RESOURCES

Tax Update for Clients on Minnesota 2025 Income and Business Tax ReturnsThe Minnesota Department of Revenue has released the final 2025 individual and business income tax forms, incorporating retroactive federal conformity provisions and Minnesota tax law changes enacted on May 27, 2026. As a result of these updates, certain taxpayers who have already filed their [...]

IRS Increases Standard Mileage Rates Effective July 1, 2026The IRS has announced an increase to the optional standard mileage rates for the second half of 2026 in response to rising fuel costs. Effective July 1, 2026, the standard mileage rate for business use of a vehicle increases to 76 cents per mile, while the rate [...]

IRS Introduces Automatic Penalty Relief Beginning in Summer 2026The IRS is replacing its long-standing First Time Abate (FTA) penalty relief program with a new Automatic Exemption from Penalty (AEP) beginning in Summer 2026. Under the new program, eligible taxpayers who have maintained a strong history of tax compliance will no longer need to request relief [...]