IRS Increases Standard Mileage Rate
In recognition of the increased cost of gasoline, the Internal Revenue Service (IRS) has made a change to the standard mileage rate. The rate change [...]
Does the Error by the MN Department of Revenue Affect Your Tax Filings?
The MN Department of Revenue discovered an error in the instructions for tax years 2019 and 2020 that they are now attempting to correct. With [...]
Breaking Down the “Billionaire Minimum Income Tax”
This week, President Biden released information about his plan to introduce new legislation that would target the wealthiest individuals and families in the US. The [...]
TAX UPDATE: MN Pass-Through Entity Tax
Overview On July 1st, 2021, MN passed a new, elective, pass-through entity (PTE) tax effective for tax years beginning after December 31, 2020. This law [...]
The Enhanced Child Tax Credit – what you need to know
The Enhanced Child Tax Credit - what you need to know Included as a part of the American Rescue Plan Act of 2021 was an enhanced child tax credit provision that increased the child tax credit from $2,000 to $3,000 with an additional $600 for kids under the age of 6 ($3,600/year for kids under 6). This credit is a fully refundable credit, meaning you can receive the full amount even if it exceeds your tax withholdings.
Watch your mail — is it from the IRS?
Watch your mail -- is it from the IRS? Have You Received a Letter or Notice From the IRS? The Internal Revenue Service (IRS) recently issued a statement in the ongoing series of COVID tax tips related to how you should handle any IRS correspondence that you receive.
Does your business have an Employer Identification Number?
In a recent news release, the Internal Revenue Service (IRS) has highlighted what it is calling a security issue related to the contact information it has on file for Employer Identification Numbers (EINs) that it has issued.
State Income Tax Deduction Work Around
With the enactment of the Tax Cuts & Jobs Act, the itemized deduction for state taxes was limited to $10,000 for taxpayers filing married filing jointly. This change in tax law was disadvantageous to those taxpayers living in high taxed states who were usually able to take advantage of a higher itemized tax deduction for the large amount of state income taxes paid.
Rental Real Estate Potential Accounting Method Change
Rental Real Estate Potential Accounting Method Change The 2017 Tax Cuts and Jobs Act (TCJA) provided that residential real estate companies could make an election to not be subject to the interest expense limitation under Section 163(j) of the Internal Revenue Code.
