blog
January 4, 2021
Boyum Barenscheer and Wilkerson Guthmann Announce Merger

January 4, 2020:  Twin Cities accounting firms Boyum Barenscheer and Wilkerson Guthmann are pleased to announce the merger of their firms effective on January 1, 2021 which will be operating under the brand name Boyum Barenscheer....

January 3, 2021
Employee Retention Tax Credit – 2021 rules

The employee retention tax credit is a payroll tax credit claimed on Form 941 that not very many people know about.  Originally you could either choose to have a PPP loan or you could claim the ERTC.  Nearly every client chose the PPP loan because the terms were far more f...

January 3, 2021
Employee Retention Tax Credit – 2020 rules

The employee retention tax credit is a payroll tax credit claimed on Form 941 that not very many people know about.  Originally you could either choose to have a PPP loan or you could claim the ERTC.  Nearly every client chose the PPP loan because the terms were far more f...

January 3, 2021
PPP: New Allowable Uses

Part of the COVID 19 Relief Bill was changes to the allowable uses of PPP loan funds.  This is a retroactive change, so it applies to the original PPP loans from 2020 but it also applies to the PPP second draw loans which should be open starting in January 2021.  Some folk...

January 3, 2021
State Conformity to CARES Act

The CARES Act and the subsequent COVID 19 relief bill that was passed December 27th brought about a lot of changes to federal tax systems.  Let’s take a quick look at some of those and how they might impact your state tax returns.  There are a number of small items, but ...

January 3, 2021
How Well do your Nonprofit’s Development and Accounting Departments Communicate?

Your accounting and development departments are central to the continued financial health of your not-for-profit. So what happens when communication between these two functions break down? It could result in conflict between staffers, inaccurate financial statements and, in ...

December 31, 2020
Is your Business Still Struggling in this Pandemic? Don’t Fear – PPP 2 is Here!

If your business is still struggling due to this pandemic, the good news is, there is a 2nd draw available to you from the PPP loan program.  This program will work like the first loan program.  There will be criteria that must be met in order to get this second draw:...

December 31, 2020
PPP Expenses are Deductible Now and Forgiveness Income is Not Taxable!

If you did not hear, you need to know – PPP expenses are deductible now after the passing of this last COVID stimulus package.  We were all sitting on the edge of our seats for the last few months waiting for Congress to fix the deductibility for us, otherwise, all busine...

December 31, 2020
PPP Loans Under $150K

The COVID19 Relief bill includes some changes  to PPP loans under $150K.  These changes apply to both the original PPP loans and the PPP second draw which should be available sometime in January....

December 31, 2020
Changes to 2020 Individual Tax Credits

The big COVID 19 relief bill that just passed December 27th had a lot of big-ticket items in there, mostly for businesses and then the stimulus checks for individuals.  One of the overlooked items are some interesting changes to the way some individual tax credits are going...

December 31, 2020
More Good News for SBA 7(a) Loans

The new COVID Stimulus Bill signed by President Trump on December 27, 2020 brought more good news for businesses with SBA 7(a) loans.  The SBA paid 6 months of payments for borrowers during 2020, and the payments on these loans are NOT going to be included in taxable income...

December 31, 2020
Did you Hear? Another Stimulus Check is Near!

With the new COVID stimulus package, if eligible, you will be getting another stimulus payment from the government, also known as Economic Impact Payments.  Distribution of payments have already started and should come the same way you got the first one.  The new amount th...