August 2021 Updates
Smart business, accounting, tax, and planning ideas from your MMKR CPAs!
Minnesota Creates New State Tax Option for Pass-through Entities
The 2022-2023 Minnesota State Budget signed into law by Governor Tim Walz included a major change for pass-through entities. House File 9 (HF 9) created an election that will allow pass-through entities to pay state and local level taxes on the entity's Minnesota tax return rather than the individual partner/shareholder's tax return. Minnesota's new pass-through entity tax (PTE tax) will be effective for tax years beginning after December 31, 2020. This change applies to any electing partnership, LLC or S-Corporation.

Learn more about the PTE tax election and what it means for small business owners in Minnesota...
American Rescue Plan Act
Much like the 1984 hit musical number “It’s Raining Men”, Minnesota local governments and school districts may be noticing that it’s raining money. Amidst the waves of funding from the Coronavirus Aid, relief, and Economic Security Act (CARES Act) signed into law March 27, 2020 and the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA Act) signed into law on December 27, 2020 comes yet a third wave of significant federal funding.

Read more about the American Rescue Plan Act and its impact on local governments and school districts in Minnesota...
What's New at MMKR?
This year's annual team outing at Brookview Golf Course was absolutely tee-rific! Some of the best memories were made alongside some of the best people around. Here's to MMKR! 
Looking for work? We're still hiring!
In Case You Missed It...
Eligible Businesses: Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules.
Seniors may be able to write off Medicare premiums on their tax returns
Are you age 65 and older and have basic Medicare insurance? While additional coverage comes at a price, you may qualify for a tax break for paying premiums.
Traveling for business again? What can you deduct?
Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. Here are some of the rules that come into play. 
Do you have questions about your specific goals or strategies?

Each of our clients is unique; therefore, we provide solid, forward-thinking business strategies, expertise, and advice along with traditional accounting, audit, and tax consulting services tailored to their needs.