Our Blog

  • How inflation could affect your financial statements

    • May 20, 2022
    • Posted by: Kathy Klang
    • Category: Audits, Business Management
    No Comments

    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
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    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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  • Extended tax filing deadline for individual taxpayers in 2021

    • March 18, 2021
    • Posted by: Bill Jacob
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. The IRS extended the deadline to provide relief to taxpayers facing challenges as a result of the pandemic and because it’s grappling with a rising backlog

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  • The American Rescue Plan Act provides sweeping relief measures for eligible families and businesses

    • March 18, 2021
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive

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  • The American Rescue Plan Act has passed: What’s in it for you?

    • March 11, 2021
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    Today, Thursday March 11, 2021, the President has signed into law the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. The 628-page American Rescue Plan Act (ARPA) includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The

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