Ramsay & Associates, Ltd.

Ramsay & Associates, Ltd. Ramsay & Associates, Ltd. Founded in 1976, Ramsay & Associates, Ltd. As a client of ours, your financial success is our primary aim. At Ramsay & Assoicates, Ltd.

is a premier planning and consulting CPA firm specializing in high quality business consulting processes and individual financial support is a premier planning and consulting CPA firm specializing in high quality business consulting processes and individual financial support. You can expect a high level of service along with mutual trust and respect from our team members. Our goal is to educate you on how to maximize your wealth, and to help you gain confidence in making decisions about your business & personal financial future. We strive to know you well enough to champion your cause. Our team of experienced certified public accounts is committed to helping you build a solid foundation for your financial future. We offer a large range of business and personal financial services including tax planning and preparation, accounting, software installation and training, as well as business consulting. Our team is also equipped to assist in IRS and state audit help, research and development credit, business valuation, benefit plan consulting, and succession planning. our goal is to provide quality business, personal, and financial planning advice. Our experienced team works hard to help you in every financial planning, retirement, and investment planning opportunity possible to help you maximize your wealth and gain confidence making wise financial decisions. To learn more about us and the services we offer, please visit our website or give us a call at 651-429-9111 today!

IRS or state tax problems don’t have to derail your business. Many issues can be resolved when they’re addressed promptl...
10/08/2026

IRS or state tax problems don’t have to derail your business. Many issues can be resolved when they’re addressed promptly and strategically.

If you or your business receives a tax notice from the IRS or a state agency, don’t ignore it. Be mindful of the notice’s deadline and work with your tax advisor to prepare supporting documentation and an appropriate response. If you owe back taxes that you can’t pay in full, explore potential relief options, such as a temporary delay in collection due to hardship, an installment agreement or payment plan, or a settlement plan.

We can help you communicate with tax authorities and create a plan to get your business back on track. Contact us to learn more.

If you've made charitable contributions this year or plan to make donations between now and year end, it’s important to ...
10/06/2026

If you've made charitable contributions this year or plan to make donations between now and year end, it’s important to know how different types of donations impact tax deductions. That way, you can maximize your tax benefit or, at the very least, avoid finding out at tax time that your charitable deductions are smaller than you expected.

In our latest blog, we break down some of the rules, limits, and changes affecting different types of donations. Find the link in the comments.

A Sec. 530A account is a custodial, tax-advantaged account opened by a parent or guardian for an eligible child under ag...
10/02/2026

A Sec. 530A account is a custodial, tax-advantaged account opened by a parent or guardian for an eligible child under age 18.

The IRS recently issued guidance that allows qualifying 530A account contributions to be treated as completed gifts rather than gifts of a future interest. The upside is that, if the requirements are met, your contributions can qualify for the gift tax annual exclusion, and you may not have to file a gift tax return.

If you don’t meet the requirements, your contributions can still be tax-free, but you’ll have to apply your lifetime gift tax exemption — and your generation-skipping transfer (GST) tax exemption if the GST tax also applies.

Are you thinking about selling your commercial or investment real estate? If the property has appreciated significantly,...
09/30/2026

Are you thinking about selling your commercial or investment real estate? If the property has appreciated significantly, a Sec. 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange the property for another qualifying property, generally deferring tax until the replacement property is sold.

But common misconceptions about Sec. 1031 exchanges can lead to missed opportunities or costly mistakes. For example, the property types don’t have to be identical, and receiving cash or debt relief (“boot”) may trigger taxable gain.

We can help demystify this tax strategy and determine whether it’s right for your situation. Contact us to learn more.

Should you and your spouse establish a single joint living trust or separate trusts? Living trusts, also known as “revoc...
09/28/2026

Should you and your spouse establish a single joint living trust or separate trusts?

Living trusts, also known as “revocable” trusts, allow you to minimize probate expenses, keep your financial affairs private, and provide for the management of your assets in the event you become incapacitated. If you and your spouse are comfortable with each other inheriting your combined assets, a joint trust can be a good choice because of its simplicity.

On the other hand, if shielding assets from creditors is a concern, separate trusts usually offer greater protection. There are also tax implications to consider. Contact us for details.

Certain “small” businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, wh...
09/24/2026

Certain “small” businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take?

Cash-basis businesses recognize income when received and deduct expenses when paid, providing greater flexibility in the timing of income and deductions. In contrast, accrual-basis businesses recognize income when earned and deduct expenses when incurred, regardless of the timing of cash receipts or payments.

Even if you meet the eligibility requirements, the cash method isn’t right for every business. And switching methods adds administrative costs. Contact us to learn more about each option.

Estate planning is intended to help ensure that your assets are distributed according to your wishes. But circumstances ...
09/22/2026

Estate planning is intended to help ensure that your assets are distributed according to your wishes. But circumstances can change in ways that are difficult to predict. A qualified disclaimer allows disclaimed assets to pass from a primary beneficiary to a contingent beneficiary without negative tax consequences.

Among other things, to be considered “qualified,” the disclaimer must be in writing and be delivered to your estate’s representative within nine months after the transfer is made and before the primary beneficiary accepts the property or any of its benefits.

Contact us to learn more.

Rising home values are leaving some homeowners with large gains when they sell. But that doesn’t necessarily mean a larg...
09/17/2026

Rising home values are leaving some homeowners with large gains when they sell. But that doesn’t necessarily mean a large tax bill. If you sell your principal residence and meet certain requirements, you can exclude up to $250,000 of gain ($500,000 for joint filers).

Gain that exceeds the exclusion or doesn’t qualify for it, however, is subject to long-term capital gains tax (or short-term capital gains tax, if you haven’t owned the home for more than a year). It also could be subject to the net investment income tax if your income is over a certain amount.

Contact us before putting your home on the market. We can help you estimate the tax impact and discuss possible planning opportunities.

What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners...
09/15/2026

What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners are LLCs taxed as partnerships and S corporations.

Both offer pass-through taxation, meaning tax items pass through to the individual owners and are reported on their personal returns. But they differ in important ways, such as self-employment tax, loss deductions, ownership flexibility, and eligibility requirements.

Before making your decision, contact us. Taxes play a pivotal role in this decision. We can work with you and your legal advisors to determine the optimal setup for your situation.

Your estate plan should be flexible enough to adapt to changing laws, family circumstances, and financial situations. If...
09/10/2026

Your estate plan should be flexible enough to adapt to changing laws, family circumstances, and financial situations. If it includes a trust, there’s a risk that the trustee will be unwilling (or unable) to make appropriate moves in response to change. A trust protector can provide needed flexibility.

The trustee manages the trust on a day-to-day basis. The protector oversees the trustee and weighs in on critical decisions. Other protector powers can include replacing the trustee and resolving disputes between the trustee and beneficiaries. But providing a protector with a broad range of powers can hamper the trustee’s ability to manage the trust efficiently.

Contact us for more details.

Address

1620 Mahtomedi Avenue
Mahtomedi, MN
55115

Opening Hours

Monday 8:30am - 4:30pm
Tuesday 8:30am - 4:30pm
Wednesday 8:30am - 4:30pm
Thursday 8:30am - 4:30pm
Friday 8:30am - 4:30pm

Telephone

+16514299111

Website

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