Espeland & Associates CPAs DBA North Point Accounting & Tax Services

10/29/2019

Fall is always a spectacular showcase...

08/21/2019

Update: Recently, the IRS has announced a penalty waiver for 2018 1040's filed. The provision is automatic, there is no need to contact the agency to get the waiver. Notices regarding this change will be mailed directly to the taxpayers that qualify.

08/24/2017

Dear Friends,
Our great State of Minnesota has taken some initiatives to make MN a more tax friendly place to live....New in 2017.

Individual Iniatives:

1. Subtraction of up to $4,500 for certain social security benefits.
2. Child or dependent care credit increased to match the federal levels.
3. Credit for student loan payments and exclusion of income from discharge of debt on student loans.
4. Credit or subtraction for 529 college plans up to $1,500 or $3,000 for married filing jointly.
5. Subtraction for earnings of first time homebuyer accounts.

*Details apply to each of the above and phase-outs may apply to certain individuals.

Estate Tax Iniatives:

1. The individual exemption amount from MN estate taxes has been increased to $3 million by the year 2020. The amount increases each year until capped at $3 million. For decedents passing in 2017, the exemption is retroactively increased from $1.8 million to $2.1 million.

While somethings remain to be changed in the law to make Minnesota more competitive with its rival states, these are positive steps.

06/16/2016

Congratulations to our staff accountant, Diana Homchik for successfully completing her Certification as a ProAdvisor for Intuit QuickBooks. We are thankful for her professionalism and desire to advance her education in this field over the past two years.

02/27/2015

http://www.espelandcpas.com/cpa-news/1471/minnesota-department-of-revenue-alert

The Minnesota Department of Revenue is warning taxpayers of a phishing scam. Beware of text messages from tax preparation services or software vendors that you have not filed your tax return with. These messages say your returns have been accepted by the “Minnesota state tax office”. Here’s a link…

12/23/2014

http://www.espelandcpas.com/cpa-news/1441/2015-standard-mileage-rates

Beginning on 1/1/2015, the standard mileage rates for cars, vans, pickups, and panel trucks will be 57.5 cents per mile for business miles, 23 cents per mile for medical or moving purposes, and 14 cents per mile for charitable purposes. The business expense rate is up 1.5 cent per mile from 2014, wh…

12/17/2014

http://www.espelandcpas.com/cpa-news/1402/congress-passes-tax-extender-package

Tuesday, December 16, the Senate passed the “Tax Increase Prevention Act of 2014,” which was passed by the House on Dec. 3 and which would extend through 2014 over fifty currently expired “extender” provisions. This tax package also includes the “Achieving a Better Life Experience (ABLE) Act of 2014…

11/06/2014

http://www.espelandcpas.com/cpa-news/1381/five-tax-breaks-on-congress-new-agenda

“With the election over, Congress has urgent work: retroactively extending dozens of tax provisions that expired at the beginning of 2014. There’s little doubt that lawmakers will take action at some point. But Internal Revenue Service Commissioner John Koskinen recently warned that if they don’t a…

10/31/2014

http://www.espelandcpas.com/cpa-news/1361/washington-scrutiny-of-supersize-iras

09/23/2014

http://www.espelandcpas.com/cpa-news/1331/capital-pains-tax-medtronic-inversion-ires-investors

Here is an article from CNBC about the impending tax inversion acquisition by Minnesota-based Medtronic of Dublin-based Covidien “that will leave many [current Medtronic] shareholders on the hook for millions in capital gains taxes.”

09/22/2014

http://www.espelandcpas.com/cpa-news/1302/mistakes-parents-make-with-financial-aid

Here is an article from the Wall Street Journal on the reality that “The Timing of Certain Financial Decisions Can Hurt Students’ Eligibility for Assistance.”

09/09/2014

http://www.espelandcpas.com/cpa-news/1281/leaving-a-roth-ira-for-heirs