround for the federal $10,000 state and local tax deduction limitation (SALT limitation) imposed on individuals who itemize deductions on their personal income tax returns. Many...
Read More
The IRS has postponed the April 15, 2021 deadline for individual taxpayers to May 17, 2021. This covers both the tax return itself (Form 1040) and the payment of any 2020 balances due. Minnesota has also pushed back the due date until May 17 for individual taxpayers. In addition, the...
Read More
The Families First Coronavirus Response Act, has been signed by the President and includes mandatory paid leave requirements and related tax credits that will affect many small businesses. These rules were effective April 1, 2020. Required Paid Leave Employers with fewer than 500 employees are now required to provide two...
Read More
The CARES Act includes two important provisions related to retirement accounts: a suspension of required minimum distributions and a new exception to the early withdrawal penalty. Changes to Required Distributions Normally, taxpayers are required to take a distribution from their retirement plans when they turn 72 (70 ½ for...
Read More