11/19/2020: U.S. Treasury and IRS issue Guidance for PPP Loans and Expense Deductions The U.S. Treasury and the Internal Revenue Service (IRS) released guidance yesterday, November 18th clarifying the deductibility of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year. PPP loan forgiveness will not be… Continue Reading
Archives for 2020
GAAP Considerations During a Global Pandemic
As mentioned in our previous post on preparing for your year-end financial statement audit, this year’s audit may look a little different than it has in the past. Our team at Christianson encourages you to be aware of the following U.S. Generally Accepted Accounting Principles (GAAP) considerations as you prepare for your year-end audit. Accounting… Continue Reading
Minnesota Conforms to Federal Section 179 Rules – Big Section 179 changes coming for Minnesota!
10/27/2020: The $1.36 billion bonding and tax bill signed by Gov Walz on October 21st includes full section 179 expensing conformity to the federal tax law as well as a provision to retroactively fix tax increases for like-kind exchanges in tax years 2018 and 2019. The Tax Cuts and Jobs Act (TCJA) signed into law… Continue Reading
IRS Rules on Business Meals and Entertainment
10/7/2020 – Our experts here at Christianson know how important it is to be on top of the latest news that may impact your business. We want you to be aware that late last week, the Internal Revenue Service (IRS) announced updated guidance on the business expense deduction for meals and entertainment following law changes… Continue Reading
Financial Audit During a Global Pandemic
2020 has thrown us some major curveballs. Despite the many disruptions of this global pandemic, the team at Christianson wants you to remember that your annual financial statement audit must go on. It may look a little different than it has in the past, so we encourage you to consider the following as you prepare… Continue Reading
FFCRA W2 Reporting Requirements Clarified
Did you have an employee who was unable to work or telework due to reasons related to COVID-19 and who received wages under the Families First Coronavirus Response Act (FFCRA)? If you answer yes, did you know that these wages need to be included on Form W2 in Box 14 in addition to being included… Continue Reading
