egislative changes are enacted each year that impact the collection and remittance of these taxes. Here is a summary of a few key highlights from the latest legislative session.
Minnesota Sales & Use Tax Law Changes for 2023-2024
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Business Tax
Midyear Tax Planning Essentials
How did tax season go? Summer is an excellent time to enact a new tax planning strategy.
IRS Standard Mileage Rates for 2023
Buckle up – the standard mileage rates for deducting the costs of operating an automobile for business purposes have increased for 2023.
SECURE Act 2.0 – Provisions Impacting Employers
The SECURE Act 2.0 was signed into law by President Biden on December 29, 2022. Included as part of the Consolidated Appropriations Act of 2023, it provides additional retirement savings reforms designed to expand access to and increase participation in workplace retirement plans
IRS Announces Form 1099-K Reporting Relief
In the past, individuals and businesses would only receive a 1099-K form under certain circumstances. This includes when there were over 200 transactions or gross payments totaling more than $20,000 received through payment apps or credit card processors.
Extended Grace Period for Revised R&D Refund Claims
Taxpayers claiming the federal Research and Development (R&D) credit on amended returns will get an extended break from new documentation requirements.