The straight line

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...

As you already know, the agreed-upon procedures engagements we perform are based on the minimum procedures required by NCUA Regulation Part 715 to be performed annually for credit unions over $10 million in assets. These procedures were adopted in 1999 and have not changed since then. The time has finally arrived, and 20 years later,...

The standard mileage rate for business use vehicles will experience a small decrease in 2020, down from 58 cents per mile in 2019 to 57.5 cents per mile in 2020. Taxpayers can use the optional standard mileage rate to calculate deductible costs of business use vehicles.