Valley Accounting & Tax

Valley Accounting & Tax Accounting & Tax Services

Valley Accounting & Tax exists to support our clients by providing reliable, timely, and excellent accounting and tax related services that make a meaningful impact on a client's life or business.

The IRS says you’re deceased, but you’re very much alive. It sounds unbelievable, but this unusual situation can happen ...
10/07/2026

The IRS says you’re deceased, but you’re very much alive. It sounds unbelievable, but this unusual situation can happen when an incorrect Social Security number (SSN) is entered on your tax return or when Social Security Administration (SSA) records mistakenly indicate that you or your spouse have died. If you receive IRS Notice CP01H, verify that the SSN on the return in question matches your Social Security card. If it does, contact the SSA to see whether its records need to be corrected. Then follow the notice instructions to unlock your IRS account. Call us at (952) 432-3140 for help resolving this issue promptly.

Giving away assets during your life can reduce the size of your taxable estate. One option is to pay someone’s tuition o...
10/05/2026

Giving away assets during your life can reduce the size of your taxable estate. One option is to pay someone’s tuition or medical expenses. Such payments can be gift-tax-free — but only if you make them directly to a qualifying educational institution or medical provider. (Advancing the funds to a loved one or reimbursing previously paid expenses doesn’t count.) Unlike making gifts under the gift tax annual exclusion ($19,000 per recipient for 2026), there’s no limit on the amount of tuition or medical expenses you can pay tax-free. Call us at (952) 432-3140 to learn more about lifetime gifts.

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware...
10/02/2026

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware of the trust fund recovery penalty (TFRP). As a responsible individual, you may be personally liable for a 100% penalty on income and employment taxes your business either fails to collect or fails to remit to the IRS. Your actions must be “willful,” meaning you’ve been, or should have been, aware of the responsibility and either intentionally disregarded the law or were indifferent to it. According to the IRS, no “evil intent or bad motive” is required. Call us at (952) 432-3140 if you receive a letter from the IRS about the TFRP or for help with tax compliance.

Owning assets jointly with your adult child can invite unwelcome tax consequences that may outweigh potential benefits. ...
09/30/2026

Owning assets jointly with your adult child can invite unwelcome tax consequences that may outweigh potential benefits. For example, owning an asset together as “joint tenants with right of survivorship” can open up transfer tax exposure. If you add your child to the title of property you already own, it may be considered a taxable gift of half the property’s value. And when you die, half of the property’s value will be included in your taxable estate. A properly designed trust can be a more tax-efficient option. Call us at (952) 432-3140 for details.

IRS penalties can add up quickly. Fortunately, some taxpayers may qualify for penalty relief. There are three main types...
09/28/2026

IRS penalties can add up quickly. Fortunately, some taxpayers may qualify for penalty relief. There are three main types of relief: 1) first-time penalty abatement for taxpayers with a strong compliance history, 2) reasonable cause relief for situations such as serious illness or natural disasters, and 3) statutory exceptions. These exceptions generally apply to penalties resulting from erroneous written IRS advice or to taxpayers affected by certain federally declared disasters or involved in military combat-zone operations. If the IRS has assessed a penalty on your account, contact us at (952) 432-3140. We can help determine whether you qualify for penalty relief.

Wondering how Sec. 530A accounts (also known as Trump Accounts) may be invested? The IRS has issued proposed regulations...
09/25/2026

Wondering how Sec. 530A accounts (also known as Trump Accounts) may be invested? The IRS has issued proposed regulations clarifying the investment options allowed during the “growth period.” This period begins when the beneficiary’s initial account is established and ends on Dec. 31 of the year the child turns 17. During this time, eligible investments generally include mutual funds or exchange-traded funds that track an equity index of mainly U.S. companies, don’t use leverage, and have annual fees and expenses of no more than 0.1% of the fund’s balance. The proposed regulations would apply to tax years starting on or after Jan. 1, 2026. Call us at (952) 432-3140 with questions.

If you were born in 1960 or later, you can start taking “full” Social Security benefits when you turn age 67. But should...
09/23/2026

If you were born in 1960 or later, you can start taking “full” Social Security benefits when you turn age 67. But should you? It may depend on your health, retirement income and other factors. If possible, try to delay taking benefits until you’re age 70, when you’ll receive larger monthly payments. In fact, benefits increase by 8% each year you delay taking them! For more about Social Security and funding your retirement, call us at (952) 432-3140.

Did you know that if you have seriously delinquent tax debt, you could lose your passport? The IRS can “certify” unpaid ...
09/21/2026

Did you know that if you have seriously delinquent tax debt, you could lose your passport? The IRS can “certify” unpaid federal tax debts over $66,000 (adjusted annually for inflation) to the U.S. State Department, which may deny a passport application or renewal — or even revoke your current passport — until your tax issues are resolved. If you’re overseas, you might receive only a limited-validity passport to return to the United States. Unpaid federal tax debt includes individual income taxes, trust fund recovery penalties, business taxes for which taxpayers are personally liable and other civil penalties. Contact us at (952) 432-3140 for details.

The Financial Crimes Enforcement Network (FinCEN) is making permanent the suspension of the beneficial ownership informa...
09/18/2026

The Financial Crimes Enforcement Network (FinCEN) is making permanent the suspension of the beneficial ownership information (BOI) reporting requirements for U.S. companies and U.S. persons. If these Corporate Transparency Act requirements had gone into effect, millions of U.S. businesses would have faced the administrative burden of an initial BOI filing and subsequent updates for any BOI changes. FinCEN will also delete previously reported information it believes belongs to U.S. persons (such as information linked to U.S. driver’s licenses and U.S. passports). Foreign entities that are reporting companies must still report BOI for foreign individuals. Call us at (952) 432-3140 if you have questions.

You probably have retirement questions: How much should I save before I quit working? When should I start taking Social ...
09/16/2026

You probably have retirement questions: How much should I save before I quit working? When should I start taking Social Security benefits? Can I retire before Medicare coverage kicks in? What about taxes in retirement? We can provide you with answers based on your individual financial circumstances and retirement goals. Contact us at (952) 432-3140.

Address

7300 147th Street West Suite 100
Apple Valley, MN
55124

Opening Hours

Monday 8am - 5pm
6pm - 7pm
Tuesday 8am - 5pm
6pm - 7pm
Wednesday 8am - 5pm
6pm - 7pm
Thursday 8am - 5pm
6pm - 7pm
Friday 8am - 5pm
Saturday 8am - 1pm

Telephone

(952) 432-3140

Website

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