Category: Coronavirus Updates

Did you start a business in 2020 and think that you were unable to qualify for the amazing Employee Retention Credit? Well, think again; you could be in luck. The recently enacted American Rescue Plan Act of 2021 (ARPA), created a new path that could allow you to qualify for...

Here in Minnesota it was just announced that the legislature has come to an agreement on conformity for two big ticket items, the PPP loans and $10,200 of unemployment benefits. Both are expected to be tax free when a final bill is signed, matching the federal treatment of ...

Reminder that your PPP1 forgiveness applications are due 10 months after your 24-week covered period is completed. For example, a PPP1 loan that was funded April 19th the 24-week covered period ends October 3rd. So, the 10-month due date to submit forgiveness applications ...

The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it...

We are excited to be able to assist clients with Employee Retention Credit calculations this year. To learn more about those calculations and our services check out this 11 minute video that summarizes the credit and our services. ...

Join CPAs Chris Wittich and Stacy Shaw along with members of the Boyum Barenscheer COVID-19 Resource Team for this informational webinar on updates relating to the latest stimulus package....

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...

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...

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...

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 ...

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:...

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...