# Bookkeeping, Tax Preparation Support and Virtual CFO Services for Minneapolis Businesses

Canonical: https://finbryn.com/us/locations/minneapolis

Remote service for Minneapolis businesses, contracted in the United States.

Finbryn provides remote bookkeeping, tax preparation support and virtual CFO work for Minneapolis businesses, with books kept in QuickBooks Online or Xero and built around Minnesota and city rules. As of October 1, 2026, the Minnesota Department of Revenue lists a 9.025% combined sales tax rate in Minneapolis, and Minnesota Paid Leave premiums run 0.88% of covered wages through 2027.

Minneapolis bookkeeping has a few quirks that don't show up in a standard setup. The state taxes corporate income at 9.8%. The combined sales tax rate drops half a point the moment you cross from Minneapolis into Minnetonka. The city adds a 3% entertainment tax on admissions, and downtown restaurants and bars carry two more 3% taxes. Since January 1, 2026, most employers also pay premiums into Minnesota Paid Leave, a program with its own reporting cycle.

The business base is broad. Medical device and health technology makers, corporate headquarters and their shared-service centers, food and agribusiness firms, banks and insurers, restaurants and venues, plus a large nonprofit sector all operate around the Twin Cities. They don't need the same chart of accounts, and they don't pay the same local taxes.

Finbryn has no Minneapolis office and no local staff. It's a remote service, contracted in the United States, and the sections below cover the rules that change how a Minneapolis ledger is built.

## Minnesota's franchise tax and the minimum fee

Minnesota calls its corporate income tax a franchise tax, and state statute sets the rate at 9.8% of taxable income (Minnesota Statutes section 290.06). A business with a Minnesota filing requirement also owes a minimum fee that's based on the total of its Minnesota property, payroll and sales or receipts. The 2026 schedule from the Department of Revenue:

| Minnesota property, payroll and sales, 2026 | Minimum fee |
| --- | --- |
| Under $1,280,000 | $0 |
| $1,280,000 to $2,559,999 | $260 |
| $2,560,000 to $12,829,999 | $770 |
| $12,830,000 to $25,639,999 | $2,560 |
| $25,640,000 to $51,279,999 | $5,140 |
| $51,280,000 or more | $12,830 |

An LLC taxed as a partnership with two or more members, and an S corporation, can owe the fee too, even though most of their income is taxed on the owners' returns. There the top individual rate for 2026 is 9.85% on single-filer income above $203,150. The bookkeeping job is to record Minnesota-sourced property, payroll and sales separately from the rest, because those three figures set the fee.

## A sales tax rate that changes between suburbs

Minnesota's general rate is 6.875%. Minneapolis adds 0.15% for Hennepin County, 0.50% for Hennepin County transit, 0.50% for the city, 0.25% for the metro housing tax and 0.75% for the metro transportation tax, which gets you to 9.025%. Several suburbs, Minnetonka and Plymouth among them, have no city rate, so the total drops by half a point across the line. The Revenue Department's rate guide for October 1 through December 31, 2026 lists these:

| City | County | Combined rate |
| --- | --- | --- |
| Minneapolis | Hennepin County | 9.025% |
| Bloomington | Hennepin County | 9.025% |
| Edina | Hennepin County | 9.025% |
| Maple Grove | Hennepin County | 9.025% |
| Minnetonka | Hennepin County | 8.525% |
| Plymouth | Hennepin County | 8.525% |
| Eden Prairie | Hennepin County | 8.525% |
| St. Louis Park | Hennepin County | 8.525% |
| St. Paul | Ramsey County | 9.875% |
| Roseville | Ramsey County | 8.875% |
| Burnsville | Dakota County | 8.125% |
| Eagan | Dakota County | 8.125% |

The guide is republished quarterly, so a business with sites in two suburbs rechecks both rates each quarter and keeps a liability account for each.

## Minneapolis taxes on entertainment, drinks and downtown dining

Minneapolis levies special taxes that Minnesota Revenue collects alongside sales tax, per its Minneapolis fact sheet revised in February 2025. A 3% entertainment tax applies city-wide to admissions, amusement devices and games, food and drink sold in public places during live performances, and short-term lodging. Two more 3% taxes apply only inside the downtown taxing area: one on on-sale liquor and one on food and beverages sold by restaurants, caterers and similar places. A separate lodging tax reaches properties with more than 50 rooms.

For a venue, bar or restaurant that sits across these lines, the point-of-sale system has to tag each sale by tax combination, and the monthly return has to tie back to the system's report. A Minneapolis tax file with only a flat percentage in it is a year-end cleanup waiting to happen.

