BLOGS
Helping people and small businesses see the big picture.
Making smarter capital investment decisions
Whether you’re buying equipment, automating processes, launching a new product line or expanding your facilities, capital investment decisions shouldn’t be based on intuition alone. Your management team may identify several promising growth opportunities. Which ones can your business realistically support today with available cash flow, financing and staffing — and which ones can wait? A [...]
Tax News for the week of July 31
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 [...]
Tax News for the week of July 16
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 [...]
Where to look when you need to improve profit margins
Increasing revenue isn’t the only way to strengthen your business’s financial performance. Another option is to take a closer look at operating expenses and determine whether every dollar you spend delivers value. A systematic review of major expense categories can uncover opportunities to reduce waste and protect your bottom line without sacrificing long-term growth. Here [...]
Tax News for the week of July 10
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 [...]
Balancing financial reporting needs with compliance costs
Issuing financial statements that comply with U.S. Generally Accepted Accounting Principles (GAAP) requires significant time, expertise and resources. Although lenders and other stakeholders often prefer — or require — GAAP statements, some small business owners may find that tax-basis reporting is a practical alternative. If you use financial statements only for tax compliance and internal [...]
Tax News for the week of July 2
Trump Accounts Available Starting July 4th Effective July 4, 2026, families may begin opening Trump Accounts, a new type of child-focused, IRA-style savings account established under IRC Section 530A. These accounts are designed to encourage long-term savings by allowing investment earnings to grow on a tax-deferred basis during the child's early years. In general, a [...]
Don’t overlook these tax issues after a job loss
If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax implications related to a job loss may also require attention. For example, unemployment compensation and severance pay are generally taxable, at least at the federal level. And health insurance premiums you’d been paying pre-tax from [...]
Tax News for the week of June 18
A Deep Dive into the Details and Benefits of Minnesota’s PFML ProgramAs we near the halfway point of 2026, let’s take a deep dive into one of Minnesota’s newest state programs, which is the Paid Family and Medical Leave (PFML) program that began in January 2026. For regular employers, the total premium rate is 0.88% [...]
Tax New for the week of June 11
Minnesota Issues Updated Guidance to One-Time Increase to 2025 Homestead Credit RefundsThe Minnesota Department of Revenue has issued updated guidance regarding a one-time increase of nearly 15% to the 2025 Homestead Credit Refund, following tax legislation signed into law by Governor Tim Walz in May. Homeowners who have already filed their 2025 refund claims do [...]