by Matt Engelmann | Nov 5, 2024 | Uncategorized
BOI Reporting – Watch Video Here is an example of completing a simple BOI filing for an LLC with single member/manager. Disclaimer: This video can serve as an example, but it should not be relied upon for advice on how to complete an initial BOI filing for your...
by Matt Engelmann | Jan 13, 2024 | Uncategorized
What expenses qualify? In Minnesota, the K-12 Education Subtraction and Credit programs cover a variety of expenses that are eligible if they are paid for a qualifying child. Here’s a summary of what typically qualifies: Normal School Day Expenses: This includes...
by Matt Engelmann | Mar 15, 2021 | Uncategorized
Summary of American Rescue Plan Act of 2021 for Individuals Below is a summary of the American Rescue Plan for Act 2021 (H.R. 1319) for individuals. The bill was signed into law on 3/11/2021. Special information that may impact individuals who received unemployment in...
by Matt Engelmann | Feb 12, 2021 | Uncategorized
Do you have a voucher to pay your 2021 tax return, but you would prefer to do it electronically online? In fact, with the delay in the IRS processing mail, it’s highly recommended to pay electronically. Here is how to do it: Federal Direct Pay...
by Matt Engelmann | Feb 12, 2021 | Tax Updates & Rules
Do you want to see the current status of your refund? See the links below. Internal Revenue ServiceMinnesota RevenueWisconsin Department of RevenueNorth Dakota Tax StatusIowa Department of RevenueCalifornia Franchise Tax Board Most of the state links will require you...
by Matt Engelmann | Feb 12, 2021 | Uncategorized
This is a question we hear often. For the vast majority of our clients, they will want to keep the past three years of tax returns. There are some special situations where it can make sense to hold onto them longer, but they won’t apply to most. Below is great...
by Matt Engelmann | May 20, 2020 | Uncategorized
Do you have payment vouchers to pay your estimated taxes, but you would prefer to do it electronically online? Here is how to do it: Federal Direct Pay Link: https://www.irs.gov/payments/direct-pay Instructions: 1.) Click the blue “Make a Payment” button. 2.) On the...
by Matt Engelmann | Apr 29, 2020 | COVID-19, Tax Updates & Rules
This year in 2020 is going to be challenging for many companies that are likely to incur net operating losses (NOL’s). To help create cash for businesses to survive, Congress changed the rules on NOL carrybacks for the 2018-2020 tax years. Before we discuss the...
by Matt Engelmann | Apr 28, 2020 | COVID-19
We have a number of self employed clients applying for Minnesota unemployment benefits. Certain professions such as hair stylists/barbers and massage therapists have been put out of business with the stay-at-home orders. In our experience, most self employed people...
by Matt Engelmann | Apr 26, 2020 | Uncategorized
With the COVID-19 issues, business for many is slowing down (or shut down completely). At the end of the day, cash flow is what matters most. Will you have enough cash to meet your operating expenses and payroll obligations? For how long? For our clients we can...
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