Governor Mark Dayton recently signed tax legislation that retroactively conforms most state corporate and personal income tax provisions to the federal changes that have been enacted since December 31, 2014. Two provisions that did not change to the federal provisions, however, were bonus depreciation and IRC Section 179 depreciation.   There will continue to be differences…

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Minnesota’s new statute governing limited liability companies (“LLC”) became effective August 1, 2015.  All LLCs that are organized after that date will fall under the new Chapter 322C of the Minnesota Statutes (“New Act”).  What does that mean?  How does it affect the LLCs already in existence? The old LLC statute, Chapter 322B, was formulated…

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In the 22 years of service I have provided as an advisor, I have not seen any year more complex that this one.  My suggestion is to get to your advisors, sooner rather than later, for 2012/2013 planning.  For example, unless something is done in Congress, the federal individual income tax rates themselves will increase…

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None of us know what November will bring.  Congress, no matter who takes over, can’t seem to agree on anything except to blame the other side for things that can’t get done or go wrong.  As a CPA and attorney, I am quite tired of trying to plan an effective strategy with my clients with…

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For many years the IRS has been scrutinizing the distinction between Independent Contractors and Employees for businesses.  Business owners would prefer the workers categorized as independent contractors.  Some of the reasons are as follows: Independent contractors are not covered by workers’ compensation or unemployment; Businesses do not need to withhold payroll tax on the earnings…

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There are new increases in Social Security that have been recently announced, both for the recipients and the employee/employers currently paying into the system.  For those of us paying into Social Security in 2012, the Social Security tax will be payable on the first $110,100 of income received per person in 2012, which is an…

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