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State Pass-Through Entity Tax Updates: September 2023

Cherry Bekaert

Minnesota On July 27, 2023, the Minnesota Department of Revenue issued updated guidance detailing changes to the state’s PTE Tax, beginning in tax year 2023, that were enacted under the legislation House File 1938 in May. Taxpayers affected will automatically have their accounts adjusted to reflect the abated penalty.

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The Benefits of Delayed Business Filings

CPA Practice

Timing is Everything In the complex world of small business finance and accounting, the strategic timing of business filings can be a game-changer. In addition, incorporating, of course, establishes their legal separation from the business’s liabilities sooner, which protects their personal finances from the business’s debts.

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Key State Tax Changes for 2024

CPA Practice

2024 tax changes Here are some tax shifts happening in various states and how they might impact your finances this year. Additionally, Mississippi has shifted to a single income tax rate of 4.7%. Meanwhile, Minnesota has revamped its net investment income tax rules. It does not cover all tax changes in any or every state.

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AICPA Recognizes Top 2022 CPA Exam Performers with Elijah Watt Sells Award

CPA Practice

Pennsylvania), a graduate of The College of New Jersey with a Bachelor of Science in Business Administration in finance and a Master of Professional Accounting from The Pennsylvania State University, is employed with Merck in West Point, PA. Michael Paul Donnelly, Jr.

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AICPA News – June 2023

CPA Practice

AICPA & CIMA Now Offers New Learning Tools for Accounting Professionals The AICPA & CIMA recently announced the offering of anew online learning platform to help accounting and finance professionals improve and update their skills to take advantage of a digital accelerating business environment. Michael Paul Donnelly, Jr.

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Treasury Dept. Issues Report Card on Programs for Entrepreneurs and Small Businesses

CPA Practice

Earlier this year, Hope Federal Credit Union, based in Mississippi , made a $10,000 small business loan to a Black- and woman-owned organic, fresh-roasted coffee distribution business based in Louisiana to expand operations. In Wichita, Kansas, SSBCI helped fund WorkTorch – a pioneering career platform for service workers.

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How Small Retailers Can Handle Sales Tax on Shipping: State-by-State Guide

CPA Practice

Minnesota : Shipping and handling charges for taxable items are generally taxable, while shipping and handling charges for exempt items are generally exempt. Mississippi : Charges for the shipping, handling, and delivery of taxable goods are generally subject to Mississippi sales tax. It’s a good rule of thumb.

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