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Minnesota Likely to Legalize Recreational Marijuana

CPA Practice

The Minnesota Senate cast its first-ever vote to legalize recreational marijuana on Friday, pushing the proposal closer to becoming law than ever before. Republicans argued that legalizing marijuana will do more harm than good, leading to worse rates of addiction and traffic fatalities. This bill simply isn’t enough.

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The Beef Between the AICPA and Minnesota Over the 150 Hour Rule Heats Up

Going Concern

That’s sort of what’s happening in the profession right now over proposed legislation in Minnesota that offers an alternative to the traditional 150 units of education required for licensure. That’s not to say Minnesota sucks, rather they are going up against the behemoth that is the AICPA.

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Supreme Court Rules in Favor of 94-Year-Old in Property Tax Dispute

CPA Practice

In a unanimous decision, the nine justices ruled that the constitutional rights of Geraldine Tyler were violated after Hennepin County in eastern Minnesota sold her one-bedroom unit for $40,000 in 2016. Minnesota is among 11 states, plus the District of Columbia, that allow local governments to keep the excess money from similar cases.

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Sales tax and Marketplaces: Who owns the responsibility?

TaxConnex

TikTok: As a marketplace facilitator, TikTok may be congressionally embattled but is legally required to calculate, charge and collect applicable sales taxes on all sales made through its retail arm, TikTok Shop, which enables product discovery, checkout and post-payment activities from within the TikTok app.

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Sales tax and crypto: Latest developments

TaxConnex

Sales tax when dollars and other “fiat money” are involved is clear: there is no sales tax due when acquiring the currency, and the currency can be used as legal tender to satisfy the purchase price of goods and services including any applicable sales tax due on the purchase price. How does sales tax fit into this?

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Services: Taxable or not?

TaxConnex

Professional services” comprise legal work, medical care, accounting and other services from licensed specialists. In Minnesota , the service of delivery of aggregate materials is exempt if the materials are for road construction. Business services” are those that a business might contract out to a third party.

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Friday Footnotes: Bob Moritz Disappoints Us; ERC Window Slamming Shut; 2024 Sucks For Firms? | 3.22.24

Going Concern

The international firm has cited legal professional privilege over a report by law firm Linklaters, but provided more information about the scope of the investigation and the conduct of those it mentions. Things are about to get a lot harder for Minnesota CPAs and everyone who depends on them.