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Monday 8:30am - 5pm Tuesday 8:30am - 5pm Wednesday 8:30am - 5pm Thursday 8:30am - 5pm Friday 8:30am - 5pm

McGinnis and Company, CPAs of Sioux Falls

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McGinnis and Company, CPAs of Sioux Falls

Giving You Peace of Mind At McGinnis and Company, PC, we've been serving the accounting needs of Sioux Falls, SD and the surrounding areas for years.

If you need help managing any aspect of your home or business's finances, we want to hear from you.

07/23/2026

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 at(605) 338-1932. 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.

07/22/2026

Monthly financial statements are essential. But they often take weeks to prepare and may arrive after you’ve already made critical business decisions. Flash reports can help bridge that gap by providing real-time snapshots of critical metrics — such as cash balances, collections and payroll. These reports provide timely insight into financial performance, allowing you to identify emerging issues before they become major problems. Because flash reports are preliminary, you should use them as management tools, not formal financial statements. Call us at (605) 338-1932 to discuss how customized flash reports can help your business make faster, more informed financial decisions.

07/21/2026

Can taxpayers deduct alimony payments? It depends on when you signed your divorce or separation agreement. If it was made in 2019 or later, you can’t deduct alimony (and alimony’s not included in the recipient’s taxable income). But these payments are generally deductible (and taxable to the recipient) if they’re subject to an agreement made before 2019 — unless it was modified. As for child support payments, they aren’t deductible if you make them or considered taxable income if you receive them, regardless of when the agreement was signed. If you’re going through a divorce, consult us. We can work with your attorney to manage tax issues and minimize your tax burden. Call us at (605) 338-1932.

07/20/2026

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 (605) 338-1932.

07/16/2026

In the event of divorce, part or all of a married couple’s business will often be considered divisible marital property. If you’re in this situation, you likely can divide your business ownership interests without triggering federal income or gift taxes. The spouse receiving the interests assumes the existing tax basis (to determine future gain or loss) and holding period. Tax-free treatment generally applies to transfers made before, during or up to a year after the divorce. Transfer recipients will owe taxes on any gain if they later sell the ownership interests. Call us at (605) 338-1932 for more information on the tax implications of divorce.

07/15/2026

Accurate bookkeeping and timely accounting records provide the foundation for informed decisions throughout the year. When your books are current and reliable, it’s easier to manage cash flow, identify operational issues and jump on growth opportunities. Contact us at (605) 338-1932 for help streamlining your financial reporting processes and reducing year-end surprises.

07/14/2026

College student-athletes can now be legally paid for the use of their “name, image and likeness” (NIL) without risking NCAA eligibility. But if you support an athlete through NIL contributions, know that payments made directly to student-athletes aren’t tax-deductible. Contributions to organizations commonly called “collectives” may be deductible, but be sure to clear three key hurdles: 1) Itemize deductions on your return, 2) give only to a collective that’s a tax-exempt charity, and 3) don’t earmark payments for specific athletes or make them in exchange for substantial benefits, such as season tickets. Contact us at (605) 338-1932 to learn more.

07/13/2026

You’ll probably owe tax on your retirement income — how much depends on factors such as the types of retirement accounts you own and your other income sources. In general, retirees should withdraw funds from any taxable accounts first, tax-deferred accounts second and tax-free accounts last. But different withdrawal strategies may benefit you. The important thing is to start planning before you retire. Call us at (605) 338-1932 for help.

07/09/2026

The IRS has expanded its Business Tax Account (BTA), making the self-service platform available to partnerships; tax-exempt organizations; federal, state and local governments; and Indian tribal governments. The BTA is a centralized platform that allows eligible users to manage their federal tax responsibilities online. Among other things, BTA users can view tax balances, make payments and see payment history, access eligible payroll and income transcripts, if eligible, and download select digital notices. The newly eligible entities join sole proprietors, S corporations and C corporations that are already able to access the platform. Call us at (605) 338-1932 to discuss your business’s tax obligations.

07/08/2026

Tax planning requires more than preparing returns at filing time. We work with individuals and businesses throughout the year to identify tax-saving opportunities, address compliance requirements and respond to changing tax laws. Call us at (605) 338-1932 to schedule an appointment to discuss your tax needs.

Address

301 East 14th Street Suite 100
Sioux Falls, SD
57104

Opening Hours

Monday	8:30am - 5pm
Tuesday	8:30am - 5pm
Wednesday	8:30am - 5pm
Thursday	8:30am - 5pm
Friday	8:30am - 5pm

Website

http://mcginnisco.cpa/

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