Minnesota residents who own and operate a business enterprise should be cognizant of the federal and state tax laws that affect them. There are four general types of federal tax. Each one has its own characteristics and should be considered separately. Any business that is registered with the state of Minnesota, with the exception of...

When a Minnesota business divorce includes an ongoing business as an asset, there are many interesting and complex issues which need to be addressed. Valuing a business is an art, not a science, and there is no precise, perfect method of measuring a business’s value. That said, there are various components to a business which...

The EEOC recently filed a lawsuit against a Wisconsin employer, claiming it violated federal law by requiring an employee to submit to medical exams and inquires that were not job-related and consistent with business necessity as part of a “wellness program” instituted by the employer. The wellness program was not voluntary. The employer fired the...

The family of a successful Minnesota businessman have agreed to settle a lawsuit against his former accountant. The businessman who owned Woodcraft Industries died in 2011 and was in poor health for many years prior to his death. The accountant was supposed to administer his estate, but the lawsuit that was filed in 2012 claims...

Business owners in Minnesota may benefit from learning more about which strategies could be effective if the IRS ever conducts an audit. Many people are surprised to learn that an owner’s personal assets may also be reviewed if a business is ever audited. Owners might be at a disadvantage if personal expenses become heavily scrutinized...

In Minnesota, trusts are often overlooked assets in divorces.  A trust could either be set up by the parties themselves before or during the marriage or set up by someone else for the benefit of one or both of the parties. Just because an asset is placed in a trust does not necessarily mean that...

The University of Minnesota is now investing in its own research through the newly implemented Discovery Capital Investment Program. The university will distribute a maximum of $700,000 to up to two startups that use government-funded research. The university is doing this for the first time ever, since outside seed capital hasn’t recovered to pre-recession levels....