IRS OK’s Deductions for PPP-Funded Expenses
By Jessica D. Manivasager and Emily M. Chad
The IRS has officially reversed its prior guidance and will allow a federal income tax deduction for expenses paid with a forgiven PPP loan.
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Combining experience on a wide range of business issues with a solid foundation in tax law allows our attorneys to offer clients practical counsel on the day‑to‑day aspects of business operations and particular proficiency in the formation, acquisition, merger, sale and transition of businesses.
Commercial Law
Family & Closely Held Businesses
Real Estate Investment Trusts (REITs)
Start Up & Rapid Growth Enterprises (SURGE)
Venture Capital & Angel Financing
View our April 2, 2020, webinar, “Positive Family Business Leadership and FAQs in the Time of COVID-19.”
Read “Being an Owner Doesn’t Guarantee You a Job” by Michael Raum and Kristy Albrecht.
Hear Ken Levinson’s thoughts regarding the global supply chain and International Tax Issues.
We provide businesses and the individuals who own or manage them with sophisticated, practical advice on the business and legal challenges they face. We work with the business owners to help them plan and structure their business transactions and achieve their goals in a tax efficient manner.
This process begins prior to the company being formed. The choice of entity has serious business and tax consequences, including the business’ ability to raise capital and attract and maintain effective management. Our objective is to arrive at a structure that is both flexible and tax efficient.
During the life of a business, the business will likely encounter numerous opportunities and challenges that have legal implications. If the business needs additional funds, then it may need an infusion of capital or a loan. The business may grow through special contract arrangements or joint ventures with suppliers or customers. The business may also grow through the acquisition of other businesses. New owners may join the business and old owners may leave. We work with our clients to structure and negotiate business transactions of all types. We have the ability to quickly draw on the experience and know‑how of Fredrikson & Byron’s attorneys in other practice areas as needed.
At some point, the owners may want to exit the business. This may involve succession planning with family members or with management. It may also involve a sale of the business. We structure and negotiate transition transactions of all types, including asset sales, equity sales, mergers, redemptions, leveraged buyouts and spin‑offs. For closely‑held businesses, we work with business owners to realize the best possible outcome both from a personal perspective and a tax perspective.
Tax issues are usually a significant component of any business transaction. We actively advise clients on all aspects of federal and state income, sales and use, real estate and employment taxes. This includes tax issues of international operations, Minnesota taxation of every type, and the state and foreign tax challenges posed by multistate and multinational business operations. We also dedicate a significant amount of time to counseling cooperative clients on tax issues unique to agribusiness and rural electric cooperative industry groups. We aggressively represent a wide range of clients at all levels of tax controversies, including audits, administrative appeals, conferences and hearings, criminal tax investigations, and tax litigation in state and federal courts.
January 7, 2021
By Jessica D. Manivasager and Emily M. Chad
The IRS has officially reversed its prior guidance and will allow a federal income tax deduction for expenses paid with a forgiven PPP loan.
November 23, 2020
On December 10, 2020, speakers from Fredrikson & Byron and RSM discussed a collection of interesting, diverse, and thought-provoking tax issues and events from 2020.
November 10, 2020
By Emily M. Chad and John J. Erhart
As of November 9, 2020, owners of partnerships and S corporations in those states allowing pass-through entities to pay state tax at the entity level can deduct those taxes on their federal returns with the U.S. Department of the Treasury’s blessing.
May 19, 2020
By Kyle M. Brehm and David B. Tibbals
With the COVID-19 pandemic continuing to impact businesses within the healthcare industry, the Minnesota Department of Revenue on May 14, 2020, again offered relief to businesses with upcoming MinnesotaCare tax payment obligations.
May 14, 2020
On June 4, the Family Business Advisors Group hosted its final meeting of the 2019-2020 season, where we shared skills and experiences serving family businesses.
May 8, 2020
By Jessica D. Manivasager and Emily M. Chad
In a rare twist of political cooperation, a bipartisan group of U.S. senators has introduced legislation to allow federal income tax deduction of expenses paid with a forgiven Paycheck Protection Program (PPP) loan.
April 22, 2020
By Masha M. Yevzelman and David B. Tibbals
As social distancing methods and shelter-in-place orders during the COVID-19 pandemic have prompted many across the country to work from home, businesses have begun to wonder about the nexus ramifications of their newly-expanded telecommuting arrangements.
April 13, 2020
By Kyle M. Brehm and David B. Tibbals
With the COVID-19 pandemic continuing to disrupt business operations, the Minnesota Department of Revenue on April 10, 2020, offered additional relief to those businesses with upcoming MinnesotaCare tax payment obligations.
March 31, 2020
On April 2, 2020, Fredrikson & Byron Business & Tax Planning attorneys John Erhart and Jessica Manivasager along with a few of our colleagues from the Platinum Group presented a webinar that discussed positive leadership and frequently asked questions during the time of COVID-19.
