Attention entrepreneurs: Minnesota Cup is now accepting applications

Do you have a breakthrough business idea? Are you ready to launch the next big startup? For 10 years, the Minnesota Cup competition—the largest statewide new venture competition in the United States— has supported and accelerated the development of innovative business ideas from around the state. State residents have until May 9 to submit entries to compete for $300,000 in prize money.

Lurie Besikof Lapidus & Company, LLP is a proud sponsor and supporter of this event. Members of our firm have also acted as judges and speakers at various events involving the competition.

Participation in the Minnesota Cup competition is free.

LBLCO is a 100 Best Company to Work For 2014

Lurie Besikof Lapidus was recently named to Minnesota Business Magazine’s 100 Best Companies to Work For 2014. This notable honor celebrates organizations that are setting the standard for employee happiness and overall well-being.

The “100 Best” were selected by an independent research firm employing various research techniques — including an anonymous online questionnaire filled out by the employees of each company — to determine which companies in Minnesota excel in the areas of work environment, employee benefits, and overall employee happiness.

We are excited to be named alongside the 99 other great Minnesota companies who made this year’s list. You can learn more and view the full 2014 list here.

Important Minnesota tax law changes affecting 2013 tax returns

On Friday, March 21, the Minnesota legislature passed a tax bill that has been signed into law by Gov. Mark Dayton. A number of items included in the bill may affect your 2013 income tax return and 2014 tax planning. Specifically, income tax items previously deductible only on Federal returns are now also deductible at the state level here in Minnesota.

These items are retroactive and may reduce the tax liability on your 2013 Minnesota tax return:

  • Mortgage insurance premiums
  • Exclusion of employer provided adoption assistance
  • Exclusion of employer provided tuition assistance
  • Student loan interest
  • Higher education tuition deduction
  • Educator out of pocket expenses

Additional legislative changes to review with your LBL tax preparer:

  • Repealing the gift tax that was instated in July 2013
  • Raising the estate tax threshold to $2 million over the next five years
  • Repealing the scheduled warehouse sales tax that was to begin in May 2014
  • For 2014 they will institute a “fix” for the so called “marriage penalty”
  • Changes to the dependent care credit

If you have already filed your 2013 return, watch for information coming from the state in the next few days on how these changes will be handled.

LBLCO is named finalist for United Way 2013 Best Of Award

For anyone who knows our firm, you know we are actively involved in the community. That active involvement earned us a finalist spot for the United Way 2013 Best Of Award in the Best Employee Engagement – Small Company category. Even though we did not take home the coveted prize this year, we had a great night celebrating our achievement and the success of the 2013 United Way campaign.

On Feb. 7, 2014 more than 800 attendees gathered at the Minneapolis Convention Center for the annual awards banquet.

Lurie Besikof Lapidus & Company, LLP was up for the award for our work during our annual United Way campaign week held Nov.

Accounting 101 for Entrepreneurs

One of our partners, Kevin Besikof, was on a panel at the Carlson School of Management on Friday morning to speak about accounting tools available for entrepreneurs. Read the full article here.