- Contractors purchasing materials for use in a Minnesota construction project with an exempt entity must have detailed supporting documentation to ensure these purchases are exempt from state sales and use taxes. Without such documentation, the contractor or subcontractor that supplied the materials may be subject to back taxes, penalties, and interest due to the state.
- From The Tax Advisor: Captive insurance is insurance or reinsurance provided by a company that is formed primarily to cover the assets and risks of its parent company or companies.
- Understanding the requirements of donor advised funds, charitable organization can mitigate tax and regulation risks.
- A welcome relief for small not-for-profits, Form 1023-EZ will make it easy for a large majority of charity organizations to apply for tax-exempt status.
- Properly allocating and recording direct and indirect expenses provides charitable organizations with accurate performance ratios.
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