In July, Minnesota joined at least 15 other states by enacting a new pass‐through entity tax election available to business entities taxed as S Corporations or Partnerships. The pass‐through entity tax election is effective for tax years beginning in 2021, and allows qualifying business entities to pay state income taxes on the business income to Minnesota at the entity level rather than at the individual level. Why Would a Business Entity Make the Election? The new law serves as a ... [Continue Reading]
Financial Planning for Business Owners
Articles and resources related to Financial Planning for Business Owners.
With the passing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, CCM's integrated team is diligently working to apply its benefits to our clients' financial plans. Below are some of the highlights we're finding most relevant to our clients, their families, and in some cases, their businesses. CCM advisors will be reviewing the key aspects of the Act in order to recommend the strategies that are best aligned to your goals. Recovery Rebates Individual taxpayers who had an ... [Continue Reading]
What some are referring to as one of the most significant pieces of legislation related to retirement planning in more than a decade, the U.S. House of Representatives recently passed what has been coined the SECURE (Setting Every Community Up for Retirement Enhancement) Act, by an overwhelming and bi-partisan vote of 417-3. The bill will now move to the U.S. Senate where it also appears to have bi-partisan support. As the bill is very likely to become law in the coming weeks or months, ... [Continue Reading]
As a result of the Omnibus Tax Bill which was passed during Minnesota's recent legislative special session, then signed by Governor Walz on Friday, May 31, 2019, Minnesota individual income tax law will now largely conform to federal tax law. Our Tax Team will be actively analyzing the changes and will be working with CCM clients in the remainder of 2019 to help optimize your tax situation. In the meantime, following is a summary of the key takeaways from the 2019 Omnibus Tax Bill to be aware ... [Continue Reading]