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Free Cloud Program for Small Businesses

Posted by Liz Weaver Posted on Feb 21 2013

This free program sounds interesting for small business with fairly simple accounting needs.  Worth a look anyway.  Take a look at the Sleeter blog above.

New Local Sales and Use Taxes

Posted by Liz Weaver Posted on Feb 04 2013
Beginning 4-1-13:
Cloquet    0.5%
Marshall   0.5%
Medford   0.5%

Also on 4-1-13, the Hermantown local sales and use tax increases from 0.5% to 1%.

Annual Sales & Use Tax

Posted by Liz Weaver Posted on Jan 30 2013
All Minnesota businesses that do not file monthly or quarterly sales tax reports need to file the Annual Sales & Use Tax return which is due February 5, 2013.  Use tax is due on items that are normally subject to sales tax but were not taxed because they were purchased online or by mail.  Even if you do not owe any sales or use tax you need to file a return showing that.

Have you hired an employee in Minnesota?

Posted by Liz Weaver Posted on Nov 29 2012
If so, remember to report your new hire at  It only takes a few minutes.

Law Change for Individual Construction Contractors - 2 Percent Withholding Repealed

Posted by Liz Weaver Posted on June 13 2012

After June 30, 2012, businesses are no longer required to withhold 2 percent from payments made to individual construction contractors. 

New IRS Tool for First-Time Homebuyer Credit

Posted by Liz Weaver Posted on Feb 03 2012

Those who bought a home in 2008 and claimed the First-Time Homebuyer Credit must repay the credit in 15 equal annual installments beginning on the 2010 return. Some tax professionals have confusion with new clients on whether or not the client needs to repay the credit; they claimed the 2009 credit, which requires no repayment or how much has already been paid back. The IRS has released a new tool, First Time Homebuyer Credit Account Look-up, which allows taxpayers to see their balance of the credit and repayment amount.

Sales & Use Tax Reporting

Posted by Liz Weaver Posted on Feb 03 2012
Minnesota Sales Tax deadline for Annual Filers and Use Tax Returns is February 6th.  All businesses must file a Use Tax return even if they don't normally submit sales tax returns.


Posted by Liz Weaver Posted on Jan 06 2012
1099-MISC forms are due out by January 31st.  If your business has paid at least $600 for rents or services during 2011 to an individual, sole properietor, partnership or LLC, you will need to prepare form 1099-MISC. 

Payments to corporations are not subject to 1099-MISC except attorneys.  Payments of at least $600 to attorney would require a 1099-MISC even if they are incorporated.

To prepare the forms you will need name, address and social security number or EIN.  You can obtain this information by having form W-9 filled out for each service provider.  It is a good idea to get this form filled out and signed before payment is made whenever possible.

If you receive a social security number, you will fill out the 1099-MISC with the person's name even if they have a business name.  If you receive an EIN, you must use the business name.