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Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a…

Much like the 1984 hit musical number “It’s Raining Men”, Minnesota local governments and school districts may be noticing that it’s raining money.  Amidst the waves of funding from the Coronavirus Aid, relief, and Economic Security Act (CARES Act) signed into law March 27, 2020 and the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA…

The 2022-2023 Minnesota State Budget signed into law by Governor Tim Walz included a major change for pass-through entities. House File 9 (HF 9) created an election that will allow pass-through entities to pay state and local level taxes on the entity's Minnesota tax return rather than the individual partner/shareholder's tax return. Minnesota's new pass-through…

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and…