Taxation-Individual

Articles

The new gig(s) in town [MNCPA]
CPAs specializing in personal income tax preparation are seeing more and more small (and not so small) Schedule C’s as the “gig economy” strengthens.

Q&A: Todd Martin of the IRS’s Criminal Investigations Department [MNCPA]
The IRS's Todd Martin sat down with us to discuss his position, his office’s efforts and what Minnesota CPAs need to know.

View from Revenue: Managing 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.

What to know about unclaimed property
Unclaimed property laws can be confusing and can create traps for the uninformed. Under Minnesota’s law, a business that fails to report in a timely manner and remit unclaimed property may be hit with severe penalties and interest. 

The 2019 legislative session — what a difference a year makes [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.

When is ‘conformity’ not conformity? [MNCPA]
In a May 2019 special session, Minnesota enacted an omnibus tax bill. Many have termed this legislation as a “conformity bill”; however, the bill is much more notable for its exceptions to conformity.

Farm retirement planning — an income tax perspective [MNCPA]
As the farm economy goes into its seventh year of lower net incomes, more farmers are considering retirement.

Planning with basis following tax reform [MNCPA]
Tax reform brought forth many opportunities that can be a boon to your clients’ estates and estate planning, but they need to be navigated carefully.

The new business interest expense limitation under Section 163(j) [MNCPA]
Tax reform provided a reduction in the corporate tax rate from 35 to 21 percent; however, the TCJA also included revenue-raising provisions such as the revised Section 163(j).

Spousal relief: When your client needs relief from joint tax liability
Innocent spouse relief is an option to consider under certain circumstances.

Practical issues related to bitcoin [MNCPA]
In the ever-evolving world of bitcoin, blockchains and the newest and greatest technological innovations, it’s easy to feel like your head is spinning.

Opportunity Zones can provide big tax benefits
Opportunity Zones from Tax Cuts and Jobs Act can offer big tax benefits.

Travel expenses: By land, sea or air
Are you worried how travel expenses are viewed under tax reform? Understand how the Tax Cuts and Jobs Act (TCJA) has and hasn't changed travel expense rules.

Minimizing the new 3.8 percent tax when selling a business
A new unearned income Medicare contribution tax took effect in January. Mark Sellner explains what’s taxable and what’s not when selling a business.

Surprises in the new tax law
How quickly things can change. It took less than three months for serious tax reform discussions -- from Sept. 27, 2017, to the president's signature just before Christmas -- to turn the "Unified Framework for Fixing Our Broken Tax Code" concept into law. Beyond the highlights already widely reported, there are some surprises in the new law of which you should be aware.

New student loan benefits available on Minnesota tax returns
Among the new Minnesota tax provisions for 2017 are two benefits related to student loans, including a student loan credit, and a subtraction for discharge-of-indebtedness income arising from the cancellation of certain student loans.

Minnesota has a new Social Security income subtraction
As part of the Minnesota Omnibus Tax Bill that was signed into law in May 2017, Minnesota now has a subtraction from income for certain Social Security and Tier 1 Railroad Retirement benefits. The maximum subtraction is $4,500 for married/joint filers and surviving spouses. The maximum subtraction is $,3500 for single and head-of-household filers. The maximum subtraction is $2,250 for married/separate filers.

The Super Bowl and short-term rentals: Should I stay or should I go?
With so many big events coming to the Twin Cities area, how can you (legally) take advantage of rental opportunities?

A new 'PATH' for the Section 179 deduction
In this article, Brett Aamot explains and expounds on several important developments resulting from the PATH Act, and offers some helpful tips related to Section 179 as you embark on year-end tax planning for your clients and businesses.

Travel expenses: By land, sea or air [MNCPA]
Understand how the Tax Cuts and Jobs Act affects business travel when it comes to tax-related expenses.

How cryptocurrency is challenging CPAs, the government [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.

New partnership tax reporting requirements [MNCPA]
The IRS is requiring additional information in 2018 partnership returns, some of which already have been filed and others have been extended to a Sept. 15, 2019, due date.

No question is too outrageous this tax season [MNCPA]
For many people, taxes are a complicated and confusing matter. And, with that confusion, comes some outrageous tax questions.

View from Revenue: Working together [MNCPA]
On behalf of the Minnesota Department of Revenue, I’m pleased to begin quarterly contributions to Footnote to build on our ongoing partnership with the MNCPA and its members.

MNCPA Perspectives blog posts

Giving to the max has its tax benefits on Minnesota returns
Minnesotans give generously to local charities every year. Charitable donations bring...

Your expertise will help provide clarity on Minnesota's 2019 tax law changes
Let's crunch the numbers: It's been about two months since Gov. Walz signed the 2019 tax bill, HF 5, into law. The new tax law affects three tax years...

529 funds can be used for K-12 tuition, but Minnesotans should approach with caution
Back-to-school shopping season is upon us, which means kids will be returning to school before we know it. For some, this can be a financially stressful time...

Property tax refunds are available to (and forgotten by) Minnesotans
Most everyone can agree on this: Taxes are confusing. They’re multifaceted, multilayered and can recur at different times of the year...

Share your tax season experience with lawmakers
Now that another tax filing deadline has passed, it's time to reflect on how this tax season went and start planning for next year...

To extend or not extend: That is the question
Extension: a four-letter word? To some, including CPAs, it may be. However, it may be a necessary evil in order to help make sense of the new tax laws.

Report compliance burdens and unfair penalties to legislators this tax season
Maybe you are responsible for preparing or filing your business taxes. Maybe you work at a public accounting firm and help multiple clients navigate the tax law maze...

Who doesn't want a big refund? You may be surprised
It's common for workers to set their withholding when they start a job and never revisit it. For many, this may have...

Understand your W-2 this tax season: The Tax Cuts and Jobs Act has changed this longtime form
With the Tax Cuts and Jobs Act of 2017 (TCJA), the current filing year is a challenge for taxpayers and certified public accountants...

Year-end tax planning -- more important than ever before
The weather is turning colder in Minnesota, which means 2018 is coming to an end. But, before you break out the eggnog and look up the lyrics to...

What Minnesota taxpayers need to know about nonconformity
Health care access. Affordable higher education. Funding roads and bridges. No matter how politically involved (or uninvolved) you are, there are...

What you need to know about 2018 tax changes
Congratulations! You finished your 2017 taxes, and now you don’t have to think about taxes again until next year, right? Wrong. Since the Tax...

5 things you need to know about tax-related identity theft this season
Tax-related identity theft remains a major thorn in the side of Americans, with the IRS preventing 787,000 fraudulent returns in 2016, the most...

Your once-in-a-generation opportunity to shape legislation
I'm sure everyone holding a CPA certificate has, at some point in their career, faced some uncertainty with a tax or business matter. I also know..

Taxing professional services: The more things change, the more they stay the same
2017 brought significant changes to politics: President Trump, tax reform, and uncertainty with international relations. What will happen in 2018 is...

Don't overlook these 5 new tax benefits when filing your 2017 Minnesota tax return
With the first day to file taxes a few weeks away, individuals and businesses are beginning to prepare for the season....

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