New rules have been established for Required Minimum Distributions (RMDs). Late in 2018, President Trump signed the Secure Act which changes the age for taking RMDs from 70 1/2 to age 72. This only applies to people under age 70 … Continued
If you are a real estate investor, owning many units or just one, there is an important tax law change that affects you. Beginning in 2018, in order to qualify for the Qualified Business Income (QBI) Deduction, you must follow … Continued
One of the big red flags with the IRS these days happens when you have independent contractors or subcontractors. If you do not properly prepare Form 1099s for them, the IRS may deny the deduction for amounts you pay them. … Continued
In 2020, the IRS will be looking more closely at S-Corporation’s owner compensation to determine whether the S-Corp owner is being paid a “reasonable” compensation. The IRS is looking not only whether the S-Corp is being paid reasonable compensation for … Continued
In May 2019, the Minnesota adopted most of the Federal Income Tax changes. These will affect 2019 tax returns filed in 2020. Some of these changes are retroactive to 2017 and 2018. However, the State Tax Department will automatically adjust … Continued