MN Tax & Accounting Services
Kurt Simmons CPA provides comprehensive tax and financial services to individuals and businesses throughout Minnesota (MN). With its fortune 500 headquarters and healthcare innovation, we understand the unique financial landscape that comes with doing business in Minnesota.
Under the CPA Mobility Act, our CPA — licensed in Maryland, Delaware, and Florida — is authorized to provide the full range of attestation, tax, and advisory services to Minnesota clients without the need for an additional state license. This means Minnesota individuals and businesses receive the same comprehensive service as our home-state clients: financial statement audits, tax strategy, IRS representation, virtual CFO services, and every other service we offer — delivered through our technology-forward, virtual-first practice model.
CPA Services Available in Minnesota (MN)
MN Individual Tax Preparation
Comprehensive federal and Minnesota state tax return preparation, including complex returns with investments, rental properties, and self-employment income.
Learn More →MN Business Tax Services
Tax preparation and planning for Minnesota-based businesses including S-Corps, C-Corps, partnerships, LLCs, and sole proprietorships.
Learn More →MN Cryptocurrency Tax
Specialized crypto tax services for Minnesota investors and traders. DeFi, NFTs, staking rewards, and exchange reporting handled with expertise.
Learn More →MN Trader Tax Services
Mark-to-market elections, wash sale tracking, and tax optimization strategies for active traders in Minnesota.
Learn More →MN IRS Resolution
Professional representation before the IRS for Minnesota taxpayers facing audits, collections, liens, levies, or offers in compromise.
Learn More →MN 83(b) Elections
Equity compensation planning and 83(b) election filing for Minnesota startup employees and founders receiving restricted stock.
Learn More →MN Financial Statement Audits
Full-scope GAAS-compliant financial statement audits for businesses, nonprofits, and organizations requiring independent assurance.
Learn More →MN Review Engagements
Limited assurance engagements providing meaningful confidence in financial statements for lender requirements and stakeholder reporting.
Learn More →MN Compilations
Professionally prepared financial statements from management-provided data for internal reporting, small business needs, and bank presentations.
Learn More →MN Agreed-Upon Procedures
Targeted, customized engagements designed to address specific areas of concern with flexible scope tailored to stakeholder needs.
Learn More →MN Employee Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans meeting ERISA filing requirements and fiduciary obligations.
Learn More →MN Tax Strategy & Advisory
Proactive, year-round tax planning that identifies savings opportunities. Entity structure optimization, multi-state planning, and strategic initiatives.
Learn More →MN Cost Segregation Studies
Engineering-based analysis to accelerate depreciation deductions on commercial and residential rental properties, maximizing cash flow.
Learn More →MN Virtual CFO Services
Fractional CFO capabilities including financial modeling, cash flow management, KPI dashboards, and strategic financial leadership.
Learn More →MN Business Consulting
Operational assessments, process improvement, internal control design, and strategic planning to drive efficiency and profitability.
Learn More →MN Estate & Succession Planning
Comprehensive estate planning, business succession strategies, and wealth transfer optimization for business owners and high-net-worth individuals.
Learn More →MN Capital Markets Advisory
Securities compliance, FINRA regulatory guidance, and capital markets advisory for businesses navigating public offerings, private placements, and broker-dealer requirements.
Learn More →Minnesota Audit Services in Detail
Minnesota businesses, nonprofits, and benefit plan sponsors typically need an independent audit when state law, federal rules, lenders, grantmakers, or boards require external assurance. We perform GAAS-compliant attest engagements scoped to the specific assurance need — most commonly:
Minnesota Nonprofit Audits
Under Minnesota's Charitable Solicitations Act, charities registered with the Minnesota Attorney General are generally required to submit audited financial statements when annual gross revenue exceeds $750,000, and reviewed financial statements when revenue is between $250,000 and $750,000. Audited statements are also routinely expected by the McKnight Foundation, the Bush Foundation, the Saint Paul & Minnesota Foundation, the Minneapolis Foundation, the Otto Bremer Trust, the United Way of Greater Twin Cities, and major Minnesota grantmakers.
Minnesota 401(k) & Employee Benefit Plan Audits
Minnesota plan sponsors filing Form 5500 generally require an ERISA-compliant audit when the plan has 100 or more participants with account balances at the start of the plan year. We perform full-scope and §103(a)(3)(C) limited-scope benefit plan audits for 401(k), 403(b), and defined-benefit plans across Minnesota, including plans sponsored by major Twin Cities corporate headquarters (Target, 3M, UnitedHealth Group, Best Buy, U.S. Bancorp, Cargill, General Mills, Medtronic, Ecolab, Polaris), the Mayo Clinic in Rochester, Twin Cities healthcare systems (Allina, Fairview, HealthPartners), the Iron Range mining operations, and Minnesota's medical device cluster.
Minnesota Single Audits (Uniform Guidance)
Minnesota nonprofits, municipalities, school districts, tribal nations, and pass-through subrecipients that expend $1,000,000 or more in federal awards in a fiscal year are subject to the Single Audit requirements of 2 CFR Part 200.
Minnesota Lender, Bonding & Investor Audits
Minnesota banks (U.S. Bancorp HQ, Wells Fargo Midwest), surety companies, and Minnesota-based private equity, venture, and growth investors frequently require audited financial statements as a condition of credit facilities, surety capacity, or capital raises.
Minnesota Reviews & Compilations
Where a full audit is not required, we deliver review engagements (limited assurance) and compilations (no assurance) — both routinely accepted by Minnesota lenders and stakeholders requiring CPA-prepared financial statements.
