Tax Planning

Articles and resources related to Tax Planning.

An Update from the Tax Team: Minnesota Tax Update

Kevin Koski
Kevin Koski
Director of Tax Services
Published July 19, 2017

Governor Mark Dayton signed an omnibus tax bill on May 30, 2017, that included several changes to Minnesota tax laws we’d like to make you aware of. We will be incorporating these changes as we complete your tax projections or provide you with tax planning recommendations.Following is a summary of various highlights of the bill:Estate Tax ChangesThe bill increases the amount that is exempt from estate taxation in 2017 from $1.8 million under current law to $2.1 million. The bill ... [Continue Reading]

An Update from the Tax Team: Tax Planning for 2017

Kevin Koski
Kevin Koski
Director of Tax Services
Published April 18, 2017

As the preparation of your 2016 income tax returns are completed and filed (due by April 18, 2017), it is the ideal time to be thinking about 2017 planning.Following are a few notes and considerations we wanted you to be aware of:Contribution limits to 401(k) and 403(b) accounts remain unchanged for 2017 at $18,000, with an additional $6,000 catch-up contribution allowable for those age 50 or older.These limits apply to contributions to either a Traditional or Roth option within the ... [Continue Reading]

An Update from the Tax Team: Could There be Major Tax Reform in 2017?

Kevin Koski
Kevin Koski
Director of Tax Services
Published January 16, 2017

The November elections resulted in a Republican sweep of the White House, the U.S. House of Representatives, as well as the U.S. Senate—results that could very well set the landscape and build momentum for major tax reform in 2017. President-elect Trump and House Speaker Paul Ryan have each put forth initial proposals that have the potential of serving as platforms for major tax reform legislation. For this quarter’s update, we thought you might appreciate a summary of what we believe are the ... [Continue Reading]

Active Managers Have Another Hurdle to Clear–Tax Season

Posted on December 22, 2016
 

This week’s recommended reading comes with an experiment. Find a coin and flip it until it lands on heads three times in a row. Go ahead, we’ll wait.It’s not easy to do.  Everyone will have a different experience, but if we conducted this experiment with a large crowd we’d find that most people would require eight attempts before succeeding.  We know this because the probability of flipping a coin and it landing on heads is 50%, and if we repeat that probability three times, we find that ... [Continue Reading]

An Update from the Tax Team: Limited Time to Act on Transfers of Family-Owned Businesses?

Kevin Koski
Kevin Koski
Director of Tax Services
Published October 17, 2016

This past August, the IRS issued proposed regulations which would significantly impact the ability to apply valuation discounts on gift or estate transfers of family controlled business interests including corporations, partnerships, and LLC’s. The use of discounts for lack of control and lack of marketability by family owned businesses has been a staple in estate planning for decades. These discounts can often fall in the range of 25%-40% thereby aiding in the transfer of family-owned ... [Continue Reading]

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