Our Blog

  • 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.

    read more

  • 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

    read more

  • 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

    read more

  • 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

    read more

  • 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

    read more

  • 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

    read more

  • 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

    read more

  • 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

    read more

  • PPP revisions target smallest businesses

    • March 1, 2021
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules

    read more

  • Can your business benefit from the enhanced Employee Retention Tax Credit?

    • January 28, 2021
    • Posted by: Jen Gostovic
    • Category: Tax, Tax Legislation
    No Comments

    COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law. Background on the credit  The CARES Act, enacted in March of 2020, created the ERTC. The credit:

    read more