## Payroll: Paid Leave premiums and a city minimum wage

Minnesota Paid Leave premiums are 0.88% of covered wages in 2026 and 2027, made up of 0.27% for family leave and 0.61% for medical leave, on wages up to $185,000. Employers can collect up to 0.44% from employees and cover the rest, and a small employer rate of 0.66% applies to employers with 30 or fewer employees whose average wage is under 150% of the statewide average. Premiums and wage detail are reported quarterly at ui.mn.gov; the first premiums were due April 30, 2026. Wage-taking shareholders of an S corporation count as employees, so the company needs a Paid Leave employer account and reports their reasonable W-2 wages.

The minimum wage is local too. Minneapolis requires $16.37 an hour in 2026, rising to $17.02 on January 1, 2027, against a state figure of $11.41. Coverage depends on where the employee physically works. An employer based anywhere owes the Minneapolis rate for hours worked in the city once an employee works at least two hours there in a calendar week, and tips can't be credited toward it. The city also has its own sick and safe time rules with notice requirements. Each of those lines needs its own expense account to keep payroll costs readable.

## What each Minneapolis industry needs from the books

Medical device and health technology makers need standard costing for inventory, project tags on research spend, and distributor rebates matched to the right period. Corporate offices and shared-service centers often run on the parent's chart of accounts, so intercompany balances and allocations take most of the monthly close. Food and agribusiness firms track lot-level inventory and co-packer billing, and the margin story sits in yield and shrink.

Restaurants, bars and venues deal with the taxes in the sections above. Nonprofits and foundations need fund accounting and Form 990 support; our [nonprofit guide](/us/guides/nonprofit-accounting-form-990-guide) walks through it. Banks, insurers and fintech startups need books that stand up to a regulator's or an investor's questions.

## Deadlines and registrations for a Minneapolis business

| Item | Agency | Timing |
| --- | --- | --- |
| Annual renewal for LLCs and most entities | Minnesota Secretary of State | December 31; free for active entities, with a fee to reinstate after a miss |
| Paid Leave wage detail and premiums | Minnesota DEED, through ui.mn.gov | Quarterly; first premiums were due April 30, 2026 |
| Sales tax rate check | Minnesota Revenue | Rate guide republished quarterly; the current one covers October 1 to December 31, 2026 |
| Minneapolis minimum wage step to $17.02 | City of Minneapolis | January 1, 2027 |
| S corporation and partnership returns | IRS | March 15, 2027 |
| C corporation and individual returns | IRS | April 15, 2027 |

Federal dates come from IRS Publication 509. Missing the December 31 renewal leads to administrative dissolution, and reinstating costs money, while the on-time renewal costs nothing.

## Hiring in the Twin Cities compared with working with Finbryn

The Bureau of Labor Statistics' May 2025 estimates count 16,510 jobs in the bookkeeping, accounting and auditing clerk group (occupation code 43-3031) in the Minneapolis-St. Paul-Bloomington metro, at a mean annual wage of $57,230 and a median of $57,790. Accountants and auditors number 21,820 jobs at a mean of $96,710. Financial managers, the nearest group to a controller or part-time CFO, number 12,460 jobs at a mean of $183,030, and the metro's concentration of that occupation is 1.18 times the national average.

Wages are only one line. Paid Leave premiums, benefits, software and a recruiting cycle come on top. A Finbryn plan is a fixed monthly fee and works remotely, so it won't answer questions in the hallway. If that's the thing you're short of, hire a person and let a plan handle the overflow.

## How a Minneapolis engagement runs, and what it costs

Documents move through a secure client portal and bank feeds connect into QuickBooks Online or Xero. The file is yours from the first day, and nothing in the process requires a meeting, since there's no Minneapolis office.

Essentials costs $249 a month for up to $50,000 in monthly expenses, and Growth costs $549 a month up to $150,000. See the [pricing page](/us/pricing) for the rest. Tax work is preparation support: schedules and workpapers go to a credentialed preparer for review and signature, and the [about page](/us/about) names the people. Begin on the [contact page](/us/contact) and say which of these local layers you deal with. The first close arrives reconciled, with an open-items list. For a neighboring metro, see [Chicago](/us/locations/chicago), or open the [locations hub](/us/locations).

## Areas we serve

Businesses we support remotely in and around Minneapolis, grouped by county.

