New IRS Repair Regulations

FIVE FREQUENTLY ASKED QUESTIONS

On August 14, 2014, the IRS released final regulations regarding dispositions of tangible depreciable property.

Click here to read more. 

Year-End Reporting

Overview

As the holiday season is approaching, it can mean only one thing; TAX TIME IS HERE AGAIN. With the onset of a new year, all businesses must disclose employee wage and vendor payments for the prior year through W-2 and 1099-Misc. forms. As you look to prepare these forms there are a number of things to keep in mind.

 

W-2 Reporting

This will be the second year, W-2 forms will include the additional .9 percent Medicare surtax and possibly health insurance premium reporting. Employees who had wages over $200,000, which resulted in the additional .9 percent Medicare surtax being withheld from their paychecks, will have the amount reported with their normal Medicare withholding in box six of the W-2. 

Mn Seia - Midwest Gateway to Solar Conference

Steve Erchul at the Solar Expo

Our Managing Principal, Steve Erchul, is a panel speaker at the MN Seia - Midwest Gateway to Solar conference. Steve will discuss the potential tax implications surrounding the value of solar. 

Steve specializes in business and individual tax planning and consulting for the solar industry.

 

Fall Tax Newsletter

As always, savvy planning in the last quarter of the year can pay off in lower taxes next year when you file your return. Some tax planning is fundamental: most people will benefit by accelerating tax deductions into 2014, while deferring income into 2015. Yet, there is now a distinct divide between taxpayers reporting high income and all other Americans. Generally speaking, as a result of recent legislation, if your annual income is over $200,000 you must cope with far more tax complexity than other taxpayers face.

Click here to read more.

Red Wing Chamber Business Expo

Amanda Schroeder and Diane Johnson at the Red Wing Chamber Expo

Red Wing Chamber Business Expo

Red Wing staff enjoyed networking with local businesses at the Red Wing Chamber of Commerce Chamber Expo at the St. James Hotel on Oct. 21. 

"Lots of great food, drinks and interaction with old faces and new."

 

Affordable Care Act

5 Things Everyone Needs to Know

 

On Feb. 10, 2014, the IRS issued final regulations on the Employer Shared Responsibility provisions under the Affordable Care Act. Here are five things everyone needs to know about the Affordable Care Act:

 

1. The Employer Shared Responsibility Provisions are in affect beginning January 1, 2015.

No Employer Shared Responsibility payments will be assessed for 2014.

 

2. Number of Employees

Employers will use information about the number of employees they employ and their hours of service during 2014 to determine whether they employ enough employees to be classified as a large employer for 2015.

 

Edina Chamber of Commerce Golf Event

Kyle Spicer at the Edina Chamber Golf Tournament

Fruit and Juice Bar

Kyle had a fun day on the Braemar Golf Course networking and sharing a fruit and juice bar with golfers at the Edina Chamber of Commerce annual golf tournament.  

Pictured to the left: Kyle Spicer

Weekly Tax Update - Aug. 3, 2014

Federal

 

Tax Court Affirms Rejection of Informally Submitted Offer-in-Compromise

 

Rochester, Minn. - Happiest City

Rochester, Minn.

Rochester is one of the happiest cities to live in America. 

 
Check out the MSN news article about the 10 Unhappiest & Happiest Cities in America. We sure enjoy having one of our four offices located in one of the happiest cities in America. Great city and great people!
 
Make sure to check out all four of our office locations by clicking the Contact Us tab.

Rochester Area Chamber of Commerce Golf Event

Ben Turnquist and Jill Eggerichs at the Rochester Chamber Golf Tournament

It was a beautiful day for golf at the Rochester Area Chamber of Commerce annual tournament. Pictured: Ben Turnquist, Jill Eggerichs and Gus at our '70s themed booth! 

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