Taxation-Business
Articles
R&D Credit: Big changes in reporting requirements coming in 2025
March 26, 2025
Since its inception as part of the Economic Recovery Tax Act (ERTA) of 1981, the federal Credit for Increasing Research Activities (the R&D Tax Credit) has been a valuable incentive for companies. Learn about changes coming to the credit in 2025
Automatic six-month extension for not-for-profit entities to make elective payment elections
March 12, 2025
The Internal Revenue Service (IRS) has granted eligible not-for-profit (NFP) entities an automatic six-month extension to file Form 990-T. Learn how you can help your clients get the extension.
How to take the fear out of the direct pay process for not-for-profit organizations
December 26, 2024
Many not-for-profits (NFPs) are uncertain about how to navigate the new tax landscape and how they should go about claiming renewable energy tax credits they deserve.
BOI filing fees
November 25, 2024
As the Corporate Transparency Act (CTA) reshapes compliance requirements across the U.S., CPAs and law firms are presented with a unique revenue opportunity: Beneficial Ownership Information (BOI) filings.
New tax changes in the energy transition
October 17, 2024
Proposed rules for “Technology-Neutral” clean electricity incentives in the Inflation Reduction Act.
IRS plan for settling Employee Retention Credit claims finally implemented
September 5, 2024
The IRS is continuing to turn up the pressure on Employee Retention Credit (ERC) claims to sort out fraudulent applications from legitimate ones. The recent updates are signs of relief for businesses that have been patiently waiting for their money.
Navigating the evolving complexity of R&D in recent judicial decisions
July 29, 2024
Navigating the complexity of the Research & Development (R&D) tax credit has never been easy, but recent judicial decisions have only made it more complicated.
Update on Employee Retention Credit claims
July 9, 2024
Enforcement and scrutiny getting tougher, but IRS will finally start processing lower-risk ERC claims.
Minnesota Gov. Walz signs HF 4757, overhauling Minnesota's adult-use cannabis market
May 31, 2024
In a landmark move for Minnesota's cannabis industry, House File 4757 passed during the 2024 legislative session and signed into law by Gov. Tim Walz on May 24, 2024, which introduced significant changes to the state's adult-use cannabis market.
Unveiling the advantages of cost segregation studies in real estate investment
May 29, 2024
In the world of real estate investment, achieving maximum returns and optimizing cash flow are top priorities. Yet many real estate owners, investors and their tax advisors, overlook cost segregation studies.
Help your builder and developer clients earn energy efficiency tax credits
May 2, 2024
IRS Section 45L provides a generous federal tax credit for the construction of energy efficient homes. Learn the ins and outs of 45L to help your clients.
Overview of the Domestic Content Bonus Credit
April 25, 2024
As part of Minnesota's ambitious clean energy initiatives, the Domestic Content Bonus Credits provided by the Inflation Reduction Act (IRA) of 2023 represent a significant opportunity to further enhance the state's renewable energy projects.
Securing the Section 179D tax deduction for clients with energy efficient commercial buildings
March 7, 2024
Get up to speed on the Energy Policy Act (EPAct) §179D tax deduction and learn how this provision could help your clients.
Preparing for an ERC audit
February 7, 2024
It’s the season for IRS ERC exams — are you or your client prepared?
The secret to a winning 48C application
January 2, 2024
The Advanced Energy Project Credit provides qualifying manufacturers with billions of dollars in tax credits for making investments in advanced energy projects. See how to help your clients with the 48C application process.
IRS intensifies efforts to combat ERC scams — consider getting a second opinion
October 26, 2023
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.
The Employee Retention Credit: The latest scrutiny
August 31, 2023
With IRS backlog reduced, additional focus is now on supply chain qualifications, misleading ads and growing fraud risk
R&D Tax Credit — Section 174 Updates
July 31, 2023
Learn about R&D Tax Updates and how firms should move forward with their clients.
Broader dialogue boosts existing — and new — relationships
Footnote
May 30, 2023
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.
Opening the nexus chamber of secrets
Footnote
May 30, 2023
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.
Tax issues you might have missed during year-end close
Footnote
May 30, 2023
The IRS officially kicked off the tax filing season Jan. 23, 2023, and issues continued to arise in the tax world. Here are some of the key issues you might have missed.
An excise exploration: Unpacking Minnesota’s cannabis taxation
May 26, 2023
Minnesota is poised to become the 23rd state to legalize cannabis use for those 21 and older. The bill legalizing cannabis use spans more than 300 pages and encapsulates a wealth of information.
