Expanded Credits, Federal Conformity, and PTE Key to MN Tax BillMinnesota Governor Tim Walz has outlined a series of tax policy proposals as lawmakers begin assembling the 2026 state tax bill. Presented by Revenue Commissioner Paul Marquart, the plan is designed to support a balanced budget, with projected surpluses of $3.7 billion for the current [...]

Treasury and IRS Finalize Rules for Qualified Tip DeductionThe IRS has issued final regulations (T.D. 10044) implementing the “No Tax on Tips” provision enacted under the One Big Beautiful Bill Act (OBBBA), providing detailed guidance on the new deduction for qualified tips under IRC § 224. The rules define “qualified tips” as voluntary cash tips [...]

IRS Reports Strong Filing Season Results and Increased Use of New Tax DeductionsThe IRS reports that average tax refunds for the current filing season are 11.1% higher than last year, based on the agency’s latest statistics. Treasury Secretary Scott Bessent has attributed this increase in part to provisions included in the One Big Beautiful Bill [...]

4/15 Individual Tax Return Deadline Draws NearThe April 15 deadline marks the standard due date for filing individual federal income tax returns. As this date approaches, taxpayers should ensure that all relevant documentation has been accurately compiled and provided. Timely filing helps avoid potential penalties and interest, while also allowing for faster processing of any [...]

Minnesota’s New Paid Leave Program- The Numbers So Far Minnesota’s new Paid Family Medical Leave (PFML) program continues to bring in a significant number of applicants since the program’s inception in January 2026, with nearly 50,000 applications processed and approximately 34,000 individuals approved for benefits as of March 15. According to the Minnesota Department of [...]

Updates on the Announced Budget Proposal by Minnesota GovernorMinnesota Governor Tim Walz recently released his supplemental budget proposal, outlining a Updates on the Announced Budget Proposal by Minnesota GovernorMinnesota Governor Tim Walz recently released his supplemental budget proposal, outlining a mix of tax policy changes and fiscal priorities that carry both opportunities and concerns for [...]

IRS Reports Larger Refunds in 2026 Filing SeasonThe Internal Revenue Service reported that average tax refunds for the 2026 filing season are more than 10% higher compared with the same period last year. Through February 27, the agency had received about 51.5 million individual returns and processed 50.9 million, slightly fewer than the prior year. [...]

2025 Business Return Filing Deadline Approaching for S-Corps and PartnershipsThe March 15 deadline is an important filing milestone for pass-through entities such as S corporations and partnerships. For calendar-year filers, these entities must submit their federal informational returns—Form 1120-S for S-Corps and Form 1065 for partnerships—by the 15th day of the third month following the [...]

Minnesota Details Tax Treatment of Paid Leave ProgramMinnesota has issued guidance outlining the federal and state tax treatment of premiums and benefits under the state’s new Paid Leave program, which became effective January 1, 2026. Under this guidance, employer premium contributions are deductible as an excise tax pursuant to IRC § 164. Any additional amounts [...]

Minnesota Legislature Meets this Week with Hopes of Clarity on MN PTE GuidanceThe Minnesota legislative session began its proceedings on February 17, and a topic that remains uncertain is the handling of Minnesota’s pass-through entity tax (PTE) for the 2026 tax year. Minnesota’s pass-through entity tax SALT election expired on December 31, 2025, creating a [...]