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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]