Advance Child Tax Credit Payment Option Available for Tax Year 2025For Minnesota filers, taxpayers eligible for the Child Tax Credit have the option to receive up to 50% of their credit in advance payments through Schedule M1CWFC. To elect advance payments, taxpayers must file an original 2025 tax return by April 15, 2026. If a [...]

IRS Issues Guidance on Permanent 100% Bonus Depreciation for 2025 Tax YearThe Treasury Department and the IRS have released interim guidance regarding the additional first-year depreciation deduction under IRC Section 168(k). This guidance reflects changes enacted by the One Big Beautiful Bill Act (OBBBA), which establishes permanent 100% bonus depreciation for qualified property acquired and [...]

IRS Announces First Days of 2026 Filing SeasonAs announced earlier this week, Tuesday January 13, will mark the first day that the IRS will accept business tax returns for 2025 and Monday January 26, will be the first day that the IRS will accept individual tax returns for 2025. Other 2025 forms, such as trust/estate [...]

Federal Reserve Approves Third Rate Cut in 2025On December 10th, the Federal Reserve’s Federal Open Market Committee (FOMC) announced a 0.25 percentage point reduction in its benchmark federal funds rate, lowering the target range to 3.50 %–3.75 %. This marks the third consecutive rate cut in 2025 as policymakers balance ongoing inflation concerns with signs [...]

IRS to Close its E-Filing System in 2 WeeksWe know how wonderful December can be with this holiday season. It brings us joy, gratitude, and the excitement of giving while spending time with our family, friends, and those closest to us. It can also be a busy time too. For this reason, we wanted to [...]

Minnesota Pass-Through Entity (PTE) Tax Election Set to ExpireEffective for tax years beginning after December 31, 2025, the Minnesota PTE Tax election — which permits certain partnerships, limited liability companies and S-corporations to pay state income tax at the entity level rather than pass it through to individual owners — is scheduled to expire. If [...]

Closing Date Set for E-Filing in 2025 by the IRSThe IRS has announced that the annual e-file shutdown for system maintenance will begin on Friday, December 26, 2025, at 11:59 a.m. Eastern Time. During this period, the IRS takes its electronic filing systems offline to update forms, security features, and programming for the upcoming tax [...]

Government Shutdown Ending, Funding Bill SignedPresident Trump signed a bill on November 12 to reopen and fund the federal government after the longest shutdown in U.S. history, which lasted 43 days and affected millions of Americans. The stopgap measure extends most government funding through January 2026 and provides full-year appropriations for specific agencies. The bill [...]

Minnesota Nonconformity and the One Big Beautiful Bill Act On July 4, 2025, Congress enacted the One Big Beautiful Bill Act (OBBA), a sweeping tax package that extends and modifies several provisions of the Tax Cuts and Jobs Act (TCJA) and introduces new tax measures for individuals and businesses. However, because Minnesota conforms to the [...]

Federal Reserve Delivers Second Consecutive Rate Cut, Signals Uncertainty AheadOn October 29, the Federal Reserve approved its second straight interest rate cut, lowering its benchmark federal funds rate by 25 basis points to a range of 3.75%–4.00%. The move was backed by a 10–2 vote, reflecting divisions within the Federal Open Market Committee (FOMC) about [...]