Business Tax

Spring Cleaning: Recordkeeping Guidelines to Save or Shred

Are you a recordkeeping pack rat?

Updated Guidance on Payroll Tax Deferral

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, allows for a payroll tax deferral of the employer share of Social Security tax that would otherwise be due from March 27 until December 31, 2020. Initially, this deferral was not available to those businesses taking advantage of the Paycheck Protection Program (PPP) Loans.

Payroll Tax Credits & PPP Loan Guidance

In the last three weeks, two major pieces of stimulus legislation have been signed into law. Both acts provide opportunities for small businesses, but also require additional tracking for proper reporting.

Federal and Minnesota Tax Deadlines Extended

Treasury Secretary Mnuchin announced on Friday, March 20th that the federal tax deadline will be extended until July 15th, 2020 and Minnesota Governor Walz announced that the State of Minnesota will follow suit with income tax filings and income tax payments due July 15th.

Tax Implications Related to COVID-19

There are several federal and state tax law changes related to the Coronavirus/COVID-19 and there are new developments seemingly every day. Three recent changes, that may affect your tax situation, are explained in this article.