Our Blog

  • CHIPS Act poised to boost U.S. businesses

    • August 5, 2022
    • Posted by: Jen Gostovic
    • Category: Tax, Tax Legislation
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    The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it into law shortly. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also

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  • Businesses: Act now to make the most out of bonus depreciation

    • July 22, 2022
    • Posted by: Jen Gostovic
    • Category: Tax
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    The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation has

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  • Proposed regs for inherited IRAs bring unwelcome surprises

    • June 14, 2022
    • Posted by: Jen Gostovic
    • Category: Tax
    No Comments

    Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate planning strategies, but it also raised some questions. The IRS has been left to fill the gaps, most recently with the

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  • How inflation could affect your financial statements

    • May 20, 2022
    • Posted by: Kathy Klang
    • Category: Audits, Business Management
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    Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services

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  • The IRS again eases Schedules K-2 and K-3 filing requirements for 2021

    • March 2, 2022
    • Posted by: Jen Gostovic
    • Category: Tax, Tax Legislation
    No Comments

    The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items

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  • CKCO merges in local CPA firm William Mork & Company, Ltd.

    • February 15, 2022
    • Posted by: Peter Maddalena
    • Category: CKCO News
    No Comments

    CKCO merges in William Mork & Company, Ltd. effective Jan 1, 2022.

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  • Important tax-related provisions included in the Infrastructure Investment and Jobs Act

    • November 10, 2021
    • Posted by: Jen Gostovic
    • Category: Tax, Tax Legislation
    No Comments

    Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked

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  • New Opportunity for Minnesota Business Owners to Deduct State Income Taxes

    • October 7, 2021
    • Posted by: Jen Gostovic
    • Category: Tax, Tax Legislation
    No Comments

    The State of Minnesota recently enacted legislation that includes a new elective business deduction for the payment of state income tax. Certain qualifying S-Corporations, limited liability companies, and partnerships may elect to pay state income tax on the owners’ business income at the entity level. This law effectively provides certain Minnesota business owners the opportunity

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  • PPP application deadline extended to 05/31/2021

    • April 2, 2021
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in

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  • Make the most of the Employee Retention Credit

    • March 31, 2021
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the credit worth as

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