Haugen Binion & Co. CPAs

Haugen Binion & Co. CPAs No annoying advisory and financial lingo. Just straight, authoritative and friendly advice. Visit us: www.haugenbinioncpa.com
Or give us a call: (952) 479-4601

We are not your typical accounting firm. Yes, we offer the traditional services that you would expect from your CPA, but that is just the beginning at Haugen Binion & Co. CPAs. Same old, same old

- Your company is put into a BOX, not your own – all for the benefit of making the accountant’s job easier
- You’re offered the same cookie cutter services, with the same predictable and somewhat boring results
- You have to ASK the CPA for advice, not the other way around

AND, you get a sizable BILL for most every time you have a short conversation or better yet, even when the CPA makes a mistake and it has to be fixed. It’s TRUE! We are CPAs with Personalities
- We live in your BOX. Our sole job is to make your job easier, not ours.
- No cookie cutter services at our office. Our work together is completely tailored to your NEEDS. If you’re not hearing from US often, then we’re not doing our job effectively. We HATE hourly billing. It’s ineffective, unproductive and frankly too difficult to keep track of. Contact us to learn more! Hours of Availability:
Monday - Friday: 9:00am - 5:00pm
Evenings or Weekends: By Appointment

𝗜𝗳 𝘁𝗵𝗲 𝗜𝗥𝗦 𝗮𝗽𝗽𝗿𝗼𝘃𝗲𝘀 𝗺𝘆 𝗹𝗮𝘁𝗲 𝗦 𝗰𝗼𝗿𝗽 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻, 𝘄𝗶𝗹𝗹 𝗺𝘆 𝘀𝘁𝗮𝘁𝗲 𝗿𝗲𝗰𝗼𝗴𝗻𝗶𝘇𝗲 𝗶𝘁 𝘁𝗼𝗼? No, federal approval doesn't necessarily me...
10/02/2026

𝗜𝗳 𝘁𝗵𝗲 𝗜𝗥𝗦 𝗮𝗽𝗽𝗿𝗼𝘃𝗲𝘀 𝗺𝘆 𝗹𝗮𝘁𝗲 𝗦 𝗰𝗼𝗿𝗽 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻, 𝘄𝗶𝗹𝗹 𝗺𝘆 𝘀𝘁𝗮𝘁𝗲 𝗿𝗲𝗰𝗼𝗴𝗻𝗶𝘇𝗲 𝗶𝘁 𝘁𝗼𝗼?

No, federal approval doesn't necessarily mean your state will recognize the same S corp treatment.

That’s because your federal election and your state tax treatment are separate. Some states follow the federal election automatically, while others require their own election, filing, or payment.

So after your federal election is approved, let us help check your state’s rules to see whether anything else still needs to be filed or corrected.

10/01/2026

𝗪𝗵𝗮𝘁 𝗰𝗮𝗻 𝗜 𝗱𝗼 𝘁𝗼 𝗺𝗮𝗸𝗲 𝗺𝗼𝗻𝗲𝘆 𝗳𝗲𝗲𝗹 𝗮 𝗹𝗶𝘁𝘁𝗹𝗲 𝗹𝗲𝘀𝘀 𝘁𝗶𝗴𝗵𝘁 𝗶𝗻 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

If cash feels tight in your business, start by collecting money that's already owed to you.

Here are three places you can start:
1. Audit monthly software and vendor subscriptions, and cancel whatever isn't bringing in revenue or saving time.
2. Send follow-ups on overdue invoices past 15 days (uncollected money is an interest-free loan you're giving away).
3. Offer an add-on service to active clients, which takes less effort than landing a new customer.

Cash flow problems are usually a system issue, not a personal failure.

Send us a DM if you want another set of eyes on your expenses and unpaid invoices.

