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IRS rulemaking continues to be called into question [MNCPA]
So long as the IRS and/or Treasury Department enforce rules that have not met the rulemaking requirements of the APA, taxpayers will continue to have the opportunity to seek relief in the courts.

MNCPA sets 2023 legislative agenda [MNCPA]
Federal conformity and private letter rulings are once again at the top of the list

MNCPA to explore broadening CPA licensure options [MNCPA]
The board approved an initiative to draft legislation to broaden options to CPA licensure requirements in Minnesota while maintaining rigorous testing requirements.

What’s in a name? Turns out, a lot [MNCPA]
The BOA has spelled out rules regarding how a firm can be named in Minnesota Rules 1105.6300 and 6400. We’ll break it down for you right here.

Latest peer reviews show continued improvement [MNCPA]
The MNCPA Peer Review Committee has compiled the results of engagement reviews and system reviews from the past three years to analyze trends and highlight areas for continued improvement.

Tax implications of remote workers [MNCPA]
Adopting a co-employer model is one way to manage the tax compliance and HR requirements associated with remote workers.

179D and 45L technical update
The Inflation Reduction Act offers tax savings opportunities for real estate clients.

ASU, ASC and SAS, oh my [MNCPA]
There’s much to be understood about ongoing standards changes, including some that are already effective. Here’s a look at a handful of these A&A changes that may affect the work you do.

Minnesota Department of Revenue is committed to engagement amid change [MNCPA]
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.

Minnesota legalizes THC edibles [MNCPA]
Following the July 1, 2022 legalization of unregulated THC products derived from hemp in Minnesota, here are some factors employers should keep in mind.

SQMS No. 1: First steps [MNCPA]
SQMS No. 1 deals with a firm’s responsibilities to design, implement and operate a system of quality management for its accounting and auditing practice.

2022 legislative session review [MNCPA]
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.

A look at 3 timely transfer pricing topics [MNCPA]
Investment and focus on transfer pricing now will help companies avoid potential high costs and disruption from controversy with tax authorities later.

An overview of charitable contributions [MNCPA]
For tax advisers, it is important to be aware of the requirements and nuances that accompany donations.

Carrying credits back? We’ve got your back [MNCPA]
While fixing a CPE shortage isn’t the end of the world, it’s still a compliance mishap. Don’t delay; the noncompliance fees add up.

Signs of progress on our journey to normal [MNCPA]
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.

Preparing for SAS 136
With the effective date approaching, employee benefit plan sponsors will need to work to understand SAS 136 and its impact on the audit process.

Single audit complexities
Keep these in mind while planning and performing single audits.

How to determine if a Recovery Startup Business qualifies for the Employee Retention Credit
It is recommended that a taxpayer who began carrying on a trade or business after Feb. 15, 2020 examine their gross receipts to see if they meet the requirements to be considered an RSB. The credit available for those who qualify as an RSB can be significant.

Get to know the mission behind the Minnesota Board of Accountancy [MNCPA]
Charles Selcer, MNCPA member and the BOA’s new chair, shares the important work being done by the BOA.

Preparation is key: Substantial procedure change can burden those looking to claim R&D tax credit [MNCPA]
The IRS’s new requirements for taxpayers seeking Research and Development Tax Credit refunds have left tax professionals with some unanswered questions.

Employee-owned companies can take advantage of the Employee Retention Credit
The ERC is an employment tax credit, not an income tax credit, making many ESOPs eligible so long as they meet other qualifications.

Building a tax system for all Minnesotans [MNCPA]
Minnesota Department of Revenue Commissioner Robert Doty writes about creating a tax system for all.

The case of the thorn in the plan [MNCPA]
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.

The status of SAS 134, 135, 136 and beyond [MNCPA]
SAS 134–140 will take effect for audits of financial statements for periods ending on or after Dec. 15, 2021. Here’s what you need to know.

Year-end tax planning in flux [MNCPA]
Last-minute tax legislation is making planning especially difficult this year. Here’s a look at seven tried-and-true tax planning approaches and how they may change.

Impact of pending reconciliation bill on Section 179D energy efficient commercial buildings
Companies should be making plans now in anticipation of these new provisions going into effect for buildings placed into service after Dec. 31, 2021.

A look at last year’s peer review [MNCPA]
Firms that perform attestation engagements are required to undergo a peer review every three years.

ASC 842, GASB 87 implementation are here [MNCPA]
With the many new processes, controls and accounts needed to ensure proper oversight of lease accounting, entities should wait no longer to begin the adoption process.

Firm permit renewal is a very big deal [MNCPA]
Without a permit, a firm cannot operate or advertise as a CPA firm, nor perform compilations, audits or other attest services.

Minnesota’s pass-through entity tax credit [MNCPA]
It’s time to determine whether eligible partnerships and S Corporations will elect to pay the state’s PTE tax for 2021.

Nuts and bolts of cryptocurrency taxation [MNCPA]
The inclusion of the virtual currency question on the front and center of Form 1040 have made cryptocurrency a subject that tax practitioners cannot afford to ignore anymore.

The status of SAS 134, 135, 136 and beyond
SAS 134–140 will take effect for audits of financial statements for periods ending on or after Dec. 15, 2021. Here’s what you need to know.

Complexity and rapid rates of change — CPAs know both [MNCPA]
Who better than a CPA to serve as a subject-matter expert and influence decision-makers, while also building your sphere of influence and growing your professional network?

Don’t be scared! Renew and report before Dec. 31 [MNCPA]
Make no bones about it, Dec. 31 is your deadline for renewing and reporting to the BOA. Miss it and you’re out of compliance.

What tax practitioners need to know about cybersecurity [MNCPA]
While leaders and security experts continue to evolve protective measures to lessen the threat of tax identity theft, tax preparers must take precautions to shield themselves and their clients.

Creditworthiness verifications and PPP loans
CPA firms receiving requests from lenders for creditworthiness verifications for clients who had requested Paycheck Protection Program (PPP) loans were often unsure of how to respond.

Should employers require a mandate to vaccinate?
President Joe Biden last week unveiled new vaccination requirements that are expected to have major repercussions for employers.

A complex intersection of state and federal tax laws [MNCPA]
The Minnesota Department of Revenue provides and update on its implementation and process of tax law changes.

CPA status options: Can I? Should I? How do I? [MNCPA]
Whether you’re changing your CPA status from inactive to active or vice versa, the most important part is getting the answer right.

Minnesota resident trust law update [MNCPA]
The Fielding result may influence a broader and more fact- and circumstances-based test in determining whether a trust is subject to Minnesota tax.

The new staff augmentation arrangements [MNCPA]
The PEEC has established a new ethics section to provide guidance on how services can be rendered and still maintain independence with regard to attest clients.

What did, didn’t happen at the Capitol [MNCPA]
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.

Emerging trends in data governance and privacy [MNCPA]
Business professionals have an absolute need to understand critical emerging trends in data governance and privacy.

Chapter 11 bankruptcy became easier just in time for the COVID-19 fallout [MNCPA]
The Small Business Reorganization Act is a newly added subchapter of Chapter 11 bankruptcy that makes it feasible and beneficial for your small-business clients to benefit in new ways.

What to know about FLSA changes
On Sept. 24, the DOL announced its final rule on raising the salary threshold needed to satisfy the executive, administrative and professional exemptions to the FLSA.

IRS issues 179D and 45L technical update [MNCPA]
Inflation Reduction Act offers tax savings opportunities for real estate clients.

MNCPA Perspectives blog posts

Auditors: You’re in luck
A $4 billion industry! Minnesota generates more charitable gambling income than any other state, according to a recent Gambling Control Board (GCB) Gaming News issue...

MNCPA urges congressmembers to extend first quarter estimated tax payments
It’s not always easy to see what our government relations efforts look like on the surface. But the following shows that our advocacy work is making a difference for members...

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