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The Deduction or Forgiveness Choice – It’s either/or but not both. When the CARES Act was passed earlier this year, one of the unanswered questions on everyone’s mind was whether or not expenses paid with forgiven PPP funds would be able to be deducted. Under the latest guidance from the IRS and Treasury Department, if…Read More
By Keith Wrage The pandemic and shift to work-from-home for many employees exacerbates the risks organizations face. It is no longer just big financial organizations that are being targeted with small to medium sized businesses and organizations reporting increased cybersecurity issues. As a CPA firm, we are vigilant with our own security and have put…Read More
By Scott Mason, CPA Nearly every industry has felt the economic impacts of the coronavirus pandemic. The real estate and construction industries are no exception. Although certain sectors, such as home remodeling and building, are going gangbusters, supplier sourcing remains an issue. On the commercial side, building owners are fielding rent deferment requests from tenants…Read More
At Abdo, Eick & Meyers, we’re committed to ensuring our clients are informed on the important legislation affecting their organization. With this in mind, we have gathered information regarding key CARES Act dates and have listed this information below for your convenience. Final report due to the State for cities and towns is due on November…Read More
By Erin Enstad, CPA Without an end to the coronavirus pandemic in sight, local government revenues continue to be in limbo. Thankfully, many Minnesota cities have received some measure of economic relief from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. However, these federal grant programs also come with administrative requirements that can overburden…Read More
By Jacob Ouradnik, CPA, MAcc Much has been said about the opportunity zone tax break since the Tax Cuts and Jobs Act (TCJA) went into effect two years ago. In fact, we’ve published two articles on Qualified Opportunity Funds (QOFs) and have discussed the topic at length on numerous occasions. Since then, the IRS has issued…Read More
Mankato—MN—October 2, 2020— As part of our ongoing commitment to growth and development both to our staff and our clients, Abdo, Eick & Meyers is thrilled to announce the promotion of several employees. The following employees have been promoted to firm management: Derek Barlage, Manager; Amanda Fredin, Supervisor; Kristi Helget, Director of Human Resources; Laura…Read More
Over the past few weeks, the US Treasury Department and the Minnesota Management & Budget (MMB) have issued updated Coronavirus Relief Fund guidance. The US Treasury Office of Inspector General (OIG) Frequently Asked Questions Related to Reporting and Recordkeeping Record Keeping was updated on 9/21/2020 and the MMB FAQs for Local Governments was updated on…Read More
By Kevin Kalal, CPA, MBT Most people think of white lab coats when they hear the words “research and development.” But when it comes to the research and development (R&D) tax credit, this stereotype couldn’t be further from the truth. The credit isn’t only for scientists and researchers. Nearly any type of business can qualify…Read More
By Leah Davis, CPA Employees in today’s market expect their employers to offer benefits. And many employers do. But in many instances, employers worry their offerings go unnoticed or unappreciated. Sound familiar? Especially now, there are a few simple things you can do to help your employees better comprehend—and take advantage of—the benefits you offer….Read More