Minnesota (MN) Tax & Business Landscape
Key Minnesota Tax Numbers. Personal income tax: graduated, top rate 9.85% on income above approximately $304,000 — among the highest in the U.S. Corporate income tax: 9.8%. Sales and use tax: 6.875% state, plus 0.5% Minneapolis/St. Paul, plus 1.5% transit; combined approximately 8.875% in Minneapolis. Estate tax: applies above $3,000,000 with rates up to 16%. Minnesota Net Investment Income Tax (NIIT): effective tax year 2024, an additional 1% state-level NIIT on investment income above $1,000,000. Pass-through entity (PTE) elective tax: 9.85% available since tax year 2021.
Filing Mechanics. Individuals file Form M1. C-corporations file Form M4. Partnerships file Form M3; S-corps file Form M8. PTE election is made on partnership/S-corp returns. MN estate tax is filed on Form M706.
MN Estate Tax & the New Net Investment Income Tax — Two Major Planning Items. Minnesota's $3M estate tax exemption (vs. federal $13.61M+) means many MN homeowners (with appreciated Twin Cities-area real estate plus retirement accounts and corporate equity) end up subject to substantial state estate tax. Combined with the new 2024 state-level Net Investment Income Tax (1% surtax on investment income above $1M), Minnesota's tax landscape has grown more complex for high-income and high-net-worth residents — driving meaningful out-migration.
Minnesota Economy & Who We Serve. Minnesota's economy is anchored by an unusually high concentration of Fortune 500 headquarters in the Twin Cities — UnitedHealth Group (Minnetonka), Target (Minneapolis), 3M (Maplewood/St. Paul), Best Buy (Richfield), U.S. Bancorp (Minneapolis), Cargill (Wayzata), General Mills (Minneapolis), Medtronic (Minneapolis), Ecolab (St. Paul), Polaris. Healthcare is dominated by the world-renowned Mayo Clinic in Rochester. Other key sectors: medical devices, agriculture and food processing, forestry and mining (the Iron Range — taconite/iron ore), insurance, banking, and growing tech.
CPA Mobility in Minnesota. Minnesota has adopted CPA mobility provisions under the Uniform Accountancy Act. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm all applicable Minnesota Board of Accountancy mobility and firm registration requirements before commencing any engagement.
Cities and Communities We Serve. Our virtual-first practice serves clients across all of Minnesota, including Minneapolis (largest city; Fortune 500 HQs), St. Paul (state capital; 3M; Ecolab), Rochester (Mayo Clinic), Duluth, Bloomington (Mall of America), Brooklyn Park, Plymouth, St. Cloud, Eagan, Woodbury, Lakeville, Maple Grove, the Twin Cities suburbs, the Iron Range, the Boundary Waters region, the Lake Superior North Shore, and every Minnesota county.
Why Minnesota Clients Choose Us
- GAAS-compliant audit, review, and compilation experience for nonprofits, benefit plans, and privately held businesses
- Deep expertise in MN-specific issues: 9.85% top rate plus the new state-level Net Investment Income Tax (1% surtax effective 2024), MN $3M estate tax planning, MN PTE elections, Twin Cities Fortune 500 equity compensation (UnitedHealth, Target, 3M, Medtronic, etc.), and Mayo Clinic / Rochester healthcare professional taxation
- Capital markets background — Kurt Simmons has passed the Series 65 examination (Passed; not currently held as an active license) in addition to holding the CPA
- Specialized practices in cryptocurrency taxation, active trader tax, and 83(b) elections for MN medical device / tech / startup employees
- Technology-forward, virtual-first delivery — secure client portal, e-signature, and video consultations
- Transparent, fixed-fee engagements where possible — no surprise hourly invoices
Minnesota CPA — Frequently Asked Questions
Do I need a Minnesota-licensed CPA?
Minnesota has adopted CPA mobility provisions under the Uniform Accountancy Act. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm any applicable firm-level Minnesota Board of Accountancy registration before commencing attest engagements.
What is Minnesota's income tax rate?
Minnesota has a graduated personal income tax with a top rate of 9.85% on income above approximately $304,000 — among the highest in the U.S. Form M1 is due April 15. The MN corporate income tax is 9.8%.
Does Minnesota have a SALT-cap workaround?
Yes. Minnesota enacted an elective Pass-Through Entity Tax effective for tax years beginning on or after January 1, 2021. Eligible S-corps and partnerships pay an entity-level tax tracking the top personal income tax rate (9.85%).
Does Minnesota really have an estate tax with a $3 million threshold?
Yes. Minnesota imposes its own estate tax with an exemption of $3,000,000 — well below the federal $13.61M+ exemption. The MN estate tax rate is graduated up to 16%.
What is the Minnesota state-level Net Investment Income Tax (NIIT)?
Effective tax year 2024, Minnesota imposes an additional 1% state-level Net Investment Income Tax on investment income above $1,000,000. This is in addition to the federal 3.8% NIIT and the regular MN income tax (top 9.85%).
When does my Minnesota nonprofit need an audit?
Under Minnesota's Charitable Solicitations Act, charities are generally required to submit audited financial statements when annual gross revenue exceeds $750,000, and reviewed financial statements when revenue is between $250,000 and $750,000.
Do you serve Minnesota clients outside the Twin Cities?
Yes. Our practice is virtual-first, so we serve clients across all of Minnesota — including Rochester (Mayo Clinic), Duluth, Bloomington, Brooklyn Park, Plymouth, St. Cloud, Eagan, Woodbury, the Iron Range, and every Minnesota county.