- Hennepin County: Bloomington, Edina, Minnetonka, Plymouth, Eden Prairie, Maple Grove, St. Louis Park
- Ramsey County: St. Paul, Roseville
- Dakota County: Burnsville, Eagan

## By the numbers

| Figure | What it means | Source |
| --- | --- | --- |
| 9.025% | Combined sales and use tax rate in Minneapolis for October 1 through December 31, 2026 (8.525% in Minnetonka and Plymouth) | [revenue.state.mn.us/sites/default/files/2026-08/local-sales-and-use-tax-rate-guide-2026-q4.pdf](https://www.revenue.state.mn.us/sites/default/files/2026-08/local-sales-and-use-tax-rate-guide-2026-q4.pdf) (2026-10-08) |
| 0.88% | Minnesota Paid Leave premium rate for 2026 and 2027, on wages up to $185,000 | [pl.mn.gov/resources/calculators/premium-rate-and-contributions](https://pl.mn.gov/resources/calculators/premium-rate-and-contributions) (2026-10-08) |
| 3% | Minneapolis city-wide entertainment tax rate; downtown liquor and restaurant taxes are also 3% each | [revenue.state.mn.us/sites/default/files/2025-02/fs164m.pdf](https://www.revenue.state.mn.us/sites/default/files/2025-02/fs164m.pdf) (2026-10-08) |
| $16.37, then $17.02 | Minneapolis minimum wage per hour in 2026 and from January 1, 2027 (Minnesota's 2026 figure is $11.41) | [minimumwage.minneapolismn.gov](https://minimumwage.minneapolismn.gov/) (2026-10-08) |
| 9.8% | Minnesota corporate franchise tax rate set in state statute | [revisor.mn.gov/statutes/cite/290.06](https://www.revisor.mn.gov/statutes/cite/290.06) (2026-10-08) |
| $57,230 | Mean annual wage in the bookkeeping, accounting and auditing clerk group (occupation code 43-3031), Minneapolis-St. Paul-Bloomington metro, BLS May 2025 estimates | [bls.gov/oes/2025/may/oessrcma.htm](https://www.bls.gov/oes/2025/may/oessrcma.htm) (2026-10-08) |

## Services for Minneapolis businesses

- [Monthly bookkeeping](https://finbryn.com/us/services/bookkeeping/monthly-bookkeeping)

- [Inventory accounting](https://finbryn.com/us/services/bookkeeping/inventory-accounting)

- [Outsourced controller services](https://finbryn.com/us/services/accounting-services/controller-services)

- [S corporation tax preparation support](https://finbryn.com/us/services/tax-preparation-support/form-1120s-s-corporation)

- [Sales tax and nexus support](https://finbryn.com/us/services/tax-preparation-support/sales-tax-filings-nexus)

- [US payroll coordination: Gusto, ADP, Rippling and Deel](https://finbryn.com/us/services/payroll-support/us-payroll-gusto-adp-rippling-deel)

- [Fractional CFO](https://finbryn.com/us/services/virtual-cfo-advisory/fractional-cfo)

- [Month-end close](https://finbryn.com/us/services/month-end-close-reporting/month-end-close)

## Industries we work with in Minneapolis

- [Medical and dental practices](https://finbryn.com/us/industries/medical-dental)

- [Restaurants and multi-entity franchise groups](https://finbryn.com/us/industries/restaurants-franchise-multi-entity)

- [Nonprofits](https://finbryn.com/us/industries/nonprofits)

- [Manufacturing](https://finbryn.com/us/industries/manufacturing)

- [Professional services](https://finbryn.com/us/industries/professional-services)

- [Veterinary practices](https://finbryn.com/us/industries/veterinary-practices)

## Frequently asked questions: Minneapolis

**Q: Does Finbryn have an office in Minneapolis?**

A: No. Finbryn works remotely for Minneapolis businesses and, as of October 8, 2026, has no Minneapolis address or local staff. The work is contracted in the United States through Northlane Solutions Inc, a Delaware company.

**Q: Which sales tax rate applies to a Minneapolis sale?**

A: For October 1 through December 31, 2026, Minnesota Revenue lists 9.025% in Minneapolis, Bloomington, Edina and Maple Grove, and 8.525% in Minnetonka, Plymouth, Eden Prairie and St. Louis Park. We keep a separate liability account for each rate your locations use.

