Reasons to consider hiring a CPA

Financial Planning For business owners who want financial security now and freedom in retirement, having a CPA on the team is a must. A CPA will create a customized, strategic action plan to help you achieve your personal financial goals. Getting to know you and your business inside out is the first step we will take to understand where you are now, where you want to go, and then determine…  Read more

What to do if you get audited

Audited No one looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare and call us. These four steps will help you get through the process with minimal stress and the best possible outcome.…  Read more

Restaurant Qualified Improvements

  The Tax Cuts and Jobs Act that was passed late last year repealed the qualified retail, restaurant and leasehold improvement rules and replaced them with a new qualified improvement property acquired and placed in service after 12/31/2017 and before 12/31/2022. Qualified improvement property consists of interior modifications to commercial property (except elevators, escalators and enlargements). Prior laws enabled write offs for much of the improvements to a space which…  Read more

Minnesota Sales Tax

Minnesota will require remote sellers and Marketplace Providers facilitating sales into Minnesota to collect sales tax no later than October 1, 2018 ST. PAUL, Minn. – The Minnesota Department of Revenue will require remote sellers and Marketplace Providers facilitating sales into Minnesota to begin collecting sales tax no later than October 1, 2018. Remote Sellers Minnesota law requires all sellers to collect sales or use tax to the extent allowed under the United…  Read more

Internet Sales Tax

Sales Tax Issues In a case with nationwide ramifications, on June 21st the US Supreme Court overturned the old Quill corporation decision in the case of South Dakota versus Wayfair, which will now allow individual states to attempt to collect sales tax from out-of-state sellers, such as online and website sales. Since 1967, remote vendors without a physical presence in a state could not be forced to collect sales tax. In…  Read more

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