Redpath Insights

2021 Pass-through Entity Tax FAQ

September 21, 2021 - Pass-through entity tax allows an entity to pay taxes directly at the entity level on behalf of members, partners, and shareholders. Enacted in July of this year, it helps to circumvent the $10,000 Federal cap on state and...

Expense Management Tips for CFOs

August 17, 2021 - CFOs have always done more than crunch numbers to manage a companyโ€™s budget and protect its financial assets. As companies emerge from the pandemic, they are looking to their CFO for guidance on โ€œstrategy and the future.โ€ Forbes...

The Cost (or Cost Savings) of Hiring Outsourced Accounting Services

August 12, 2021 - Should you consider outsourced accounting services? Business owners make countless decisions every day, from the mundane to the momentous. Without complete, accurate, and timely financial information, you are potentially putting...

Accounts Payable Best Practices and Advanced Tax Planning for Year-end

Editors Note: This blog was originally published in September 2019 and has been updated for accuracy. In todayโ€™s evolving business environment, businesses rely on accounts payable for the important task of paying vendors for goods and services....

Accounting for Covid-19 Relief

August 3, 2021 - