Just a reminder the Financial Accounting Standards Board (FASB) previously issued Lease Accounting Standard as codified in Accounting Standard Codification (ASC) No. 842, is fast approaching for nonpublic entities maintaining GAAP financial statements. Effective January 1, 2022, ASC 842 fundamentally changes the accounting for lessees with operating leases having a [...]
Beginning July 15, all eligible households will start receiving the advanced Child Tax Credit payments every month through December of this year. These payments represent 50% of the estimated Child Tax Credit you may claim on your 2021 income tax return. Eligibility for these payments is based on your 2020 [...]
On Thursday, March 11th, President Biden signed the $1.9 trillion COVID relief bill, the American Rescue Plan (ARP). This is a tremendously large piece of legislation and there is a lot to unpack, but we wanted to call your attention to a few key items that are particularly relevant to [...]
The IRS has released the follow Q&A article to help businesses determine if they were fully or partially suspended due to government order, and would therefore be eligible for the retroactive 2020 Employee Retention Credit. This FAQ is not included in the Internal Revenue Bulletin, and therefore may not be [...]
The Consolidated Appropriations Act that the President just signed into law GREATLY enhances the Employee Retention Credit (ERC) that was created under the CARES act. Under the new stimulus bill the ERC is improved in different ways for 2020 and for 2021. We will share information on the 2021 ERC [...]
The long awaited second COVID stimulus bill is here, and there’s a lot to unpack. Here’s a quick overview of the highlights, we’ll be sharing more details on specific programs as more information becomes available. Stimulus Payments $600 for individuals and $1,200 for married couples filing jointly, plus $600 for [...]
We still do not have the final SBA rules on how the forgiveness provisions will work, but we do have the statue to give us some level of guidance. Here is a detailed look at the forgiveness math, as best we know it. (The key terms are defined further down, [...]
Many businesses that applied for PPP loans during the first wave of funding have either received those funds or will be receiving them shortly. If that scenario sounds familiar, now is the time to make sure you understand how PPP loan forgiveness works. While we are still waiting for the [...]
As the state continues to respond to COVID-19, the Minnesota Department of Revenue is extending the Sales and Use Tax grace period on Sales and Use Tax payments for businesses identified in Executive Order 20-04. The department will not assess penalties or interest as follows: Identified businesses with a monthly [...]
In compliance with Minnesota's extended Stay-At-Home order, we have extended our temporary office closure through May 1st, 2020. We look forward to re-opening the office to clients and staff on Monday, May 4th. During the office closure our entire staff is continuing to work remotely and we remain available to [...]