U.S. citizens who are relocating, expatriating or taking residency in Canada will need to consider various tax implications of the move to minimize the overall taxes owed on income earned. This article helps you understand the residency requirements and offers guidance for planning.
Principal | Tax
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Paul Simons (CPA, JD) provides privately held business owners and executive teams with ongoing guidance that comes from an in-depth understanding of their business and objectives.
“The best part of my role in helping clients solve problems is two-way communication so we can identify, review and minimize potential risks. This allows them to better plan to reduce tax burdens or other issues that can later become distractions,” says Paul. “I enjoy supporting my clients by providing the timely business planning services that help them accomplish their goals.”
Paul has 30+ years experience in public accounting and consulting for construction, manufacturing, retail, and wholesale businesses and their owners. His practice concentrations include business transactions, acquisitions, divestitures and restructurings; executive compensation, including stock option planning; taxing authority dispute resolution; tax compliance and tax planning.
Paul is a devout family man with four children currently attending colleges in the Midwest. Paul is passionate about college football, contributing time to University of Minnesota Goal Line Club. “I’m excited to see the local team build its program.”
Areas of Expertise
Mergers + Acquisitions
Business Divestitures + Restructuring
Executive Compensation including Stock Option Planning
Tax Authority Dispute Resolution
Tax Compliance + Planning
Retail / Wholesale
Manufacturing + Distribution
Construction + Contracting
Education + Credentials
B.S. in Business Administration from the University of Minnesota
M.B.A. and J.D. from the University of Minnesota
Certified Public Accountant (CPA)
American Institute of Certified Public Accountants (AICPA)
Minnesota Society of Certified Public Accountants (MNCPA)
Ramsey County Bar Association & Minnesota State Bar Association
Minnesota Grocers Association (MGA)
Minnesota Petroleum Marketers Association (MPMA)
Minnesota Retailers Association (MRA)
Community and Civic Activities
Member of the University of Minnesota Goal Line Club
Finance Committee member of St. Elizabeth Ann Seton Parish, Hastings Minnesota
Member of the Hastings Hockey Association
Paul Simons was recently featured in Minnesota Business Magazine’s experts section for manufacturing business owners, called “Gears and Gadgets | GuidePosts.” For qualifying manufacturers and exporters there is an often overlooked tax advantage that they may want to consider that offsets operating income with lower taxed IC-DISC dividend.
Tax reform will likely be a priority for President-elect Donald Trump and the Republican-controlled Congress in 2017 by consolidating the individual tax rates into three brackets, eliminating the 3.8% surtax on upper-earners, and potentially reducing the tax-savings impact of current deductions. With all this in mind, here are some important strategies for taxpayers to consider this year.
Tax legislation at the end of 2015 (The PATH Act) made significant changes to the Research and Development (R&D) tax credit. This new legislation makes the R&D credit available to many small and midsized companies that had previously believed the credit out of reach to them. The credit was made permanent back to January 1, 2015 so U.S. companies can budget with confidence that the credit will be there in future years rather than periodically expiring as in the past.
Beginning in 2016, qualified small business startups can allocate up to $250,000 of R&D tax credits generated after January 1, 2016 to offset the employer OASDI portion of their payroll taxes. For small startup companies, a payroll tax offset may also result in a significant cash savings.
Does your business operate (or are you considering) a loyalty or customer rewards program? If so, you should know that a Tax Court ruling was recently reversed in favor of a prominent grocery retail store chain.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 makes the Research and Development Tax Credit (R&D) permanent for costs related to qualified activity incurred after December 31, 2014. No more waiting at year-end to see if the credit will be extended! Hooray! For small and medium sized businesses, the new rules significantly … Continued
The threshold for commonly expensed items (such as smartphones, computers, machinery and equipment parts) will we be increased to $2,500. Review your Accounting Capitalization Policy or speak with our CPAs to make sure you can take advantage of these important tax savings.
In December, the House and Senate approved the “Protecting Americans from Tax Hikes” (PATH) Act of 2015. The President signed this legislation referred to by tax professionals as “The Tax Extenders Provision”, which extends or modifies many extensions/changes that tax payers should discuss with their CPA.
Minneapolis Working Families Agenda Delayed for Study Until 2016. Proposed Earned Sick Time and Scheduling Restriction Ordinances May Impact Employers. For employers in the city of Minneapolis, the Working Families Agenda could have a potential impact on businesses that staff and operate flexible scheduling patterns for varying customer activity. As cited in numerous media reports recently, … Continued