Minnesota Business Tax Attorney

Minnesota tax law, as it applies to businesses, can be complicated and frustrating to deal with. Whether you are simply registering your business for sales taxes or defending yourself against allegations of tax fraud, the experienced business tax attorney of Thompson Hall are here to help.

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Has Your Company Paid Too Much Tax?

Minnesota companies are often surprised to learn they unknowingly paid too much sales tax or missed credits and deductions they were owed. This is a quick checklist to determine if your company may be overpaying the State of Minnesota for some commonly missed tax opportunities. Minnesota is the only state in the nation that requires

Tax Information on Medical Cannabis FAQ

Under Minnesota law, medical cannabis is defined as cannabis provided to a registered patient taken as a liquid, pill, or by vaporizing. Minn. Stat. § 152.22, subd. (6). At a recent Minnesota Department of Health meeting to discuss Minnesota’s new medical marijuana statue. No.Medical cannabis is not subject to sales or tobacco tax. No. Buying

Labor – Installation, Construction, and Fabrication: Minnesota Sales Tax

NOTICE: The sales and use tax on repair and maintenance of certain equipment and machinery for businesses has been repealed effective April 1, 2014 This article explains how Minnesota sales and use tax applies to different types of labor. Taxable business repair services Starting July 1, 2013, the repair and maintenance of certain equipment and

2013 Individual Income & Corporate Franchise Tax Legislative Bulletin

Bulletin Date: May 31, 2013 MINNESOTA·REVENUE Appeals and Legal Services Division 600 North Robert Street Saint Paul, Minnesota 55146-2220 Unless otherwise noted, the provisions discussed in this bulletin can be found in 2013 Minn. Laws, Chapter 143_ Minn. Stat. § 1161.8737,subd. 2 was amended to modify angel investment credit eligibility criteria. The old credit was

Minnesota IRS & State Tax Audit Attorney in Minneapolis

An tax audit generally produces anxiety and significant work. As a tax attorney in Minnesota, Aaron Hall is experienced in helping business and individual clients through the audit process, negotiating with the IRS and Minnesota Department of Revenue, and helping clients ensure compliance with tax statutes and regulations. Small businesses are often the target of

Claiming a Home Office: New Simplified Home Office Tax Deduction for 2013

Claiming a Home Office: New Simplified Home Office Tax Deduction for 2013 thumbnail

According to the U.S. Small Business Administration (SBA), 52 percent of all small businesses (14.4 million) currently operate from the business owner’s home in one fashion or another. As I have written in a previous post on this subject, the current rules of the Internal Revenue Service (IRS) allowing a home office business deduction are

Taxation on the Internet: E-Commerce Taxes in Minnesota

Taxation on the Internet: E-Commerce Taxes in Minnesota thumbnail

The increasing amount of commerce conducted through and on the Internet also raises questions of whether and how that commerce should be taxed by the states. With respect to state sales tax laws and the Internet, the closest analogy is the law with respect to mail order (i.e., catalog) sales.

Who’s Eligible? IRS Tax Form 8832: Entity Classification Election

Who’s Eligible? IRS Tax Form 8832: Entity Classification Election thumbnail

Certain types of business entities (mostly non-corporations) can elect how they will be classified for tax purposes by changing their current default classification using form 8832. Partnership and limited liability companies are the entities eligible. Along with some, foreign corporations and U.S. owned foreign corporations depending on the jurisdictions. However, certain domestic corporations and foreign

S Corporation Form M8 Instructions

The following (upcoming) posts will discuss Form M8 for S corporations: What’s new with Form M8 for 2011 Minnesota S Corporation M8 Filing Requirements Before You File Form M8 S Corporation Form M8 Due Date General Information on S Corporation Form M8 Completing S Corporation Tax Form M8A Form M8 FAQ Completing M8A Three-Factor Formula

What’s new for 2011 | S Corporation Form M8

The property and payroll factors on Schedule M8A have changed from 6.5 percent to 5 percent each, and the sales factor has changed from 87 percent to 90 percent. Effective for tax year 2011. Several modifications that Minnesota did not conform to in the past were fully adopted or no longer apply at the federal

Minnesota S Corporation M8 Filing Requirements

Corporations doing business in Minnesota that have elected to be taxed as S corporations under section 1362 of the Internal Revenue Code (IRC) must file Form M8. Any corporation with a valid federal election under IRC section 1362 is considered an S corporation for Minnesota purposes. The entire share of an entity’s income is taxed

Completing S Corporation Tax Form M8A

Complete M8A to determine your Minnesota source income and minimum fee. Note: If you conduct all your business in Minnesota, check the box above line 1. Complete columns A and B and enter 1 1.00000 (for 100 percent) on line 18, column B1 (and the remaining columns, as needed). If a qualified subchapter S subsidiary

Before You File S Corporation Form M8

Before you complete Form M8, complete federal Form 1120S and supporting schedules. You will need to reference them. Your Minnesota tax ID is the seven-digit number you’re assigned when you register with the department. Generally, this is the same as your sales and use tax or Minnesota employer’s withholding tax number. It’s important to include

Minnesota S Corporation M8 Due Date

File your return and pay the taxes payable as soon as possible after the end of the tax year, but no later than the due date for filing your federal income tax return. Generally, the due date is: Calendar year returns: March 15 2012 Fiscal year returns: the 15th day of the third month after

General Information on the S Corporation M8 Form in Minnesota

There are four types of tax payments an S corporation can make — extension, estimated tax, tax return and amended return payments. You can pay electronically, by credit or debit card or by check. (See Payment Options above.) Note: If you’re currently paying electronically using the ACH credit method, continue to call your bank as

S Corporation Taxes | Form M8 Instructions

Before you complete Form M8, you must complete the following; you will need to reference them: federal Form 1120 Sand supporting schedules, and Schedule KS for each non resident shareholder and to any Minnesota shareholder who has adjustments to income (see page 10). If this is the S corporation’s first return filed in Minnesota, check

S Corporation Tax FAQ

Q: I filed federal Form 2553 with the IRS to elect to become an S corporation. Do I also need to file a similar form with Minnesota? A: No. Once you have filed Form 2553 with the IRS and it has been approved, Minnesota automatically accepts your S corporation status. Q: Does Minnesota allow a

Completing Schedule KS | Nonresident & Minnesota Shareholder Income Adjustment

Complete and provide Schedule KS to each nonresident shareholder and any Minnesota shareholder who has adjustments to income. An S corporation must provide each non-resident shareholder, and any Minnesota shareholder with adjustments to income, with enough information for them to complete a Minnesota income tax return and determine their correct Minnesota tax. Schedule KS is

What Is IRS Tax Form 8832 & Instructions | MN Tax Attorney Explains

Minnesota tax attorney Aaron Hall explains the purpose of IRS tax form 8832. One of the primary purposes for IRS Tax Form 8832 is to elect to have a business taxed as an S Corp. An LLC, and a Corporation can be elected to be taxed as an S Corp. It does not change the

S Corp Election: Taxing an LLC as an S Corporation

Minnesota attorney Aaron Hall explains how an LLC can be taxed as an subchapter S corporation. Clients often ask me whether an LLC can be taxed as S Corp. The answer is yes. All you have to do is fill out IRS tax form 8832. Why would you want to do this? Well, many times