Category: Individual Tax

The U.S. House of Representatives passed the Tax Relief for American Families and Works Act on January 31, 2024. Since then, the bill has stalled in the Senate. Congress left Washington on Friday, March 22nd, for a two-week recess, so there is now little or no chance for any...

The U.S. House of Representatives passed this bipartisan tax plan on January 31, 2024. The bill still needs Senate approval and could be subject to amendments before final passage. President Biden has indicated that he supports the bill....

In this recorded webinar, our tax team looks into the latest developments pertaining to tax laws and updates that hold relevance for both individuals and businesses. With an emphasis on ensuring your financial readiness as the current year concludes, our seasoned professiona...

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax....

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...

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....

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...

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....

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...

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...

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...

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....