Category: Individual Tax

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “exten...

I love my dog, Shea. I think of her as my child, but she has never given me any tax benefits. If you have an actual child, you always love them, but even a little more when it’s time to file taxes. This is because you’re able to claim them as a dependent, which meant a r...

My favorite IRS program - the Streamlined Disclosure Program - is going away September 28th so I had to write about it one more time. The past 10 years have seen a dramatic increase in the awareness and enforcement for the rules relating to foreign bank accounts. US citizens...

Highlights of the federal tax reform affecting individuals includes lower individual rates, and changes to the standard deduction, exemptions, medical expenses, charitable contributions, child tax credits, home mortgage interest and other items, described in this blog post....

ST. PAUL, Minn. (WCCO) — One of the biggest items facing a veto in the Minnesota Legislature is the state tax bill.The bill lines up our taxes with the new Federal law so that at least 800,000 Minnesotans don’t end up paying more. WCCO asked CPA Chris Wittich to give us ...

As our clients address many of the issues associated with estate planning, one of the questions that usually comes up is the beneficiary designations associated with retirement account assets. An important factor to consider in naming a beneficiary of your retirement account...

As there are more and more data breaches affecting consumers, identity theft issues area at an all-time high.  It is the number one complaint reported to the Federal Trade Commission. Judging from recent news reports, this doesn’t seem to be getting any better....

About nine percent of the estate tax returns reporting gross estates of $5 or more were audited by the IRS during 2014.  And the bigger the estate the more likely the audit....

With federal changes to the way 529 plans work in Dec 2017 and MN changes to the way 529 plans work passed in summer 2017 now seems like the perfect time to take a deeper dive into a subject which many people have some awareness around, but perhaps don’t fully understand a...

There are three different flavors of Form 1095 and most people don’t know much about them, so what’s the scoop with the 1095-A, B, and C?...