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Minnesota Metro Sales Tax Increase

September 19, 2023

On October 1, 2023, a metro sales tax increase will affect seven metro counties in Minnesota. The counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington will need to collect a new 1% local sales tax that will be used to fund transportation and housing projects.

LLC Advantages

August 21, 2023

You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. There are some LLC advantages you should be aware of.

Will You Need To Report Beneficial Ownership Information?

August 7, 2023

VIDEO: The Corporate Transparency Act will require most businesses to provide beneficial ownership information to the U.S. Department of Treasury to combat money laundering. Find out who needs to report, what information is required, and when the reports must be submitted.

Mistakes To Avoid When Setting Growth Goals

August 1, 2023

VIDEO: Discover the common mistakes made when setting growth goals and how to avoid them. Learn how to create a clear and achievable plan to take your business to the next level.

Personally Paid Corporate Expenses

July 31, 2023

When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax deductible by either you or the business.

Family and Medical Leave Act

June 29, 2023

Do you know if your employees are covered by the Family and Medical Leave Act (FMLA)? In this article, get the details on employee thresholds and leave provisions.

Minnesota Bans Non-Compete Provisions

June 23, 2023

As of July 1, 2023, Minnesota will prohibit employers from requiring employees to sign non-compete agreements restricting their employment options upon termination.

First-Year Depreciation

June 22, 2023

If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider.

The Power of AI: Boosting Worker Productivity

June 18, 2023

VIDEO: Learn how Artificial Intelligence is transforming worker productivity and its impact on businesses and the labor market.

Less Painful Business Losses

June 12, 2023

There is a way to make business losses less painful. Using the federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.

Employee Benefit Plan Audit

January 26, 2023

An employee benefit plan audit is a periodic and independent examination of a company’s benefit plans that are subject to ERISA. If your company currently offers or plans to offer an employee benefit plan, read this article to learn about audit requirements.

Buy-Sell Agreements

January 24, 2023

Buy-sell agreements are an essential tool for businesses with more than one owner. This type of agreement defines what will happen to the departing owner's share of the business if they leave. Learn about the benefits, key components, and important considerations of a buy-sell agreement for your business.

R&E Expenditure Under Section 174

January 18, 2023

The Tax Cuts and Jobs Act (TCJA) of 2017 brought about a number of Research and Experimentation (R&E) changes to how R&E expenses are treated under Section 174 of the Internal Revenue Code.

Deducting Website Costs

August 10, 2022

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on deducting website costs. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs.

Going Out of Business Tax Obligations

July 12, 2022

Many businesses shut down due to the pandemic and the economy. However, going out of business tax obligations need to be met. First, a business must file a final income tax return and other related forms for the year it closes its doors.