𝗪𝗵𝗲𝗻 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝘀𝘁𝗮𝗿𝘁 𝗰𝗹𝗲𝗮𝗻𝗶𝗻𝗴 𝘂𝗽 𝗺𝘆 𝗽𝗮𝘆𝗿𝗼𝗹𝗹 𝗿𝗲𝗰𝗼𝗿𝗱𝘀 𝗳𝗼𝗿 𝘆𝗲𝗮𝗿-𝗲𝗻𝗱?You should start reviewing your payroll records before Q...
09/30/2026

𝗪𝗵𝗲𝗻 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝘀𝘁𝗮𝗿𝘁 𝗰𝗹𝗲𝗮𝗻𝗶𝗻𝗴 𝘂𝗽 𝗺𝘆 𝗽𝗮𝘆𝗿𝗼𝗹𝗹 𝗿𝗲𝗰𝗼𝗿𝗱𝘀 𝗳𝗼𝗿 𝘆𝗲𝗮𝗿-𝗲𝗻𝗱?

You should start reviewing your payroll records before Q3 closes so that you have time to catch problems while you can still address them.

A few things to check now:
1. Do your payroll reports match your general ledger?
2. Are any manual or voided checks creating discrepancies?
3. Do you have the right information on file for your contractors?
4. Are your payroll wage categories recorded correctly?

You have a three-month buffer to get those records cleaned up before December 31.

And if you want help reviewing the numbers, don’t hesitate to reach out (especially before Q4 gets too far along).

09/28/2026

𝗗𝗼𝗲𝘀 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰 𝗘𝘅𝗲𝗺𝗽𝘁𝗶𝗼𝗻 𝗳𝗿𝗼𝗺 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗮𝗽𝗽𝗹𝘆 𝘁𝗼 𝗮𝗻 𝗮𝗺𝗲𝗻𝗱𝗲𝗱 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻?

No, Automatic Exemption from Penalty is intended for eligible original returns, not amended returns.

That means filing an amended return doesn’t trigger an automatic AEP review.

If an amended return creates a penalty issue, there are still other ways to address it.

One thing we can look at is whether the penalty was assessed correctly in the first place. That means looking at the penalty alongside your filing history, payment history, and what actually happened with the return.

If something doesn’t line up, challenging the assessment itself can be an option.

So if you get a penalty notice after amending a return, 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 “𝗣𝗘𝗡𝗔𝗟𝗧𝗬” so we can look it over before assuming the amount is final.

09/24/2026

𝗗𝗼 𝗜 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗺𝗮𝗸𝗲 𝗾𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝘁𝗮𝘅 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗻𝗼𝘄 𝘁𝗵𝗮𝘁 𝗜 𝗼𝘄𝗻 𝗮 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Unless your business is a tax-exempt 501(c)(3) or you expect to owe under $1,000 in total tax, you are required to make quarterly estimated tax payments to the IRS.

This estimate covers income tax you'll owe as well as the 15.3% self-employment tax that you also must cover.

To stay ahead of your deadlines, open a separate tax savings account and automatically transfer 25% to 30% of your net profits into it.

That way, the money is already set aside when payment time comes.

𝗜𝗳 𝗜 𝗾𝘂𝗮𝗹𝗶𝗳𝘆 𝗳𝗼𝗿 𝗜𝗥𝗦 𝗽𝗲𝗻𝗮𝗹𝘁𝘆 𝗿𝗲𝗹𝗶𝗲𝗳, 𝗱𝗼𝗲𝘀 𝘁𝗵𝗮𝘁 𝗲𝗿𝗮𝘀𝗲 𝘁𝗵𝗲 𝗳𝗲𝗱𝗲𝗿𝗮𝗹 𝗶𝗻𝗰𝗼𝗺𝗲 𝘁𝗮𝘅 𝗮𝗻𝗱 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗜 𝗼𝘄𝗲 𝘁𝗼𝗼?No, if the IRS approv...
09/23/2026

𝗜𝗳 𝗜 𝗾𝘂𝗮𝗹𝗶𝗳𝘆 𝗳𝗼𝗿 𝗜𝗥𝗦 𝗽𝗲𝗻𝗮𝗹𝘁𝘆 𝗿𝗲𝗹𝗶𝗲𝗳, 𝗱𝗼𝗲𝘀 𝘁𝗵𝗮𝘁 𝗲𝗿𝗮𝘀𝗲 𝘁𝗵𝗲 𝗳𝗲𝗱𝗲𝗿𝗮𝗹 𝗶𝗻𝗰𝗼𝗺𝗲 𝘁𝗮𝘅 𝗮𝗻𝗱 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗜 𝗼𝘄𝗲 𝘁𝗼𝗼?

