From category archives: Boulay

Individual Tax

Taxpayer Frequently Asked Questions for Individuals and Business Owners

Find answers to frequently asked questions of both individual and business owner taxpayers.

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The SECURE Act Changes the Rules for Employers on Retirement Plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on employers. Here are some of the most important developments for employers, many of which took effect for plan years beginning after December 31, 2019.

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2020 Tax Calendar

To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Contact us at 952.893.9320 or learnmore@BoulayGroup.com.

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The SECURE Act

The SECURE (Setting Every Community Up for Retirement Enhancement) Act had been working its way through Congress for much of 2019 and was passed into law just before Christmas. As with any tax law, there are opportunities to embrace and obstacles to navigate. Your goals and financial circumstances will dictate how your personal financial planning may "pivot" with the changing landscape.

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Congress Takes Action on Taxes in Year-End Budget Bill

Congress added a number of tax extenders and changes to retirement plan rules to a must-sign budget bill that was passed and signed into law right before the holiday break.  

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Are You Required to File an FBAR?

United States persons, including citizens, residents, corporations, partnerships, limited liability companies, trusts, and estates are required to report foreign bank and financial accounts annually to the U.S. government using FinCen Form 114, Report of Foreign Banks and Financial Accounts, (often referred to as the FBAR) and are required to pay U.S. tax on the income of those foreign accounts as appropriate.

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It’s not too Late to Trim your 2019 Tax Bill

Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax Cuts and Jobs Act (TCJA), 2019 and subsequent years bring potential twists that must be considered, too. Let’s take a closer look at year-end tax planning strategies that can reduce your 2019 income tax liability.

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Minnesota Revenue Begins the Adjustment Process

As a result of the federal tax conformity legislation that was signed into law by Governor Walz at the end of May, the Minnesota Department of Revenue now has the job of adjusting certain 2017 and 2018 tax returns that were filed before the Department updated its forms this past August. In order to make these adjustments, Minnesota Revenue will, in many cases, need to ask taxpayers for additional information.

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Minnesota Retroactively Conforms to Federal Tax Law (TCJA)

On May 30, 2019, Governor Tim Walz signed a tax bill that retroactively couples Minnesota tax law to federal law following the Tax Cuts and Jobs Act (TCJA) enacted at the end of 2017. Passed by the Minnesota legislature during a short special session, this law will impact both individuals and businesses. Remember, your federal income tax returns are not affected by these changes, so any adjustments will only impact your Minnesota returns.

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Congress Acts to Reform the IRS, Enhance Taxpayer Protections

The U.S. Senate has passed, and President Trump is expected to sign into law, a broad package of reforms aimed at the IRS. Among other things, the Taxpayer First Act contains several new protections for taxpayers, along with provisions intended to improve the IRS’s customer service.

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