**Q: Do the Minneapolis entertainment and downtown taxes apply to my business?**

A: The 3% entertainment tax applies city-wide to admissions, amusement games, food and drink sold during live performances, and short-term lodging. The downtown liquor and restaurant taxes, 3% each, apply only inside the downtown taxing area (Minnesota Revenue fact sheet 164M, revised February 2025). We tag sales by tax combination in your point-of-sale reports.

**Q: How does Minnesota Paid Leave affect my payroll books?**

A: Premiums are 0.88% of wages up to $185,000 in 2026 and 2027, and employers can collect up to 0.44% from employees. Wage detail and premiums are reported quarterly at ui.mn.gov, and the first premiums were due April 30, 2026. We book the employer share, the employee share and the liability separately.

**Q: What is the Minneapolis minimum wage?**

A: It's $16.37 an hour in 2026 and $17.02 from January 1, 2027, according to the City of Minneapolis. The state figure for 2026 is $11.41. Coverage turns on where the employee physically does the work, whatever the employer's address, and tips can't be credited toward it.

**Q: Does my LLC or S corporation owe the Minnesota minimum fee?**

A: It can. An LLC taxed as a partnership with two or more members, and an S corporation, owe the fee once their Minnesota property, payroll and sales total reaches $1,280,000 for 2026, per the Department of Revenue. The fee runs from $260 to $12,830. A credentialed preparer signs the return; we prepare the Minnesota-sourced figures.

**Q: When does a Minnesota LLC have to renew, and what does it cost?**

A: The deadline is December 31 each year, and the renewal is free for entities in good standing (Minnesota Secretary of State, checked October 8, 2026). A missed renewal leads to administrative dissolution and a paid reinstatement.

**Q: Who signs the returns, and when are they due?**

A: Finbryn prepares the schedules and workpapers. A credentialed preparer reviews, signs and files the return, and the about page names the people. For 2026, S corporation and partnership returns are due March 15, 2027, and C corporation and individual returns April 15, 2027.

**Q: How does the cost compare with hiring a bookkeeper in the Twin Cities?**

A: BLS May 2025 data puts the mean wage in the metro's bookkeeping clerk group at $57,230 before benefits and Paid Leave premiums. Finbryn's Essentials plan is $249 a month and Growth is $549, and a plan can cover a gap in place of a full-time hire.

## Other cities we serve

- [Phoenix](https://finbryn.com/us/locations/phoenix)
- [Philadelphia](https://finbryn.com/us/locations/philadelphia)
- [New York City](https://finbryn.com/us/locations/new-york)

## Sources

1. [Minnesota Statutes section 290.06: Rates of tax (corporate franchise tax)](https://www.revisor.mn.gov/statutes/cite/290.06) (2026-10-08)
2. [Minnesota Department of Revenue: Minimum fee](https://www.revenue.state.mn.us/minimum-fee) (2026-10-08)
3. [Minnesota Department of Revenue: Individual income tax rates and brackets](https://www.revenue.state.mn.us/minnesota-income-tax-rates-and-brackets) (2026-10-08)
4. [Minnesota Department of Revenue: Local sales and use tax rate guide, effective October 1, 2026](https://www.revenue.state.mn.us/sites/default/files/2026-08/local-sales-and-use-tax-rate-guide-2026-q4.pdf) (2026-10-08)
5. [Minnesota Department of Revenue: Minneapolis special local taxes, fact sheet 164M](https://www.revenue.state.mn.us/sites/default/files/2025-02/fs164m.pdf) (2026-10-08)
6. [Minnesota Paid Leave: Premium rate and contributions](https://pl.mn.gov/resources/calculators/premium-rate-and-contributions) (2026-10-08)
7. [Minnesota Paid Leave: Common questions for employers](https://pl.mn.gov/resources/common-questions) (2026-10-08)
8. [City of Minneapolis: Minimum wage](https://minimumwage.minneapolismn.gov/) (2026-10-08)
9. [City of Minneapolis: Minimum wage increases to $16.37 for all employers](https://www.minneapolismn.gov/news/2025/december/minimum-wage/) (2026-10-08)
10. [Minnesota Secretary of State: Renewing your business](https://www.sos.mn.gov/business-liens/renewals/) (2026-10-08)
11. [BLS: May 2025 metropolitan area occupational employment and wage estimates](https://www.bls.gov/oes/2025/may/oessrcma.htm) (2026-10-08)
12. [IRS Publication 509, Tax Calendars](https://www.irs.gov/publications/p509) (2026-10-08)

Reviewed October 2026

## Contact
- Phone: +1 (312) 313-7376
- Email: hello@finbryn.com
- Booking page: https://finbryn.com/us/book