MNCPA is here for you.
Let us know how we can help.

Taxation-Individual

Articles

Holding S Corporation stock in a trust [MNCPA]
There are strict rules for holding S Corporation stock in a trust to avoid violating the eligible shareholder rules.

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.

Crack the code: MNCPA Tax Conference [MNCPA]
Highlights from the 2022 MNCPA Tax Conference.

Estate tax planning for uncertain times [MNCPA]
One matter is clear during these uncertain times: It’s the golden age of gifting. Advise clients to take advantage of these estate tax planning strategies before it’s too late.

AICPA issues proposed revisions to Statements on Standards for Tax Services
The AICPA has released an exposure draft of significant proposed changes to the Statements on Standards for Tax Services. The AICPA states it will consider all comments received by Dec. 31, 2022.

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

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.

Members share most outrageous tax deduction requests [MNCPA]
We recently asked MNCPA members to share the most outrageous tax deductions clients have come calling with. Unsurprisingly, the answers did not disappoint.

Things to watch for this filing season [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.

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.

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

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.

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.

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.

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.

How to leverage Microsoft’s Power BI [MNCPA]
For accountants, this means you now have the power at your fingertips to perform advanced data analytics.

Reading the tea leaves on tax reform [MNCPA]
Though many proposals in the "Green Book" aren't expected to pass, it's important to understand what's in there.

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.

Getting back to business (tax) [MNCPA]
With extended tax filing deadlines and more of a year-round tax season, it's difficult to stay on top of all the changes.

ESOPs: It’s not always about the money
There are also many ways in which an ESOP can meet the nonfinancial goals of a business owner.

The FAQs of an ESOP
An ESOP might be an appealing option for your business or for a client. Find out more.

Doty: I choose to use it as a positive [MNCPA]
Robert Doty, Minnesota Department of Revenue commissioner, answers questions about his new role.

IRS launches Operation Hidden Treasure targeting unreported crypto for criminal, civil prosecution
Operation Hidden Treasure is the most recent and, by far, the most important for the IRS with their top priority on cryptocurrency tax and nonreporting by taxpayers.

MNCPA 2021 legislative agenda set [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.

The hidden gems of the new COVID-19 tax law [MNCPA]
It seems that with all new tax law, it boils down to some basic chunks of data: The headliner provisions (we’ve all heard and read about), the extenders, the esoteric provisions and everything else.

The hidden gems of the new COVID-19 tax law
There's a lot to be lost — and found — in the new bill.

Challenge, change and partnership [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.

2020: A tax year to remember — or not [MNCPA]
As tax preparers often do in sudden and drastic changing times, we persevered and adapted to serve our clients.

Accounting and auditing in the age of digital assets [MNCPA]
The digital asset ecosystem is changing and expanding rapidly. So, how is the accounting profession responding to the changes being brought by digital assets?

Hands-on collaboration still key in a virtual year [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.

Tax reform and the role of tech, two years in [MNCPA]
Following the TCJA, tax technology is evolving to help companies meet new requirements in such areas as data management and analytics, calculations and reporting.

2020 — the legislative session no one expected [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.

Facing COVID-19 challenges together [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.

Keep your pipeline alive now so you can thrive later [MNCPA]
With much of the world in disarray and businesses feeling like they are in limbo because of COVID-19, it may seem like the wrong time to focus attention on business development at your firm. It's not.

CPAs are the peanut butter to taxpayers’ jelly [MNCPA]
We tried to capture the spirit of perfect pairings in the 10th annual Tax Campaign, which promotes the importance of CPAs and the profession to the public.

The taxation of trusts in Minnesota [MNCPA]
The implications of recent court cases could be significant for Minnesota taxes.

View from Revenue: Season of 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.

Highlights of the CARES Act
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748 (the Act)) was enacted into law on March 27, 2020. It contains many tax provisions that impacts your practice and life immediately as our nation and world combats the COVID-19 pandemic.

The SECURE Act: How retirement planning has changed for every taxpayer
The acceleration of distributions from tax-deferred retirement accounts under the SECURE Act, an acronym for “Setting Every Community Up for Retirement Enhancement,” provides a revenue offset to the massive appropriations bill signed in December 2019.

Are you ready for this new crypto question on Schedule 1? [MNCPA]
If you or any of your clients had any cryptocurrency transactions during 2019, a crypto tax software is an essential tool to calculate your cryptocurrency gains and losses.

Bye, bye, bye: Appropriations law repeals several taxes, including parking tax for nonprofits [MNCPA]
Another year, another set of 11th-hour changes. In late December, Congress passed a new appropriations bill, later signed into law by President Donald Trump. And, boy, were there some doozies in it.

Bye, bye, bye: Appropriations law repeals several taxes, including parking tax for nonprofits
The new law includes extensions for several expiring or expired tax provisions, repeals three major taxes imposed under the Patient Protection and Affordable Care Act, among other changes.

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. 

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

Minimizing the 3.8 percent tax when selling a business
An unearned income Medicare contribution tax took effect January 2013. Mark Sellner explains what’s taxable and what’s not when selling a business.

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.

Highlights of the CARES Act [MNCPA]
The CARES Act contains many tax provisions that impact your practice and life immediately as our nation and world combat the COVID-19 pandemic.

Stepping up, standing out with Prepare + Prosper [MNCPA]
After another successful tax season in 2022, let's look back at some of the volunteer contributions MNCPA members have made.

MNCPA Perspectives blog posts

MNCPA sole practitioners share their most pressing concerns
In the recent MNCPA Tax Survey, an annual survey of members in public practice, sole practitioners were asked what their top concerns are for the next two years. The answers offered insight...

Feedback sought for revised Statements on Standards for Tax Services
Comments must be submitted by Dec. 31, 2022...

Elections matter: Your participation is important
This year’s election has an election dynamic that happens only once every 20 years. After redistricting this year, there are elections in all 201 legislative districts...

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...

Unresolved issues at the Capitol and still no deal on a special session
The 2022 legislative session ended on time, but it did not end as most people had hoped it would end...

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...

Are homebound employees during COVID eligible for home office deductions?
After the COVID-19 pandemic took hold across the U.S. in March 2020, most states experienced various levels of shelter-in-place edicts...

Retirement planning tips for any age
A focus on retirement planning should be front of mind in good times and bad. If the past year has taught us anything...

Unemployment fraud: What to do if you receive an incorrect Form 1099-G
Imagine going to your mailbox like any other day. Among the bills and magazine subscriptions, you find a tax form outlining your unemployment benefits...

SAVE BIG!Join the MNCPA and get 3 free months of membership

For a limited time, become a member of Minnesota’s premier association for accounting professionals and receive 15 months of membership for the price of 12. As a member, you’ll enjoy exclusive access to substantial savings and benefits, including VIP conference rates and access to more than 20 free CPE credits annually.

Apply Now             Learn more