Minnesota Society of Certified Public Accountants

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Taxation-Business

Articles

Securing the Section 179D tax deduction for clients with energy efficient commercial buildings
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
It’s the season for IRS ERC exams — are you or your client prepared?

The secret to a winning 48C application
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
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
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
Learn about R&D Tax Updates and how firms should move forward with their clients.

Broader dialogue boosts existing — and new — relationships [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.

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.

Tax issues you might have missed during year-end close [MNCPA]
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
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
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
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 [MNCPA]
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 [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.

Top 5 errors CPAs — or their providers — are making when calculating the ERC
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
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.

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.

IRS releases revised R&E procedural guidance
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 [MNCPA]
Highlights from the 2022 MNCPA Tax Conference.

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

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.

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.

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.

Tax treatment of ESOPs: Your guide to Internal Revenue Code Section 1042
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.

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.

Minnesota’s Angel Tax Credit [MNCPA]
The Angel Tax Credit is an important tool for assisting small startup businesses across the state get a foothold in the capital markets. Read about the latest developments.

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.

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.

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.

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.

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.

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.

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.

Why would I need a single audit now? [MNCPA]
New federal dollars allocated to many nonprofits might bring additional oversight not previously expected.

The 10 biggest myths (missed opportunities) with the Employee Retention Credit
Many CPAs are not fully understanding the nuances and complexities of this expanded law.

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.

American Rescue Plan and employee-related issues
On March 12, 2021, the American Rescue Plan Act (ARPA) of 2021 was signed into law creating a $1.9 trillion stimulus package to address continuing needs related to the COVID-19 pandemic.

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

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.

The state of mergers and acquisitions [MNCPA]
With the M&A market finally slowing down at the end of 2019, the global pandemic and resulting market volatility appear to be accelerating the slowdown.

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.

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.

How to handle an untrue, incorrect or incomplete business tax return [MNCPA]
What should a corporate officer, partner or LLC member designated to sign the business tax return do if there are concerns that the return is wrong?

Refund opportunities in the CARES Act [MNCPA]
As part of the CARES Act, refund opportunities may be available to you.

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.

Outsourcing tax services — a valuable option in the age of disruption [MNCPA]
As you decipher the disruptions of tax reform, consider outsourcing your tax function to trusted tax advisers who can add value and help you navigate the powerful storm generated by new tax law.

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.

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.

Transfer pricing: The cross-border battle for profits continues to heat up [MNCPA]
The global transfer pricing environment continues to heat up as countries persist in their quest to capture their “fair share” of taxable profits.

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.

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.

The use of QSubs in S corporation tax planning: Understand the opportunity and know the potential pitfalls
Tax expert Mark Sellner looks at when and why it’s advantageous to establish a QSub, and how to avoid potential tax traps associated with their sale.

A great time to be green [MNCPA]
Go green with 10 new federal tax incentives under the Inflation Reduction Act.

Comprehensive guide to tax implications and entity structures in the cannabis industry [MNCPA]
With a unique legal and financial landscape, the cannabis industry demands careful consideration of entity structure and tax implications.

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.

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

MNCPA Perspectives blog posts

Common — and outrageous! — attempted tax deductions
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
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
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
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
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...

A field of opportunity: New conference takes root
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
The 2022 legislative session ended on time, but it did not end as most people had hoped it would end...

MNCPA calls on Congress to address IRS service levels
As a CPA, you have, no doubt, seen a significant reduction in IRS service levels. It’s nearly impossible to connect with a representative to ask questions...

Don't let a single audit take you by surprise
When various federal funds funneled to this nonprofit as a result of COVID-related legislation, the organization, for the first time, hit the $750,000 threshold to trigger a single audit...

Is a single audit in your future? It might be closer than you think
Given the amount of federal grants available for pandemic relief in the past year, entities may find themselves in single audit territory for the first time...

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...