No, if the IRS approves penalty relief, it can remove a qualifying penalty, but it does not erase the underlying federal income tax you owe. And interest on unpaid tax may still be due.

𝙄𝙢𝙥𝙤𝙧𝙩𝙖𝙣𝙩 𝙙𝙞𝙨𝙩𝙞𝙣𝙘𝙩𝙞𝙤𝙣: If a penalty is removed, the IRS often adjusts the interest that was charged specifically on that penalty as well.

So if you receive penalty relief, make sure you understand exactly what was removed and what you still owe.

𝗖𝗮𝗻 𝗜 𝗱𝗲𝗱𝘂𝗰𝘁 𝗲𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝗜 𝘀𝗽𝗲𝗻𝘁 𝗴𝗲𝘁𝘁𝗶𝗻𝗴 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘀𝘁𝗮𝗿𝘁𝗲𝗱?No, not every dollar you spend before opening your business ...
09/22/2026

𝗖𝗮𝗻 𝗜 𝗱𝗲𝗱𝘂𝗰𝘁 𝗲𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝗜 𝘀𝗽𝗲𝗻𝘁 𝗴𝗲𝘁𝘁𝗶𝗻𝗴 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘀𝘁𝗮𝗿𝘁𝗲𝗱?

No, not every dollar you spend before opening your business gets treated the same way, because the timing of those expenses matters.

Money you spend before your business officially opens can count as startup costs. Think about expenses like:
• Market research
• Advertising your grand opening
• Travel to secure suppliers
• Employee training before day one
• Legal or professional fees related to starting the business

You can write off up to $5,000 of qualifying startup costs in your first active tax year. If your startup costs exceed $50,000, your immediate write-off loses $1 in value for every extra $1 you spend and drops to zero if you pass $55,000.

And any remaining costs over the initial deduction limit have to be spread out over 15 years.

𝘞𝘩𝘪𝘤𝘩 𝘴𝘵𝘢𝘳𝘵𝘶𝘱 𝘦𝘹𝘱𝘦𝘯𝘴𝘦 𝘥𝘰 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘰𝘸𝘯𝘦𝘳𝘴 𝘨𝘦𝘵 𝘴𝘶𝘳𝘱𝘳𝘪𝘴𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘮𝘰𝘴𝘵?

𝗪𝗵𝗮𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝗰𝗼𝗿𝗱𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝗮𝗹𝘄𝗮𝘆𝘀 𝗵𝗮𝘃𝗲 𝗯𝗮𝗰𝗸𝗲𝗱 𝘂𝗽?Make sure you have electronic copies of your...• 3 to 7 years of t...
09/21/2026

𝗪𝗵𝗮𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝗰𝗼𝗿𝗱𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝗮𝗹𝘄𝗮𝘆𝘀 𝗵𝗮𝘃𝗲 𝗯𝗮𝗰𝗸𝗲𝗱 𝘂𝗽?

Make sure you have electronic copies of your...
• 3 to 7 years of tax returns
• Recent bank and investment statements
• Insurance summary pages (auto, home, health, life)
• Property deeds, car titles, and leases
• Basic business records (LLC setup files and contracts)

Tracking down lost copies can easily take 8 to 15 hours of phone calls and waiting on hold... which is the last thing you need during an emergency.

September goal: Spend 30 minutes this week downloading or scanning these files, and save them in one secure spot. Make sure you can access them even if your phone or laptop dies.

Address

Burnsville, MN

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Website

Alerts

Be the first to know and let us send you an email when Haugen Binion & Co. CPAs posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Haugen Binion & Co. CPAs:

Shortcuts

Share

Category