Our Blog

  • Rental or business? Navigating the tax treatment of short-term rentals

    • January 14, 2026
    • Posted by: Cummings, Keegan & Co
    • Category: Article
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    Understand how the IRS taxes short-term rentals, from the 14-day rule to deductible expenses and 1099-K reporting. A must-read guide for short-term rental hosts.

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  • IRS grants employers penalty relief for 2025 tip and overtime reporting

    • January 7, 2026
    • Posted by: Cummings, Keegan & Co
    • Category: Article
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    The IRS is offering penalty relief for 2025 as employers struggle to comply with new reporting requirements for tips and overtime pay under the OBBBA. While businesses won’t face penalties this year for failing to separately report qualified tips, overtime compensation, and occupation codes, this transition period is explicitly temporary—and smart employers will use it to prepare for full compliance in 2026.

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  • New year, new rules: What to know about IRS changes taking effect this month

    • January 5, 2026
    • Posted by: Cummings, Keegan & Co
    • Category: Article
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    The IRS and Congress have enacted tax law changes and regulatory updates that take effect this month and will impact individual taxpayers, employers, retirement plan sponsors, and businesses of all sizes. From tax filing to retirement planning, here are a few key things you should know about what’s new this year.

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  • It’s time! What to prepare for tax year 2025 filing

    • January 2, 2026
    • Posted by: Cummings, Keegan & Co
    • Category: Article
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    Whether you’re an individual taxpayer or business owner, preparing early for tax time can reduce delays, minimize errors, and help your tax pros do their best work on your behalf. Our team has put together a practical guide to get you started on the right foot this tax season, including key deadlines, commonly required documents, and planning considerations.

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  • Congress Passes Significant Tax Bill

    • July 14, 2025
    • Posted by: Tax Services
    • Category: Tax, Tax Legislation
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    On July 3rd, Congress passed the bill commonly known as the One Big Beautiful Bill Act (OBBBA). It is the most significant piece of federal tax legislation since the Tax Cuts and Jobs Act of 2017 (TCJA). Much of the TCJA was set to expire at the end of 2025, and the new bill modified
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  • IRS ramps up compliance enforcement against certain businesses

    • July 26, 2024
    • Posted by: Jen Gostovic
    • Category: Tax, Tax Legislation
    No Comments

    The Inflation Reduction Act provided the IRS with billions of dollars of additional funding to reduce the so-called “tax gap” between what taxpayers owe and what they actually pay. The tax agency has already launched numerous initiatives aimed at this goal, including several business-related compliance campaigns. Let’s take a closer look at three of the

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  • Governor Signs Tax Bill to Correct MN Standard Deduction Amounts

    • March 1, 2024
    • Posted by: Jen Gostovic
    • Category: Tax, Tax Legislation
    No Comments

    This week on February 26, 2024, Governor Tim Walz signed HF 2757, which “adjusts” the 2023 standard deduction to the proper inflation adjusted amount, correcting a drafting error in legislation passed last year. Taxpayers do not need to act, as the Minnesota Department of Revenue has been using the correct amounts on its forms. There

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  • Beneficial Ownership Information Reporting Begins Under the Corporate Transparency Act

    • January 31, 2024
    • Posted by: Peter Maddalena
    • Category: Business Legislation, Business Management
    No Comments

    Post Update 1/31/24 – We apologize for the need for an additional blog email today. The first email notification that was to reference this content yesterday was unintentionally linking to the news of the Cummings Keegan office move. Sometimes technology settings can surprise us! We appreciate your interest in receiving our continued updates. Starting January

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  • SECURE 2.0 Act describe impacts to retirement planning; a must-read for employers and employees.

    • February 15, 2023
    • Posted by: Jen Gostovic
    • Category: Tax, Tax Legislation
    No Comments

    On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering retirement savings The original SECURE Act,

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