Our Blog

  • 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

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  • 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

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  • CKCO Leadership News

    • October 7, 2020
    • Posted by: Kathy Klang
    • Category: Business Management, CKCO News, Succession Planning
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    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

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  • 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.

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  • 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

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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
    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

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  • 5 steps to streamline the month-end close

    • June 9, 2020
    • Posted by: Jason Schilling
    • Category: Accounting & Bookkeeping, Business Management
    No Comments

    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
    No Comments

    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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