Hermanson & McKnight CPAs, LLC

Hermanson & McKnight CPAs, LLC

Full service public accounting professionals offering business consulting, valuations, appraisals, f

Operating as usual

Photos from Hermanson & McKnight CPAs, LLC's post 07/15/2021

Great day for a team building event after the LONGEST tax season ever with Human On A Stick Segway Tour of Minneapolis

Legislature agrees to deal on exempting unemployment, PPP payments from Minnesota taxes | MinnPost 05/17/2021

Legislature agrees to deal on exempting unemployment, PPP payments from Minnesota taxes | MinnPost

MN legislature has finally agreed on full conformity for Unemployment Income tax treatment along with PPP funds. It is not signed yet, but both sides agree and it appears it will only be a matter of time that the deal will be formalized.

MN Revenue has indicated (once signed into law) they will try to adjust as many returns as possible, but if either of these items affect you, be sure to watch for any correspondence from MN to determine what steps you may need to take.

Legislature agrees to deal on exempting unemployment, PPP payments from Minnesota taxes | MinnPost Taxpayers still need to file by the Monday, May 17 deadline. But the Department of Revenue will later be able to refund any payments affected by the Legislature’s changes.

[03/11/21]   It's been a while since we've had to post one of these Covid updates, but on Wednesday Congress passed new legislation that has the potential to massively disrupt the current tax filing season. The American Rescue Plan Act has now been sent to the President to sign and, which he is expected to do either today or tomorrow. This bill contains quite a few tax law changes, almost all of which won't take affect until 2021, but there is one change that will be retroactive to 2020.
If you received unemployment benefits in 2020, and you made less than $150,000, the first $10,200 of your unemployment benefits will be tax free. It is unprecedented for Congress to make retroactive tax law changes this late into the tax filing season. Once this becomes law it will mandate several changes that could potentially delay your ability to file your tax return, even if you didn't receive unemployment. At a minimum the IRS is going to have to reprogram their computers for the change. It is quite possible that the IRS will have to redesign the Form 1040 to be able to show the total unemployment benefits received and then to show the taxable portion. Both of these will take time. If it ends up just being a matter of reprogramming computers that may only disrupt electronic filing by a few days, but if the IRS has to redesign the form that could delay filing for several weeks. Once the IRS provides guidance on how to handle this, out tax software provider will have to incorporate the change.
So what does all of this mean to you? While there is still a lot we don't know yet, it is almost a certainty that the IRS will have to suspend the acceptance of e-filed returns while they update their computers for the change. Whether this will be for a day, a week, or a month we don't know yet. It is possible that this will result in the IRS giving a blanket extension of time to file tax returns, similar to what happened last year. If that happens, we'll be back with another update.
For our clients that did not receive unemployment benefits, we will continue to work toward completing your returns. If you have not yet forwarded your 2020 tax data to us, please do so as soon as possible; don't wait, because it is not a given that the due date will be automatically extended. Hopefully, any delay in filing will be short, and we can finalize your returns and file them as we normally would.
If you received unemployment benefits and we have not yet electronically filed your return, we will complete your return but will have to hold it until we have a software patch to account for this law change. We are not yet sure how the IRS will handle the situation of taxpayers that have already filed and claimed unemployment benefits as income that will now be tax-free. It is possible that the IRS will calculate a refund based on the new law, but the more likely response will be that you will need to file an amended tax return. If it is determined that you need to file an amended return, you should first wait for the IRS to process your original return. This is not the same as the time it takes the IRS to issue your refund. It usually takes 6 to 8 weeks for the IRS to process an electronically filed return, which means that the soonest you will be able to file an amended return would be late April.
As we work toward finalizing your returns, please be patient and understand that we may be dealing with delays that are not of our making. We will try to get back in touch as we learn more.

forbes.com 04/14/2020

Did Your Stimulus Check Arrive? Check Your Bank Account

Stimulus checks are slowly starting to make their way into taxpayer bank accounts! Here’s more info on the expected timeline for deposit, updating your direct deposit information, and more.

forbes.com Did your stimulus check arrive already?

[03/26/20]   We at H&L hope you are well and doing what you can to limit social contact and #flattenthecurve. We are doing the same! In light of the COVID19 pandemic we’re all currently facing, we’ve made some alterations to our business practices.

We are open for drop-offs only, using the secure mail slot next to the door or by uploading your information to our secure online portal.

We are considered an essential business, so the drop off slot will be monitored and documents collected daily (or more), including through the stay at home order. Most of us are working remotely, traveling to/from the office to pick up new information to complete returns and to drop off what’s been completed for final processing. Our processing time may be a little slower than usual, but rest assured, we are still diligently working!

