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Recent News

Contributing to a Section 529 Plan? Don't Miss These Tax Savings

If you're saving for a child's or grandchild's college education, a Section 529 college savings plan offers a welcome break: investment income on these state-sponsored accounts is exempt from both federal and state taxes—if it is used for qualifying higher education expenses, of course. Thanks to a Minnesota law that went into effect on Jan. 1, 2017, contributing to a 529 plan has become more advantageous than ever before.

FASB Updates

You may have heard the Financial Accounting Standards Board (FASB) released new accounting standards that amend generally accepted accounting principles (GAAP). Many of these changes need to be implemented by January 1st, 2019.

Avoiding Scams: Be Vigilant With Your Personal Data

As we enter into another busy Tax Planning season, we would like to remind our clients to be vigilant with their personal data. Hackers are continuing to get more sophisticated in their attempts to steal financial information. One example of this type of scam is phishing.

What MN Cities Should Consider in Response to Infrastructure Fee Ruling

A recent Minnesota Supreme Court decision could have ramifications for cities statewide, particularly for those experiencing high rates of housing development. The ruling, which came in the case of Harstad v. City of Woodbury, upholds limits on the infrastructure fees cities are permitted to charge developers. 

Qualified Opportunity Funds: A Tax Perk You Don't Want to Miss

Many of the tax perks brought about by the Tax Cuts and Jobs Act (TCJA) are now common knowledge. But despite the new law having been in effect for more than six months, one in particular has flown largely under the radar: Qualified Opportunity Funds. Created by the TCJA in response to the high amount of unrealized gain in the stock market, these funds, when used correctly, offer eligible investors a number of powerful tax benefits.