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With the issuance of GASB Statement 97, defined contribution plans can now enjoy some favorable treatment when it comes to applying GASB Statement 84 for other types of Fiduciary Funds. In June 2020, GASB issued a pronouncement that amended the Fiduciary Funds accounting standard. When GASB Statement 84 was first issued, the standard impacted how…

Last week, Governor Tim Walz and legislative leaders announced the new state budget would include tax exemptions for unemployment benefits and PPP loans. Minnesota will now conform with the federal government on both areas. For unemployment benefits, this means that the first $10,200 received per taxpayer will not be taxable. All forgiven PPP loans will…

If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of self-employment tax The self-employment tax is imposed on 92.35% of…

For businesses, so much has changed over the past year or so. The COVID-19 pandemic hit suddenly and companies were forced to react quickly — sending many employees home to work remotely and making myriad other tweaks and revisions to their processes. Understandably, you may not have fully documented all the changes you’ve made. But…