March 30, 2020
The CARES Act, signed into law on March 27, 2020, makes important changes to certain key tax provisions for businesses affected by COVID-19.
March 26, 2020
By David B. Tibbals and Michael S. Raum
The IRS announced on March 24 that it has indefinitely suspended nearly all functions and services requiring face-to-face contact with taxpayers.
March 23, 2020
The Minnesota Department of Revenue, recognizing that several of the businesses subject to MinnesotaCare Tax have been impacted by the COVID-19 pandemic, announced certain relief measures for businesses who were unable to properly file returns by March 16, 2020.
March 21, 2020
By Kenneth S. Levinson, Masha M. Yevzelman, David B. Tibbals and Karen Sandler Steinert
COVID-19 has had innumerable impacts on our daily lives. In response, the IRS and certain local states have provided guidance for taxpayers whose federal income tax returns are due on April 15.
March 19, 2020
By Kyle M. Brehm and David B. Tibbals
Responding to the COVID-19 pandemic, Minnesota Governor Tim Walz issued Emergency Executive Order 20-04 on March 16, 2020.
June 12, 2019
Fredrikson & Byron, P.A. and WIPFLI, LLP are working with MNOppCo to provide a workshop to help legal and accounting professionals navigate opportunity zone client representation.
October 30, 2018
Occasionally, there is a legal or tax issue that continues to raise confusion even after guidance is issued that should resolve it. One of those issues relates to fundraising for youth activities.
October 23, 2018
Taxpayers looking for a way to defer and potentially reduce or exclude taxes on capital gains have their answer in a new tax incentive called a Qualified Opportunity Fund.
September 10, 2018
Individuals or companies with undisclosed foreign financial assets or income have until September 28, 2018 to enter the IRS’s Offshore Voluntary Disclosure Program.
June 22, 2018
By Masha M. Yevzelman & Thomas R. Muck
A merchant of goods and services that makes sales in multiple states is no longer required to have physical presence in a state in order to be subject to sales and use tax in that state.
March 26, 2018
By Jessica Manivasager, John Erhart & Kurt Rempe
It was not long ago when Congress passed the Tax Cuts and Jobs Act (TCJA), dramatically rewriting the U.S. tax code and making sweeping changes impacting both businesses and individuals.
March 15, 2018
By Wayne W. Carlson, Michael S. Raum & Elizabeth L. Alvine
North Dakota law broadly prohibits non-compete and non-solicitation provisions in contracts, particularly between employer and employee, but also for anyone entering into such an agreement outside of the employment context. The North Dakota Supreme Court’s recent opinion takes this prohibition one step further
April 24, 2017
By Wayne W. Carlson, Michael S. Raum & Elizabeth L. Alvine
On April 14, 2017, Governor Burgum signed Senate Bill No. 2223, as passed by the North Dakota legislature, amending key sections of North Dakota’s Revised Uniform Limited Liability Company Act.
January 18, 2017
By Wayne W. Carlson, Michael S. Raum & Elizabeth L. Alvine
No one wants to be audited, whether by the IRS or the state tax authorities. However, there may be instances in which it is important to make sure that you are actually subject to an audit, in order to ensure that your rights are protected.
November 11, 2016
By Wayne W. Carlson, Michael S. Raum & Elizabeth L. Alvine
The end of the calendar year is a busy time for business lawyers and their clients. Each year we handle a number of transactions that clients want completed before year-end. These matters may include the purchase or sale of business assets, real estate transactions, financings, business formation and a host of other transactions.
September 26, 2016
The short answer is “yes.” Whether you are inspired by this year’s U.S. presidential debates or otherwise to host your own debate, a 501(c)(3) can engage in various election-related activities, so long as the 501(c)(3) follows certain rules so as not to jeopardize its tax-exempt status.
September 13, 2016
By Wayne W. Carlson, Michael S. Raum & Elizabeth L. Alvine
When we talk to clients about forming new business entities, one of their primary goals is to shield themselves and other stakeholders from personal liability as much as possible. As a general rule, corporations, limited liability companies (LLCs) and limited liability partnerships (LLPs and LLLPs) are business entities that are separate and distinct from their shareholders or members, which means the owners’ personal liability is limited.
July 6, 2016
By Wayne W. Carlson, Michael S. Raum & Elizabeth L. Alvine
Find out what the recently adopted Revised Uniform Limited Liability Company Act means for North Dakota business and which changes may surprise those who are used to forming their own LLCs.
June 22, 2015
Attorneys Thomas B. Henke and Evan C. Berquist have joined Fredrikson & Byron. Henke is an officer in the Compensation Planning & Employee Benefits and the Business & Tax Planning Groups. Berquist is an associate in the Mergers & Acquisitions, Securities and International Groups.