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What’s Trending: Minnesota Tax Law Changes

The tax bill signed into law by Governor Dayton last May provides new tax credits and subtractions, and makes numerous changes to Minnesota income, estate, sales, property, and other taxes. Some of these changes are effective retroactively and some prospectively, but most of the income tax provisions are effective beginning in 2017.

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2017 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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IRS Issues Hurricane Irma Relief: For Individuals - September 15 Estimated Tax Payments Can be Delayed

The IRS issued information today granting relief from certain filing and payment deadlines for individuals and businesses affected by Hurricane Irma. Florida individuals and businesses in Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota and St. Johns Counties are eligible to postpone the filing of most returns and the payment of most taxes due after September 4, 2017 until next year - January 31, 2018.

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Deducting Losses from Natural Disasters

Recent hurricanes Irma and Harvey call attention to the federal tax deduction available for casualty losses. Deductible casualty losses are limited to identifiable events, not gradual wear and tear, termite damage, or natural aging. Hurricanes clearly meet this requirement. Floods, fires, tornados, accidents, theft or vandalism are also considered casualty events. If you have encountered an unexpected loss, contact us to determine how to proceed.

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September Economic Update

4 Mid-Year Tax Tips to Simplify Your Individual Tax Return Next April

Most people do not put too much thought into their taxes in August. After all, even if they filed an extension this year, the due date for that return is not until October, and most taxpayers dealt with their taxes before the original April due date. However, taking certain tax-related issues into consideration mid-year can mean greater simplicity and money savings come April.

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Estate Planning Issues for the Young Adult Preparing for Marriage and the Young Married Couple Without Children

The "Estate Planning Issues for the Young Adult Preparing for Marriage and the Young Married Couple Without Children" guide is part of a series on Estate Planning Issues for different individual and family situations. Each guide relates to one another and addresses some of the issues that a specific audience should think about as they plan their estate. However, many of the issues discussed in each of the guides apply to other audiences as well, depending upon their unique situation.

 

In addition to the issues presented in the previous Estate Planning Guide(s), the following issues should be considered by a young adult preparing for marriage, especially a wealthy young adult (or a young adult with wealthy parents) and a young married couple without children. Click here to read the guide.

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Revenue from Contracts with Customers (ASC 606)

The underlying principle of the new standard is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard consists of a five-step approach. Click here to read "Revenue from Contracts with Customers (ASC 606)."

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August Economic Update

Second Quarter 2017 Market Perspective

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