NEWS & INSIGHTS
As of November 9, 2020 There are New Regulations for Some Business Entities Regarding Deductions for Certain State and Local Income Taxes.
Businesses and Business Owners: There are new regulations regarding deductions for certain state and local income taxes. On November 9, 2020, the The U.S. Department of the Treasury issued a press release discussing the Treasury and the IRS's proposed...
Social Venture Incubator for Entrepreneurs Launched by Wayzata Community Church
We’re excited to share that our community neighbor, Wayzata Community Church, has recently announced a social entrepreneurship initiative “created to help people and ideas rise” called DOUGH. As Wayzata Community Church describes it “Dough is real money. For...
Concerned About a Real Estate Disclosure? Here’s Some Practical Advice.
In Minnesota, sellers of residential real estate are typically required to make written disclosures to a prospective buyer unless they are waived in writing by the buyer and seller. These written disclosures must include all known facts that could adversely and...
The SBA and Treasury Have Released New Revised, More Borrower-Friendly PPP Forms
From the Small Business Administration (June 17, 2020): If you've already received the SBA's PPP loan to help your small business with paying your employees during COVID-19, or you just want to know more about how these loans will be processed for forgiveness on the...
Paycheck Protection Program (PPP) Flexibility Act of 2020
The Paycheck Protection Program (PPP) Flexibility Act of 2020 has been signed into law. Details of the act are in the article below, by Andy Medici of the Washington Business Journal. The original article can be found here....
COVID-19 Relief for Estate and Gift Q&A from the I.R.S.
On April 23, 2020 the I.R.S. posted information on issues raised by the COVID-19 relief time extension granted to taxpayers to fulfill their estate, gift and generation-skipping tax obligations. Below is are the questions and answers provided by the I.R.S.. The...
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Details
On Friday, May 15, 2020, the U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
How to Safely Reopen & Return to Work – for Businesses & Workers from Minnesota DEED (Department of Employment and Economic Development)
The Minnesota Department of Employment and Economic Development has posted information about what businesses and workers need to know to safely reopen and return to work. Click here to access the document.
EEOC Delays EEO Data Collections Due to COVID-19 Public Health Emergency
The 2019 EEO-1 component 1 data collection has been delayed by the EEOC. For additional information, see the May 8, 2020 Federal Register Notice “Delay in Opening of 2019 EEO-1 Component 1 and 2020 EEO-3 and 2020 EEO-5 Data Collections due to the Coronavirus Disease...
Governor Walz Exempts Recovery Rebates and Bans Garnishment on Consumer Debt
Executive Order 20-50 aims to protect the recovery rebates issued to individuals and families under the CARES Act and provide consumer debtors relief from automatic garnishments.