Our Blog

  • IRS guidance provides RMD rollover relief

    • July 2, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
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    IRS guidance provides RMD rollover relief The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the

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  • Application Period Opens for Minnesota Small Business Relief Grants

    • June 22, 2020
    • Posted by: Bill Jacob
    • Category: Accounting & Bookkeeping, COVID-19 Updates, Tax
    No Comments

    June 23, 2020 through July 2, 2020 is the 10-day application period for the Minnesota Small Business Relief Grants Program approved by the Minnesota State Legislature and signed by Gov. Tim Walz on June 16, 2020. The Minnesota Department of Employment and Economic Development (DEED) will oversee the grant program. Individual small businesses that can

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  • Revenue recognition and leases: FASB gives certain entities more time

    • June 9, 2020
    • Posted by: Jason Schilling
    • Category: Audits, FASB, rev-rec, Revenue Recognition
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    Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to make the changes, if they

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  • 5 steps to streamline the month-end close

    • June 9, 2020
    • Posted by: Jason Schilling
    • Category: Accounting & Bookkeeping, Business Management
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    Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources. However, in recent years the accounting and tax rules have undergone major changes — many of which your personnel

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  • Does your company have an emergency succession plan?

    • June 9, 2020
    • Posted by: Peter Maddalena
    • Category: Business Management, COVID-19 Updates, Succession Planning
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    For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have been checked and rechecked. But it doesn’t always work out this way. As the

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  • Rioting damage at your business? You may be able to claim casualty loss deductions

    • June 8, 2020
    • Posted by: Jen Gostovic
    • Category: Business Management, Tax
    No Comments

    The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage

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  • PPP borrowers get concessions, additional guidance on forgiveness

    • June 8, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an interim final rule from the U.S. Department

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  • The IRS clarifies the deductibility of PPP-funded expenses

    • May 11, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax
    No Comments

    The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC). The guidance in IRS Notice 2020-32 doesn’t provide the answer

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  • SBA extends the PPP repayment deadline for self-certification

    • May 7, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. Companies that repay their loans by that date preempt the possibility of

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  • The CARES Act liberalizes net operating losses

    • May 5, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. NOL deductions You may be able to benefit

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