IRS Form 1065 (U.S. Return of Partnership Income) is an information return used to report the income, gains, losses, deductions, credits, and related items from the operation of partnerships. Partnerships generally do not pay taxes because they are pass-through entities. Instead, profits or losses, and related items, are reported by partners (typically based upon their [...]

The following are some upcoming tax deadlines and reminders for the December of 2010. (This list may not include all applicable tax deadlines for your situation, and does not constitute tax advice; please, consult Sherayzen Law Office for more information and assistance with your tax planning needs.) Selected General Deadline Reminders for Individuals: December 31, [...]

While the exact schedule of your business tax planning reviews may often depend on the exact nature of your business, I want to point out in this article certain events which should trigger a review of your tax strategies by a Minnesota business tax lawyer. A. Business Formation A review of your business tax strategies [...]

Section 179 of the Internal Revenue Code allows taxpayers to purchase certain types of vehicles for business purposes and write off the cost. Specifically, taxpayers may expense up to $25,000 of the cost of any “heavy” SUV, pickup or van placed into service during the tax year, and used for over 50% for business purposes. [...]

Are you a small business owner who frequently sells goods or services over the Internet, or a consumer who purchases expensive products online? Then you may be responsible for charging sales taxes as a seller, or reporting unpaid use taxes as a consumer under new laws that have been passed by various states. As states [...]

One of the most crucial distinctions in employment and tax law is one made between employees and independent contractors. The applicability of a whole host of labor and tax provisions hinges on how the worker is classified. In Minnesota, most statutory provisions that deal with these issues (including Minnesota Unemployment Insurance) incorporate in one way [...]

On September 7, 2010, the Internal Revenue Service released a draft version of the form 8941 that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The small business health care tax credit was created as part of the Affordable [...]

Determining the business relationship between your business and your workers can be one of the most important aspects of your business and tax planning. The consequences of worker mis-classification can carry a heavy penalty for your businesses, including liablity for employment taxes for misclassified workers. There are many various competing definitions of how a worker [...]

A lot of businesses simply look at the tax returns as “adding numbers.” Yet, tax returns are so much more than that. A tax return is a result of a long series of decisions made by the business, such as elections, classifications, investment strategies, structuring of business transactions, and numerous other actions and inactions. Dealing [...]