by ssmnlaw | Feb 2, 2023 | Tax Planning
This article is from our colleagues at Business & Estate Advisers. What Does SECURE 2.0 Mean for Me? SECURE 2.0 is designed to make retirement savings easier and the process less cumbersome. When Was SECURE 2.0 Enacted? On December 29, 2022, the Consolidated...
by ssmnlaw | Dec 15, 2021 | Tax Planning, Uncategorized
The information below is from our friends at Copeland Buhl. This past summer, Minnesota enacted a new passthrough entity (PTE) tax for years beginning after December 31, 2020. This entity-level tax is considered a workaround for the federal $10,000 state and...
by ssmnlaw | Sep 21, 2021 | Business Law, Tax Planning
The information below is from our friends at Copeland Buhl. The 2017 Tax Cuts and Jobs Act (TCJA) limited the itemized deduction for state and local taxes (SALT) to $10,000. Many states enacted laws to work around this limitation and support business owners by...
by ssmnlaw | Mar 9, 2021 | Estate Planning, Tax Planning, Trusts
Married couples can sometimes find estate planning via a revocable living trust to be complicated. It often involves establishing two trusts and separating jointly-owned assets so that the intended planning for the couple’s assets can take effect regardless of...
by ssmnlaw | Nov 10, 2020 | Tax Planning, Uncategorized
Businesses and Business Owners: There are new regulations regarding deductions for certain state and local income taxes. On November 9, 2020, the The U.S. Department of the Treasury issued a press release discussing the Treasury and the IRS’s...
