Month: June 2020

Important Updates: CARES Act Retirement Account Changes

June 25, 2020 by Allison Stevens
Tax Services
The CARES Act includes two important provisions related to retirement accounts: a suspension of required minimum distributions and a new exception to the early withdrawal penalty.   Changes to Required Distributions  Normally, taxpayers are required to take a distribution from their retirement plans when they turn 72 (70 ½ for...
Read More

MN Small Business Relief Grants - Applications Accepted Starting June 23rd

June 23, 2020 by Sheila Denny-Andrews
Copeland Buhl
From the Minnesota Department of Employment and Economic Development website:  The Minnesota Department of Employment and Economic Development (DEED) will oversee the Minnesota Small Business Relief Grants Program approved by the Minnesota State Legislature and signed by Gov. Tim Walz on June 16, 2020. This program will make available $10,000...
Read More

New Law: Paycheck Protection Program Flexibility Act

June 5, 2020 by Ali Carbo
Copeland Buhl
President Trump signed into law today the Paycheck Protection Program Flexibility Act, which addresses many concerns expressed by the business community.  The Small Business Administration will need to update their guidance, but here are the highlights: Businesses have 24 weeks to spend the funds instead of 8 weeks to be...
Read More