Yes, extending a business tax return is often a smart financial move. It doesn't always mean that something went wrong. A business tax extension can give you and our team more time to file, make certain retirement plan contributions, wait for delayed K-1s, and wait for new tax guidance. There's [...]
Earlier this year, we wrote about a new law requiring the IRS to send clearer "math error" notices, part of a broader push to make IRS communication more transparent and taxpayer-friendly. The IRS just took another step in that same direction, and it's one that could save many of our clients [...]
If your business hasn't set up a Business Tax Account with the IRS yet, now is a good time to consider it. The IRS has rolled out a round of updates this summer that make the portal a more useful tool for managing your federal tax account online, instead of [...]
Every construction executive has heard the AI pitch by now. Fewer have seen it translate into fewer change orders, tighter estimates, or a healthier bottom line. That gap between AI hype and AI results is exactly where we spend most of our time with construction clients. The data backs up [...]
When Congress passes major tax legislation, Minnesota doesn't automatically follow along. Understanding what our state has — and hasn't — adopted from the federal One Big Beautiful Bill Act (OBBBA) is essential for smart tax planning. This spring, the Minnesota Legislature resolved much of that uncertainty by passing H.F. 2438, [...]
Identity theft is an increasing concern for taxpayers, and unfortunately, tax season is a prime time for fraudulent activity. When someone uses your personal information—most commonly your Social Security number—to file a tax return, it can delay your filing, disrupt your refund, and require additional steps to resolve. Understanding how [...]
A new federal savings initiative informally referred to as “Trump Accounts” is set to roll out in the coming years, offering families a unique way to build long-term financial security for their children. While details are still emerging, this program could become a valuable addition to existing savings strategies. Here’s [...]
What Taxpayers and Tax Pros Need to Know About IRS Payment Modernization and Notice CP53E The IRS has begun implementing major changes to how tax refunds and other federal payments are processed, driven by Executive Order 14247: Modernizing Payments to and From America’s Bank Account. This directive is reshaping refund [...]
If you’ve ever received a confusing IRS notice adjusting your tax return for a “math error,” you’re not alone. For years, taxpayers and tax professionals alike have struggled with vague explanations and unclear next steps when the IRS made automatic changes to a filed return. That’s about to change. The [...]
The state and local tax (SALT) deduction allows taxpayers who itemize deductions on their federal tax returns to deduct state and local taxes paid from their federal taxable income. This includes Minnesota state income tax, local property tax, and certain sales taxes. Thanks to a recent change made by the [...]