Minnesota Local Sales Tax Nexus: Big Change for Some Taxpayers

The South Dakota vs. Wayfair U.S. Supreme Court ruling from June 2018 continues to spur new state laws and guidance. The newest change impacting Minnesota sales tax registrants has to do with requirements to collect local sales taxes. On September 7, 2018, the Minnesota Department of Revenue informed taxpayers they must collect local Minnesota sales taxes on certain sales even if their business does not have physical presence in those local jurisdictions. Businesses primarily impacted will be those delivering taxable products/services to their customers’ locations in Minnesota. Retailers only making point of sale transactions to customers who visit their retail business locations may not experience a change.

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Opportunity Zones

Opportunity zones were created by the Tax Cuts and Jobs Act and allows taxpayers to defer capital gains and potentially reduce the amount of gain realize. There is also a possible exclusion of gain on appreciation from Qualified Opportunity Fund investments.

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3 Bills Form Tax Reform 2.0

On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote family and retirement savings and new business innovation. For example, one proposal would allow new businesses to write off more of their initial start-up costs.

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September Economic Update

2018 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 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us at learnmore@BoulayGroup.com or 952.893.9320 to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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IRS Regs Detail How Businesses can “Aggregate” for the Pass-through Income Deduction

One of the most valuable tax breaks in the Tax Cuts and Jobs Act (TCJA) is the new deduction for up to 20% of qualified business income (QBI) from pass-through entities. The IRS recently issued proposed regulations that help clarify who can benefit from the deduction. One of the issues the regs clarify is how taxpayers can elect to aggregate, or combine, their trades or businesses for purposes of the QBI deduction (also called the pass-through or Section 199A deduction).

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New TCJA Rules for Roth Conversion

You will not be able to covert your 2018 Roth IRA like in the past, but as of right now, 2017 IRA conversions are still eligible. The Tax Cuts and Jobs Act (TCJA) has had far reaching effects across the board, and Roth IRA conversions are no exception.

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IRS Issues Guidance on New Bonus Depreciation Rules

The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions. Although the regs are only proposed at this point, the IRS will allow taxpayers to rely on them for property placed in service after September 27, 2017, for tax years ending on or after September 28, 2017.

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August Economic Update

Minnesota and Wisconsin Announce Sales Tax Collection Requirements for Remote Sellers

Since the U.S. Supreme Court’s decision in South Dakota v. Wayfair on June 21, which allowed states to require retailers to collect sales tax on purchases made by residents of states where the retailer has no physical presence, states have been providing a steady stream of guidance announcing their own intentions to begin sales tax collection by remote sellers. Minnesota and Wisconsin are two of the latest states to make such announcements, stating that remote sellers will be required to collect sales tax from residents beginning October 1.

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