The One Big Beautiful Act (OBBA) is on the Table, but Remember What’s Cooking from 2017: Tax Cuts and Jobs Act (TCJA) Meal Rules Served up in 2026. While the legislative spotlight has been on the OBBA, the Tax Cuts and Jobs Act of 2017 continues…
If you operate a retail business in Rapid City, one of the most important—yet often overlooked—parts of staying compliant is understanding South Dakota’s sales and use tax requirements. At R&R Accounting & Tax, we help local businesses cut through the confusion and stay in step…
In a significant development for businesses across the country, a recent ruling in Texas v. Department of Labor has put a hold on the Department of Labor’s (DOL) planned increase to the Fair Labor Standards Act (FLSA) salary thresholds for overtime exemptions. This decision, handed…
One common misconception is that the Research and Development Credit primarily benefits only very large enterprises. However, the R&D Credit can benefit businesses from all along the maturity spectrum from startups through very mature and large companies. What are Qualifying Activities? It is often believed…
It’s no secret that the states are continuously working hard to find new and creative ways to generate revenue. You may have heard of one of these revenue generators which has recently become a mainstream consideration for businesses operating across state lines: Economic Nexus. A…
Sometimes the situation arises in which the owners of a company want to invite a key individual to join the ownership team in return for the individual’s services. For example, an individual might have specialized training in a certain engineering process that can benefit a…
Every year, South Dakota sends each employer a form informing the business of what the next year’sunemployment tax rate will be. This letter typically comes some-time around November annually. The unemployment rate is not automatically updated by most payroll software, unlike most other taxes,because this…
The Corporate Transparency Act is the newest law to prevent money laundering by criminals and shady organizations and goes into effect January 1, 2024. Most businesses in the US will need to report the company’s beneficial ownership information (BOI) to the US Treasury Department’s Financial…
Effective on July 1, 2023, South Dakota reduced the state tax rate from 4.5% to 4.2% with HB1137. This change affects Sales tax, Use tax, Excise Tax on Farm Machinery and Farm Attachment Units, Amusement Device Tax, and Motor Vehicle Gross Receipts tax. This change…
Businesses that file as an S-Corporation on Form 1120S or as a Partnership on Form 1065 have a tax return filing deadline of March 15th. Late filing penalties are $220 PER Partner or Shareholder PER MONTH (or part of the month, even 1 day) for late filed business tax…