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Category: Individual Tax

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August 29, 2023
Mandatory Roth Catch-Up Provision Delayed until 2026

The IRS granted an administrative transition period via Notice 2023-62 that extends until 2026 the new requirement per the SECURE Act 2.0 that any catch-up contributions made by higher income participants in 401(k) and similar retirement plans must be designated as after-ta...

August 18, 2023
2023 Minnesota Tax Rebate Payments

Minnesota has introduced a one-time tax rebate payment, ranging up to $1,300. These payments are set to be disbursed from this week through September, and we are here to provide you with a concise overview of the eligibility criteria and distribution details....

August 16, 2023
Minnesota Special Property Tax Refund

The Minnesota legislature retroactively passed legislation that provides a refund if your property taxes increased by 6%. This provision has historically been in place at a 12% level. This is a one-time deal – only for property taxes payable in 2023 (which is reported on...

July 12, 2023
How to Update Your Tax Information for Fall Tax Rebates

The Minnesota Department of Revenue has launched an online portal for taxpayers who need to update their address or bank information in order to receive a rebate check this fall....

May 31, 2023
2023 Minnesota Tax Bill Signed into Law

Gov. Tim Walz signed the 2023 Minnesota tax bill into law on May 24th. The bill includes full Social Security state income exemption for those earning less than $100,000 annually (married/joint) or $78,000 (single/head of household), phasing out at $118,000 for single filers...

March 24, 2023
2023 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...

February 14, 2023
Minnesota Long-Term Care Legislation

We wanted to bring your attention to a long-term care topic working its way through the Minnesota legislature. It mimics current legislation in place in the state of Washington and in serious consideration in California, New York and Pennsylvania. States, which end up beari...

February 1, 2023
Many Tax Limits Affecting Businesses Have Increased for 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business....

September 27, 2022
Inflation Reduction Act’s Impact on Your Taxes

The Inflation Reduction Act (IRA) was signed into law on August 16, 2022.  Here are the significant provisions:...

September 27, 2022
Student Loan Forgiveness

President Joe Biden announced on Aug. 24 that most federal student loan borrowers will be eligible for some forgiveness.  The forgiveness would be up to $10,000 if you didn’t receive a Pell Grant, and up to $20,000 if you did. The Whitehouse fact sheet states if all el...

February 23, 2022
Tax Organizer Tips

Tax Day for individual tax filers is typically April 15th each year unless the day falls on a holiday or weekend. The IRS extended the filing season in 2020 and last year because of COVID-19. But that is not the case for tax returns filed in 2022. For this year, the deadli...

February 23, 2022
Tax Filing Due Dates

Just a reminder that the traditional tax filing due dates listed below are not being adjusted this year by the government. Due to ever changing tax laws, related tax forms and software updates, coupled with the unknown of whether or not various states will conform with the F...