Entries by Manager

Hiring Incentives to Restore Employment Act: Two New Tax Benefits for Employers

On March 18, 2010, the Hiring Incentives to Restore Employment Act (“HIRE”) was enacted into law. The Act offers timely benefits to the employers who hire unemployed workers. HIRE Benefits Under the HIRE, qualified employers who hire unemployed workers may qualify for two main tax benefits. First, under the HIRE, Employers who hire unemployed workers […]

Organizing Business in Minnesota: Top Five Reasons to Incorporate

Generally, all business entities in Minnesota can be organized into two large groups: incorporated business entities and unincorporated business entities. The first group mainly consists of corporations, limited liability companies (“LLC”), limited liability limited partnerships (“LLLP”), limited liability partnerships (“LLP”) and business trusts. If the incorporated entity operates in certain professions, the business title of […]

Extension of the Homebuyer Tax Credit under the Worker, Homeownership, and Business Assistance Act of 2009

New Deadlines While the maximum tax credit amount remains at $8,000 for a first-time homebuyer, the Worker, Homeownership, and Business Assistance Act of 2009 (“WHBAA”)extends the deadline for qualifying home purchases from November 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has […]

Home-Buyer Credit: New Form 5405

On January 15, 2010, the IRS released a new Form 5405 that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced new documentation requirements to deter fraud related to the first-time homebuyer credit. The new form and instructions follow the major changes to the homebuyer credit made by the Worker, […]

Fee Agreement Arrangements with Tax Lawyers in Minneapolis: 5 Most Important Issues

In this article, I will discuss five most important issues that you need to know before you sign a fee agreement with tax lawyers in Minneapolis. 1. How is the lawyer’s fee paid? There are three main models of payment that lawyers use: hourly fee, contingency fee, and flat fee. The hourly fee is the […]