***UPDATE: As of March 3/20/20, the U.S. Treasury announced that the payment filing deadline has been extended until July 15, 2020.*** The U.S. Treasury has announced on Tuesday, 03/17/20 that individuals and corporations can delay
Highlights of spending package’s tax law changes The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already
As a premier Twin Cities CPA consulting firm, Froehling Anderson puts people before numbers, building long-lasting relationships with our clients. We make sure we can properly assist, guide and support our clients by having a
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. While some assets sit well in these accounts, others would do better in taxable ones. How
One downside of contributing to a traditional IRA is that, once you reach age 70.5, you must begin taking required minimum distributions (RMDs) and pay taxes on those distributions. But you can use a qualified
Minnesota recently passed a tax bill that retroactively brings some of Minnesota’s income tax provisions into conformity with federal income tax provisions that were passed in December 2017, as part of the federal Tax Cuts
To save money, your business may treat workers as independent contractors, rather than employees. Be aware that the IRS looks for businesses that improperly classify workers. It’s best to handle independent contractors so the relationships
Starting a new business can be a hectic, exciting and expensive time. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away. Some may have to be amortized over time
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office
Why include your CPA when creating a new product? While they may be easy to overlook, their presence throughout your process could save you big come tax time. We detail how an R&D tax credit
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