Regulation
Articles
Minnesota Office of Cannabis Management may begin accepting adult-use cannabis applications sooner than expected
On Jan. 30, 2024, the Minnesota Office of Cannabis Management (OCM) provided a public update on the office’s rulemaking and application process for the adult-use cannabis market in Minnesota.
IRS intensifies efforts to combat ERC scams — consider getting a second opinion
The IRS is still encouraging businesses to file legitimate claims, but it is asking businesses to review their claims with a trusted tax professional who actually understands the complex ERC rules. See how getting a second opinion can help.
Opening the nexus chamber of secrets [MNCPA]
This article analyzes how Wayfair impacted state income tax and sales tax nexus and concludes with a decision roadmap that tax advisers and taxpayers can apply when approaching state tax nexus issues.
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.
ESG: Where do I start? [MNCPA]
As stakeholder expectations around environmental, social and governance (ESG) grow and regulatory compliance pressures continue to increase, many organizations are focusing on sustainability.
IRS issues 179D and 45L technical update [MNCPA]
Inflation Reduction Act offers tax savings opportunities for real estate clients.
Navigating the Corporate Transparency Act [MNCPA]
Many CPAs are starting to express concern as to what their responsibilities are regarding the Corporate Transparency Act (CTA). So, what is Beneficial Ownership, anyway?
The relationship between Section 471(c) and Section 280E in the cannabis industry [MNCPA]
The rapidly evolving cannabis industry in the United States grapples with the intricate dynamics between Section 471(c) and Section 280E of the federal tax code.
MNCPA Perspectives blog posts
A clearer pathway to CPA licensure vital to the financial health of Minnesota nonprofits
The current shortage of CPAs has hit the nonprofit sector especially hard because nonprofits cannot easily increase their funding to pay higher rates for the CPAs that are available ...
Member testimony on Senate File 1660
The following texts are excerpts from each individual’s prepared remarks...
Pathways CPA licensure bill advances in Senate
The MNCPA-backed bill to broaden the pathways to CPA licensure, advanced in the Minnesota Senate today. Watch the hearing now...
Connect with legislators concerning CPA pathways licensure bills
Can one voice have an influence? Yes! When you share how an issue affects you, your business or your clients, it elevates an issue for legislators...
Make your voice heard
Why attending CPA Day at the Capitol matters
CPAs hold a unique position of being a trusted adviser, expert on financial matters and a pillar of economic stability for individuals, businesses and communities across Minnesota...
CPA licensure bills return to Minnesota Legislature
The 2024 Minnesota legislative session convened this week and bills introduced last year automatically rolled over into the second year of the biennium...
Reaching high school students: Ideas from CPAs
As part of our annual MNCPA Tax Survey, we recently asked members a score of questions, including their ideas about what they have done or suggest for encouraging more students to get involved in the accounting industry...
Recent grads dish on 150 hours, CPA licensure
Hear from six current and recent students from two Minnesota universities to see how they view the accounting profession, the requirements around accreditation and how these weighed into their professional choices...
We must change the conversation around pathways to CPA licensure
It is no secret the field of accounting has both pipeline and diversity problems. There are many actions that should be taken to address these problems, and one of those is to follow Minnesota’s lead...
The CPA pipeline: Students are the future
The 2023 MNCPA Annual Meeting this month provided an opportunity to reflect on challenges by discussing areas of the profession that still need addressing, such as the CPA pipeline...
Experiential learning: An evolution in how knowledge is obtained by prospective CPAs
As the AICPA and NASBA consider new ways to enhance the attractiveness of the profession to counter a drop in accounting student enrollments and retain them...
Why should a school district care about CPA licensure?
Working in public education, I am acutely aware of how difficult it is to hire quality staff, but I never took a step back to think about what this means in other sectors throughout Minnesota...
Broadening the pathways to CPA licensure discussion will continue
The MNCPA board-approved bill, with bipartisan support in both the Minnesota House and Senate, did not become law this year, but this is not the end of this bill...
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...
Join the MNCPA!
MNCPA membership grows as you do, helping you to be the best accounting professional you can be at every stage of your career.
Become an MNCPA member and:
- Pay less to attend many CPE and YPG events.
- Save up to $150 on conferences with the VIP rate.
- Access more than 20 free CPE credits annually.
Plus, new associate members receive the required ethics course for licensure free.
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