On Wednesday, May 24 the State of MN enacted legislation that will provide direct tax rebate payments to taxpayers.
State of Minnesota Tax Rebate Payments
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Business
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.
A Guide to Planning Your 401k Audit
Many business owners offer a 401k plan to their employees. It is a great way to help employees save for retirement, and it allows the owner to contribute to their account as well. It can also be an attractive benefit for hiring and retaining employees in the current...
IRS Plan Approval Eligibility Extended to 403(b) Plans
Starting in 2023, tax-exempt employers like schools, churches, governments, and other not-for-profit organizations can request an IRS determination letter for their 403(b) plans for the first time.