Legalized use of cannabis in Minnesota: What employers need to know
May 19, 2023
The increasing social acceptance and legalization of cannabis across multiple states the past decade has brought with it the need for employers to adjust to fit a new normal.
5 myths about cannabis and the accounting industry
May 15, 2023
Cannabis is expected to be a $100 billion market in the next few years, with hundreds of thousands of new companies needing accounting and tax help.
Ms. Lindsey goes to St. Paul
Footnote
March 29, 2023
Carolee Lindsey, an MNCPA member who's been a longtime advocate at the Capitol, shares her experience of seeing the early federal tax conformity bill signed by Gov. Tim Walz.
New Revenue commissioner answers MNCPA questions
Footnote
March 29, 2023
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.
Top 5 errors CPAs — or their providers — are making when calculating the ERC
February 7, 2023
While the ERC is a fantastic tax incentive, it can be complex and difficult to navigate.
174 R&E amortization explained and what to do
February 2, 2023
Taxpayers that have R&E expenditures or software development costs must now amortize the costs over five years. The costs can no longer be deducted in the year period or incurred.Â
Holding S Corporation stock in a trust
Footnote
January 31, 2023
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
Footnote
January 31, 2023
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.
IRS releases revised R&E procedural guidance
December 15, 2022
On Dec. 12, 2022, the IRS released an advance copy of Rev. Proc. 2023-8, which provides procedural guidance for taxpayers to adopt accounting methods for specified research or experimental (R&E) expenditures under Section 174.
Crack the code: MNCPA Tax Conference
Footnote
November 29, 2022
Highlights from the 2022 MNCPA Tax Conference.
179D and 45L technical update
October 10, 2022
The Inflation Reduction Act offers tax savings opportunities for real estate clients.
AICPA issues proposed revisions to Statements on Standards for Tax Services
October 3, 2022
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.
A look at 3 timely transfer pricing topics
Footnote
May 25, 2022
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
Footnote
May 25, 2022
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
Footnote
May 25, 2022
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 treatment of ESOPs: Your guide to Internal Revenue Code Section 1042
May 19, 2022
For shareholders who meet certain conditions and requirements, Section 1042 of the Internal Revenue Code provides an opportunity to defer capital gains taxes on a business sale.
MNCPA Perspectives blog posts
The power of authoritative tax guidance: Why Senate File 783 is a game changer for Minnesota
February 10, 2025
Minnesota is on the brink of a major tax reform with Senate File 783—legislation that could provide taxpayers with much-needed clarity and confidence ...
Takeaways from recent MNCPA wealth migration survey
December 17, 2024
We sent this survey to 1,197 individuals and received a response rate of 3.7%. We appreciate those who shared their insights...
BOI reporting lagging ahead of deadline
October 11, 2024
The clock is ticking for certain businesses to file new reporting data with the Financial Crimes Enforcement Network (FinCEN). Noncompliance can cause...
Have Minnesota residency questions? We have (some of) the answers!
June 26, 2024
Q&As from our recent webinar: Minnesota Residency Update for Individuals, Estates and Trusts, presented by attorneys Masha Yevzelman and Cameron Seybolt...
Common — and outrageous! — attempted tax deductions
March 13, 2024
Here are some themes behind commonly attempted deductibles shared in the annual MNCPA Tax Survey of members; some of these might look familiar to you, too!
Understanding the new 1099-K rules in 2023
September 5, 2023
With changes from the American Rescue Plan Act of 2021, the threshold for a Form 1009-K has been cut drastically both in terms of the number of transactions and the amount of revenue earned...
MNCPA submits amicus brief to the Minnesota Supreme Court
March 31, 2023
Recently, the MNCPA submitted a brief as amicus curiae to urge the Court to determine that Minnesota Tax Court decisions serve as binding precedent upon the Revenue commissioner...
The questions (and questions) about Minnesota federal tax conformity
February 21, 2023
Following the surprising, but well-received passing of an early federal tax conformity bill last month there were, naturally, lots of questions about what this meant for tax preparers, businesses and individuals...
Feedback sought for revised Statements on Standards for Tax Services
October 27, 2022
Comments must be submitted by Dec. 31, 2022...
Elections matter: Your participation is important
September 9, 2022
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
August 30, 2022
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...
A field of opportunity: New conference takes root
July 28, 2022
If you cruise any Minnesota road long enough, I bet you pass at least one cornfield, turkey barn or herd of grazing cows. Why am I writing about farms? Because farms are businesses and businesses need CPAs...
Unresolved issues at the Capitol and still no deal on a special session
June 6, 2022
The 2022 legislative session ended on time, but it did not end as most people had hoped it would end...
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