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Welcome to Myslajek Kemp & Spencer, Ltd.

Myslajek Kemp & Spencer, Ltd. is committed to delivering innovative solutions and the highest level of client satisfaction. We provide comprehensive accounting and tax services ranging from basic tax preparation and compilations to adept advising on the complexities of tax compliance law and audits. Blending accuracy and insight with two decades of industry experience, our wide range of tailored services expertly address personal tax and business strategies.

To learn more about Myslajek Kemp & Spencer, Ltd. click on the "About MKS" tab at the top of this page.

Thank you for coming here today, we truly appreciate your business.

Alerts & Notices

MKS is Hiring!

Sr. External Accountant / Auditor

A wonderful full-time career opportunity with our rapidly growing CPA firm awaits! We have an immediate need for a CPA with 5+ / 10+ (depending on position) years external audit experience in public accounting to work at our firm. Responsibilities include planning, supervising, and performing audits, reviews, and compilations, also preparing and reviewing financial statements, consulting, and specials projects. We offer a competitive salary and benefits, a fun work environment, and advancement opportunities.

Click HERE for more information...

Manager: Tax Department

A wonderful full-time career opportunity with our rapidly growing CPA firm awaits! We have a need in our Cambridge office for a tax and accounting services professional. There will be a lot of opportunity to advance quickly in the firm for the right individual. We offer a competitive salary and benefits and a fun work environment!

Click HERE for more information...

The Tax Cuts and Jobs Act (TCJA)

The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Take a look at some of the more important elements of the new law that have an impact on individuals and businesses. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025.

Click here to see a summary of changes for INDIVIDUALS...

Click here to see a summary of changes for BUSINESSES...

Tax planning for the TCJA this year-end (2018)

Information for Individual filers (1040)

Frequently Asked Questions

What is the deadline for filing my 2018 income tax return?
The deadline for filing your income tax returns varies depending on which form you need to file.
- S-Corporations: March 15th, 2019
- 1065-Partnerships: March 15th, 2019
- 1040-Individuals: April 17th, 2019
- - People have until Tuesday, April 15th, 2019 to file their 2018 returns and pay any taxes due.
    The deadline is later this year due to several factors. The usual April 15th deadline falls on Sunday this year, which would normally give taxpayers until at least the following Monday. However, Emancipation Day, a D.C. holiday, is observed on Monday, April 15th, giving taxpayers nationwide an additional day to file. By law, D.C. holidays impact tax deadlines for everyone in the same way federal holidays do. Taxpayers requesting an extension will have until Monday, Oct. 15th, 2019 to file.
- 1120-Corporations: April 17th, 2019
- Any Other Forms:
  For more deadlines and due dates, take a look at the IRS calendar on our Resources page. [link]
Where is my refund?
Both the IRS and State of Minnesota have helpful links on their respective websites to check on the status of your refund:
- The IRS link is: https://www.irs.gov/refunds
- The Minnesota link is: https://www.mndor.state.mn.us/tp/refund/home
How would you like me to send my documents to you?
We try to make sending us your documentation as easy as possible by offering a wide variety of options for getting your information to us:
1. Email your tax preparer with the documents as an attachment.
  1. Find your tax preparer on our Company Directory
  2. You can also email the documents to TaxInfo@Myslajek.com
2. Upload the documents to our Hightail account using this link:
  https://www.hightail.com/u/myslajek
  1. Mail your originals or copies to us at:
    Myslajek Kemp & Spencer, Ltd.
    ATTN: [Your tax preparer's name]
    1000 Shelard Parkway, 6th Floor
    Saint Louis Park, MN 55426
3. Come into the office and drop the originals off.
How can I make an appointment?
Please give our front desk a call at 952-544-4147 and they will coordinate scheduling an appointment with your tax preparer.
How long do I need to keep my backup documentation for?
According to the IRS:

"The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out.

The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.

Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.

Period of Limitations that apply to income tax returns
1. Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
5. Keep records indefinitely if you do not file a return.
6. Keep records indefinitely if you file a fraudulent return.
7. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
The following questions should be applied to each record as you decide whether to keep a document or throw it away.

Are the records connected to property?
- Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.
- If you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid. You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property.
What should I do with my records for non-tax purposes?
- When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does.
Source: https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records
I got a letter from the IRS (or another taxing authority)... what do I need to do?
Please drop off or e-mail a copy of the letter (both front and back sides) to your tax preparer as soon as you can.
What methods do you have for me to pay my invoice?
You have the following options for paying your invoice:
- By Phone: You can call the front desk to pay with a credit card at (952) 544-4147.
- By Mail or In-Person: You can stop by or mail a check to us at:
  Myslajek Kemp & Spencer, Ltd.
  1000 Shelard Parkway, 6th Floor
  Saint Louis Park, MN 55426
- Online: Click here for our on-line payment form.