Please don’t hesitate to reach out by email or phone if you have any questions or concerns. Our voicemail system is linked to our emails so rest assured we receive all messages left, even when we’re working remote.

Stay safe, and be well!

❤️, your friends at H&L

[01/15/20]   Tax organizers have been sent out!

07/28/2019

Hole sponsorship for headwaters relief organization.

07/21/2019

Another Annual BRP day in the books! Thanks again Ray, Angie, and Blue Ribbon Pines Disc Golf Club for showing us another great disc golf adventure!

*and if you haven’t been, the snack shack is to die for!!!! Check it out!

[01/15/19]   Tax organizers will be mailed out this week...

kstp.com 12/29/2018

Tax preparers warn of headaches ahead for Minnesotans

kstp.com Earlier this year during the 2018 legislative session, state lawmakers and the governor failed to find a solution that would bring Minnesota's tax code in line with new federal tax changes ...

10/31/2018

Happy Halloween from the friendly accountants at Hermanson & Leitner CPAs, LLC!

[10/12/18]   October 15th is the deadline to file your 1040 tax return if you filed an extension last April! Get your information in now to avoid costly IRS penalty and interest charges....

cpamn.net 09/07/2018

Hermanson & Leitner CPA – Friendly financial advisors. Powerful advice.

Don't forget the upcoming corporate deadline is September 15th and the individual deadline is October 15th.

Please check out our new website www.cpamn.net

cpamn.net Our team of experts helps you find the most effective ways to manage your finances and make impactful improvements to your business.

[07/03/18]   We will be closed July 4th through the 6th.

Have a safe and happy 4th of July 🎆🎇🇱🇷.

04/18/2018

A nice end to another tax season with good food and great company!

09/27/2017

Team building

09/27/2017

Hermanson & Leitner CPAs, LLC's cover photo

[09/25/17]   Don't forget the individual tax filing deadline is October 15th ⏳💲

07/19/2016

Hermanson & Leitner CPAs, LLC

07/19/2016

Hermanson & Leitner CPAs, LLC's cover photo

07/19/2016

Hermanson & Leitner CPAs, LLC

01/29/2016

Untitled Album

11/09/2015

Headwaters Relief Organization

Please support Headwaters Relief Organization! They are a LOCAL charity that donates 100% of your donation of money or time to helping those in need. This is a great year end tax planning tool for many of our clients:

https://www.facebook.com/headwatersorg/?fref=ts

Headwaters is a Non-Profit organization that responds to disasters across the nation. We are operated exclusively through the services of community volunteers, donations of materials and monetary contributions.

[10/21/11]   For those of you lucky enought to contemplate retiring from your job before age 55...beware. Retiring too soon can make you owe the 10% penalty on early plan payouts. You must be 55 or older in the year you leave your job to escape the penalty. Even if you retire at age 53 and wait until you are 55 to take your money from your employer sponsored retirement plan, the penalty is due, according to the Tax Court (Watson, TC Summ. Op. 2011-113). The separation date is the determining factor, not the distribution date.

[01/07/11]   Standard mileage rate increases to 51¢ per mile for 2010. Medical travel
and moving, the allowance is 19¢ per mile. Charitable driving is now 14 cents per mile.

[01/07/11]   Congress also extended a set of tax breaks that had lapsed
after 2009, including the write-offs for state sales tax,
college tuition and classroom expenses of teachers.

[01/07/11]   The New Year brings in change yet retains some key tax breaks from 2010,
thanks to a tax cut present from Congress in late December. Congress acted to keep the top rate on individuals from returning to 39.6% and the maximum tax rate
on long-term gains and dividends from rising to 20%.

[12/09/09]   "CASH FOR CLUBBERS" follows an IRS ruling that golf carts qualify for the electric-car credit as long as they are also road worthy. These qualifying golf carts are essentially the same as normal golf carts save for adding some safety features, such as turn signals, headlights, side, rearview mirrors and three-point seat belts. This is your chance to receive a FREE golf cart.

[12/09/09]   Uncle Sam is now paying Americans to buy a golf cart! The federal credit provides from $4,200 to $5,500 for the purchase of an electric vehicles, of which certain golf carts qualify. Some states have accompanying credits which makes the acquisition of some golf cart models free!

[12/09/09]   www.hermansoncpa.com

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2437 C**n Rapids Blvd NW
Minneapolis, MN
55433

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Monday 7am - 5:30pm
Tuesday 7am - 7:30pm
Wednesday 7am - 5:30pm
Thursday 7am - 7:30pm
Friday 7am - 5pm
Saturday 9am - 1pm
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