Our Blog

  • 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

  • PPP loans have reopened: Let’s review the tax consequences

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

    The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences. Background on the loans  In March of 2020, the CARES Act

    read more

  • New law doubles business meal deductions and makes favorable PPP loan changes

    • January 27, 2021
    • Posted by: Bill Jacob
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased  The new law

    read more

  • CKCO Leadership News

    • October 7, 2020
    • Posted by: Kathy Klang
    • Category: Business Management, CKCO News, Succession Planning
    No Comments

    Cummings, Keegan & Co., P.L.L.P. (CKCO) is excited to announce that Peter Maddalena, CPA has been named Leading Partner effective October 1, 2020. Peter succeeds Kathy Klang, CPA/ABV who served as Managing Partner for 14 years. Although Kathy is stepping away from the duties as Managing Partner, she will remain active in the firm serving

    read more

  • President Trump’s action to defer payroll taxes: What does it mean for your business?

    • August 20, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in the future.

    read more

  • IRS guidance provides RMD rollover relief

    • July 2, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    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

    read more

  • 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

    read more

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

    • June 9, 2020
    • Posted by: Jason Schilling
    • Category: Audits, FASB, rev-rec, Revenue Recognition
    No Comments

    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

    read more