B Brink Financials Ltd

12/21/2024

What's new? Paid Leave benefits will start for Minnesotans on January 1, 2026. All employees are eligible, part time and full time.
Paid Leave is a new program launching for Minnesotans in 2026. It provides paid time off when a serious health condition prevents you from working, when you need time to care for a family member or a new child, for certain military-related events or for certain personal safety issues.
There are two main types of leave:
Family Leave to care for a family member with a serious health condition, or if you're bonding with a new baby or child in your family.
Medical Leave when your own serious health condition prevents you from working.
Additionally, you will be able to take leave to support a family member called to active duty, or if you or a family member are facing a significant personal safety issue.

Tax rate 2026 = .007 on all wages. (up to ½ will be paid by the employer, balance deducted from employee check)
Tax rate 2027??? Could be as high as .012 on all wages

Welcome to the website for Minnesota Paid Leave

12/10/2024

The FBI again issued a warning to stop using text messages for important information. They suggest using Whatsapp or Facebook Messenger since they both have end to end encryption.

The FBI has issued a statement warning Android users to stop texting iPhone users and vice versa, after a report showed that text data could be hacked easily due to a lack of encryption.

12/10/2024

For the 2024 tax year, the IRS standard deductions are: Single $14,600, Married filing joint and surviving spouse $29,200, Head of household $21,900. For most taxpayers this means no filing is required if your gross income is less than these amounts.

IR-2023-208, Nov. 9, 2023 — The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes.

12/10/2024

IRS provides free filing software to some states in 2023 and will expand in 2024, but this does not file your MN return. Free file was only used by 2% of MN taxpayers in previous years. Could the cause of this low free file rate be caused by the complexity of the MN tax statutes?

12/10/2024

Year 2024 new exception to the 10 percent for early distributions from 401Ks and IRAs (you still pay tax on the distribution, but no penalty). Emergency personal expense, one time distribution of up to $1,000.

IR-2024-170, June 20, 2024 — The Internal Revenue Service today issued Notice 2024-55, which provides guidance on exceptions to the additional tax when taking early permissible retirement plan distributions for emergency personal expenses and for victims of domestic abuse.

02/13/2024

1099 Misc MN Direct Tax Rebate. MN Revenue site:
"This payment is taxable on your federal income tax return. We'll send Form 1099-MISC to all rebate recipients to use when filing U.S. individual income tax returns for 2023. If you include this payment in federal adjusted gross income, subtract it from Minnesota taxable income on line 33 of Schedule M1M and on line 10 of Form M1PR on your state returns."

02/13/2024

Hm.. 30,000 IRS task force? PPP and EIDL.

In a dramatic turn of events, the Internal Revenue Service (IRS) has mobilized a formidable force of 30,000 agents to pursue an astonishing 11.5 million small business owners across the United States.

01/19/2024

Energy efficient home improvement credit. Per proposal, starting 1/1/2025, products qualifying for the credit must include a product identification number (PIN) that is reported and tracked by the IRS. No PIN, no credit allowed.

12/08/2023

Etsy, Paypal, Ebay, etc. 1099 threshold updates. 2023 Forms 1099-K sent out next year will be covered by the old rules. Forms will be sent to payees with over 200 transactions, who were paid over $20,000.
IRS intends to use a $5,000 reporting threshold for 2024 Forms 1099-K.
The $600 1099-K filing threshold will kick in for 2025, unless Congress or IRS acts.

12/08/2023

Front page 1040 deduction: Teachers have three more weeks to max out a tax deduction for 2023. They can deduct up to $300 for the cost of their unreimbursed expenses. Teachers don’t have to itemize to claim this write-off. The cap is $600 for spouses who are both teachers and file jointly.

11/27/2023

Starting January 1, 2024, many companies will be required to report information to the U.S. government about who ultimately owns and controls them.

11/27/2023

Starting 1/1/2024 the federal government is requiring US entities (with a few exceptions), such as, LLCs, LLPs, and corporations, to file information on the entities owners and people with substantial control (benefical owners) via the FinCen website. Entities that were in existence prior to 1/1/2024 must file before 1/1/2025 or face penalties. Entities that start in 2024 or have a change of address must file within 30 days or face penalties. This is a result of US Congress wanting to get information on all foreign owned entities doing business in the US. Of course we still need to do the MN Secretary of State annual renewals also. Contact your accountant to discuss. The filing form has not been given to us yet. Site:

Starting January 1, 2024, many companies will be required to report information to the U.S. government about who ultimately owns and controls them.