The straight line

The Paycheck Protection Program is designed to be a forgivable loan if certain conditions are met.  The forgiveness of debt shall be excluded from gross income for federal income tax purposes as expressed by the federal government in the CARES Act. Currently, states have not given guidance regarding tax treatment regarding SBA PPP forgivable loans. ...

Due Dates for Contributions to Retirement Plans The deadline for making contributions to an IRA, or for an employer to make contributions to its workplace-based retirement plan on account of 2019, is extended to July 15, 2020. Tax-Favored Withdrawals from Retirement Plans   Coronavirus-related distributions from eligible retirement plans are not subject to the 10% excise...

Relief from Penalty from Failure to Deposit Employment Taxes Notice 2020-22 The IRS provides employers relief from the “failure to deposit” penalty imposed by IRC § 6656 for an employer’s failure to timely deposit employment taxes, to the extent that the amounts not deposited are equal to or less than the amount of refundable tax...

Trying to stay on top of all the changes to tax law regarding the impact of the COVID-19 has become a daunting task. Those of us on the front lines of this effort to keep you all up to date and in the loop are dedicated to keeping you informed. The focus of this update...

Thank you to everyone who was able to attend our hospitality room in Minneapolis on December 5th during the CHS Annual Meeting. We have had the pleasure of hosting a hospitality room during this annual event for many years now and were very pleased with the turn out this year! We enjoyed spending time with...

We are constantly dissecting the comprehensive and complex Tax Cuts and Jobs Act of 2017 (TCJA). One particular change to the tax code involves changes to section 1031 – commonly referred to as Like-Kind Exchanges. The new code reads: “No gain or loss shall be recognized on the exchange of real property  held for productive...