Below is a table of retirement contributions for 2014 and 2015. It may not be too late to contribute for 2014 as you can contribute up to the due date of your tax return (i.e. April 15, 2015 for 2013 1040) for certain retirement plans. You may also be eligible for the retirement savers tax […]
2015 Mileage Rate
January 8, 2015 by
The Internal Revenue Service has now issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 cents […]
GASB 67 and GASB 68
October 31, 2014 by
The Government Accounting Standards Board (GASB) has issued new reporting requirements that will affect the reporting requirements for audits of Pension Plans (Fire Relief Associations) and audits of employers with Pension Plans (the City). GASB 67 is the statement that affects the Pension Plan. GASB 68 is the statement that affects the accounting for the […]
August 1, 2014 Minimum Wage Increase
July 28, 2014 by
Effective August 1, 2014 through July 31, 2015 the following increase in minimum wage will affect many employers in Minnesota. Large Employer (gross sales over $500,000) – $8.00/hour Small Employer (gross sales under $500,000) – $6.50/hour Training Wage (Employees under 20 years of age for first 90 days) – $6.50/hour Youth Wage (employees under 18 years of […]
Get Ready to File Your 2013 Taxes
January 11, 2014 by
Retirement Contributions for 2013 and 2014
January 11, 2014 by
2014 Standard Mileage Rate
January 11, 2014 by
The Internal Revenue Service has now issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents […]
Sales Tax Update
November 25, 2013 by
Local Government Exemption – Effective January 1, 2014, cities and counties are exempt from sales and use tax on purchases used to provide certain government services. The Minnesota Department of Revenue has issued Fact Sheet 176 for additional information. The Form ST-3 has been updated to add “Local Government” under B-specific government exemption. All cities and […]
Governmental Entities Sales Tax Changes
August 13, 2013 by
Effective January 1, 2014 cities, townships and counties are exempt from Minnesota Sales and Use Tax for purchases made to provide certain governmental services. The three criteria purchases must meet to qualify for Minnesota Sales Tax Exempt include: Input used to provide government services Not used as inputs to provide service that is generally proided by […]
Business Impact of American Taxpayer Relief Act of 2012
January 24, 2013 by
On January 2, 2013, Congress passed the American Taxpayer Relief Act of 2012. Here are impacts to businesses from the passage of this bill. We can help you understand the effect that the following changes will have on your tax situation. Section 179 depreciation increase extended – The dollar limit that can be expensed in […]