Senior Citizen Property Tax Deferral: Minnesota Property Tax
The Senior Citizen Property Tax Deferral Program was established to help senior citizens who were having difficulty paying their property taxes. This deferral program has the following two primary...
View ArticleSpecial Agricultural Homestead: Minnesota Property Tax
What is a Special Agricultural Homestead? The Special Agricultural Homestead provision extends homestead status to property owners who do not live on their farm but actively farm their land or who have...
View ArticleSpecial Agricultural Homestead Property Owned or Leased by a Qualified...
What is a Special Agricultural Homestead? The Special Agricultural Homestead provision extends homestead status to farms owned or leased by a qualified entity and farmed by a member of the entity who...
View ArticleSpecial Agricultural Homestead Property Held Under a Trust: Minnesota...
What is a Special Agricultural Homestead? The Special Agricultural Homestead provision extends homestead status to property that is owned under a trust and farmed by the grantor, the spouse of the...
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Green Acres (Minnesota Agricultural Property Tax Law): Minnesota Property Tax
The Green Acres Program provides property tax relief for owners of agricultural property in areas where the market value of land is being affected by development pressure, sales of recreational land,...
View ArticleRural Preserve Property Tax Program: Minnesota Property Tax
The Rural Preserve Program provides property tax relief for qualifying owners of rural vacant land in areas where the market value of the land is being affected by development pressure, sales of...
View ArticleSustainable Forest Incentive Act: Minnesota Property Tax
What is the Program? Legislation passed in 2001—the Sustainable Forest Incentive Act (SFIA)—allows annual payments to be made to enrolled owners of forested land as an incentive to practice long-term...
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IRS Guidance: Rely on It at Your Own Peril
Benjamin Peeler, JD, CPA, LL.M., at Eide Bailly A recent tax court case reminds us that not all published guidance from the IRS serves as an authoritative source of information to use in complying with...
View ArticleOverview of Casualty Loss Taxation
A General Overview to Casualty Loss Taxation in a Manufacturing Business Setting or: How I Learned to Stop Worrying and Love the Tax System I. Introduction II. Background III. Single, Identifiable...
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Tax Information on Medical Cannabis FAQ
Under Minnesota law, medical cannabis is defined as cannabis provided to a registered patient taken as a liquid, pill, or by vaporizing. Minn. Stat. § 152.22, subd. (6). At a recent Minnesota...
View ArticleYaggie, et al. v. Schmidt and the Rothsay School Board Members: What Can Be...
The 2014 midterm elections just wrapped up, so this published Court of Appeals decision is very timely. In April 2013, after a failure of a bond referendum to finance a new K-12 building, the Board of...
View ArticleHas Your Company Paid Too Much Tax?
Minnesota companies are often surprised to learn they unknowingly paid too much sales tax or missed credits and deductions they were owed. This is a quick checklist to determine if your company may be...
View ArticleMinnesota Sales Tax Guide: Table of Contents
Minnesota Sales Tax Guide for Lawn and Garden Maintenance, Tree and Shrub Services Minnesota Sales Tax Guide on Lawn and Garden Care, Tree and Bush Service & Landscaping Minnesota Sales Tax Guide...
View ArticleProtect Against Creditor Claims – Even Tax Liens
Adent Case In U.S. v. Adent, 117 AFTR 2d 2016-1505 (7th Cir. 5/10/16), Leonard and Joyce Advent owned a commercial property as joint tenants with their son, Derek. Leonard and Joyce owed tax to the...
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Hillary Clinton vs. Donald Trump: Tax Plan Comparison
More than 80 million Americans tuned in to watch Hilary Clinton and Donald Trump face off in the first presidential debate. That shattered previous ratings record, making the showdown the most-watched...
View ArticleBusiness Owners & Officers Beware: Top Five Tax Fraud Techniques
Oftentimes business owners and officers encounter a blurry line between legitimate tax avoidance and illegal tax evasion. Corporate officers should be able to identify tax evasion and report this...
View ArticleS Corporations Explained
What are the basics of an S Corporation? An S corporation ( S Corp for short) is a type of corporation created through an IRS tax election. An eligible domestic corporation can avoid double taxation...
View ArticleYear-End Tax Strategies for Small Businesses
It’s not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here’s a summary of some of the most effective...
View ArticleReport Predicts Record Contributions on Giving Tuesday
November 29, 2016, is Giving Tuesday. Never heard of it? Known on social media as #GivingTuesday, the Tuesday after Thanksgiving has grown into one of the biggest fundraising drives for the...
View ArticleIRS: Classifying Benefit Corporation Charitable Donations as Business Expenses
In a General Information Letter dated June 2, 2016 the Internal Revenue Service (IRS) announced that a benefit corporation can deduct contributions to charities as business expenses when the payments...
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