Our Blog
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Using your financial statements during an economic crisis
- April 7, 2020
- Posted by: Jason Schilling
- Category: Accounting & Bookkeeping, Business Management, COVID-19 Updates
No CommentsThe economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet,
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Answers to questions about the CARES Act employee retention tax credit
- April 6, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result
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COVID-19 stimulus package offers relief to affected individual taxpayers
- April 1, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
To help mitigate the financial and health crises related to the coronavirus (COVID-19), on Friday, March 27, 2020, the largest economic relief package in modern U.S. history was signed into law. The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is intended to shore up the country on multiple fronts and includes
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CARES Act provides COVID-19 pandemic relief to businesses
- March 31, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) represents the third phase of Congress’s legislative efforts to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. In addition to providing relief to individuals and mustering forces to shore up the medical response, the CARES Act includes numerous provisions intended
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Highlights of the Families First Coronavirus Response Act
- March 28, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
The Families First Coronavirus Response Act has been signed into law. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic. Employers’ increased costs will be offset by new tax credits, which also may be available to self-employed individuals.
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Tax Deadline and Payments Extended to July 15, 2020
- March 23, 2020
- Posted by: Jen Gostovic
- Category: Tax
The deadline to file individual federal tax returns has been automatically extended to July 15, 2020 – as announced by the Treasury Department and IRS on Friday, March 20, 2020. No additional forms need to be filed to receive the 90-day extension. The extension applies to corporations, estates, and trusts. Minnesota Department of Revenue also
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COVID-19 Impacts for Tax Season
- March 19, 2020
- Posted by: Kathy Klang
- Category: CKCO News, Tax
After driving through the Minneapolis and St. Paul metro these days, it’s clear that we are navigating in an uncertain time during the coronavirus (COVID-19) pandemic. The health and safety of the CKCO team, our families, clients, and communities is most important to us. The CKCO offices remain open and continue to provide the client
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Real Estate Investors: Is that expenditure a Repair or Improvement?
- February 7, 2020
- Posted by: Ryan Carriere
- Category: Real Estate, Tax, Uncategorized
Determining whether an expenditure is a repair (expense) to write-off in the current year or an improvement (capitalized) to depreciate over many years sometimes causes confusion for the real estate investor and even a CPA. As always, the decision for whether a cost is a repair or an improvement will require reviewing the facts and circumstances.
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Vehicle mileage deduction rate increases for 2019
- March 21, 2019
- Posted by: Bill Jacob
- Category: Accounting & Bookkeeping, Tax
Just about every family-owned and closely-held business relies on vehicles to get things done. From company cars for the bosses to service vehicles and delivery trucks, and of course your employee’s cars being utilized for business purposes, these vehicles can add up to be a considerable expense of the course of the year. Thankfully, the
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Do you own business real estate? These Depreciation-related breaks may help you.
- March 21, 2019
- Posted by: Ryan Carriere
- Category: Accounting & Bookkeeping, Tax, Tax Legislation
One of the benefits of owning a commercial building has been provided by the tax code in the manner of depreciation write offs. While commercial buildings and improvements generally are depreciated over 39 years, special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Unfortunately, land is
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