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IRS unveils new People First Initiative — Suspends Various Payments Due, Delays Collection Activities, and More

Mar 26, 2020 9:44:34 AM / by CSI Accounting Staff

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People First Initiative - IR-2020-59, March 25, 2020

To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.

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Families First Coronavirus Response Act - What We Know So Far

Mar 20, 2020 2:22:58 PM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business operations

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The Families First Coronavirus Response Act was signed into law on March 18, 2020.

In the coming days and weeks, federal regulatory agencies, including the Department of Labor (DOL) and Health and Human Services (HHS), will provide guidance on how to execute or implement the new requirements. In the meantime, employers and advisors must rely on a good faith interpretation of the act’s text.

We are sharing everything we know below and will not be able to answer follow up questions about the act until agency guidance has been released, which will take some time. We will update the HR Support Center when we have more information, and we encourage you to check there.

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Update During the Coronavirus (COVID-19)

Mar 19, 2020 12:00:00 PM / by CSI Accounting Staff

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***UPDATED Mar 20, 2020***

Dear Clients and Subscribers:

We previously communicated our ongoing efforts to support you, our associates, and the community during the quickly developing Coronavirus (COVID-19) pandemic. We want to reiterate that we consider the health and well-being of all of us extremely important. No value can be placed on health!

During this time we have been receiving and answering a storm of questions regarding a variety of issues. We are going to address a couple of the top questions here, and provide the most current information, answers, and links to additional resources (more informational posts will follow).

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What Minnesota’s New Wage Theft Law Means for Your Business

Jul 24, 2019 9:11:00 AM / by CSI Accounting Staff posted in small business payroll, small business operations

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A new piece of legislation by Minnesota lawmakers puts unprecedented pressure on businesses to make sure that they’re providing accurate documentation of employee wages. As of Monday, July 1st, 2019 employers are required to provide employees notice at the start of their job laying out wage or salary amount and the benefits available. Employers must also provide additional information in their pay stubs and include allowances taken out for lodging, food, and other incidentals.

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How the New Amendment to Minneapolis SST Work Laws Will Affect Your Business (Even if You Don’t Live Here)

Jul 22, 2019 12:33:46 PM / by CSI Accounting Staff posted in small business payroll, small business operations

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A recent change in Minneapolis work law could affect your business -- even if your headquarters, facilities, or office(s) are not located inside the city.

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How to Have Less Stress & More Time

Jul 16, 2019 9:27:00 AM / by CSI Accounting Staff posted in small business accounting, small business operations

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It’s a beautiful thing to run your own business, but that doesn’t mean it's always easy.  

We know it feels good to build something from the ground up with your own two hands, but what does that look like in practice? Sometimes it's fun, but it oftentimes means a lot of stress and always means a lot of hard work.

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The Best Defense is a Good Offense: Getting the Jump on Next Year's Taxes

Jul 9, 2019 10:11:00 AM / by CSI Accounting Staff posted in small business taxes, small business accounting, small business operations

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Taxes are an ever-changing landscape, and with the 2017 Tax Cuts and Jobs Act finally taking effect this year, there’s actually never been a better time to find an accountant that you can trust.

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Taxes 103: Employee Expenses That Are No Longer Deductible

Jul 2, 2019 9:12:00 AM / by CSI Accounting Staff posted in small business taxes, small business operations

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The Tax Cut and Jobs Act really changed how deductions work. It's important to know how much those changes will affect you and your business. Here's another way taxes have changed recently:

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Taxes 102: Entertainment Deductions

Jun 25, 2019 9:47:00 AM / by CSI Accounting Staff posted in small business taxes, small business bookkeeping, small business operations

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The Tax Cut and Jobs Act really changed how deductions work. It's important to know how much those changes will affect you and your business. Here's another way taxes have changed recently:

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Taxes 101: Interest Deductions Are Down for Medium-Sized Businesses

Jun 18, 2019 10:18:00 AM / by CSI Accounting Staff posted in small business taxes, small business operations

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Unless you’ve been sleeping under a rock the last year, you probably know that the Tax Cut and Jobs Act really changed how deductions work. Here’s the thing, if you’ve yet to file your 2018 taxes, you might not realize just how much those changes will affect you and your business this year.

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