Find News, Insights, & Resources

President Biden has released his 2024 proposed budget – check out some of the highlights we’re watching as it moves through initial review.

A bipartisan coalition in the U.S. House of Representatives has renewed its push to lift the $10,000 cap on deducting state and local taxes (SALT) from federal tax returns.

The IRS has issued a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program for voluntary tip reporting.

A proposal is currently moving through the Minnesota legislature which includes a plan to mandate 24-weeks of paid leave. This is one of many provisions included in Governor Walz’s initial budget proposal he released last week.

The first bill to pass in the 2023 Minnesota legislative session will update several provisions in the state’s tax code to conform to the federal tax code for tax years 2017 through 2022.

Are you hoping to qualify for a clean vehicle tax credit? There’s a new list of potentially eligible plug-in electric or fuel cell vehicles purchased after 2022.

The IRS has issued the 2023 optional cents-per-mile rates used to calculate the tax deductible costs of operating a vehicle. Find the updated numbers here.

The Consolidated Appropriations Act of 2023 encompasses the SECURE 2.0 Act, with many provisions that will affect both employers and tax payers.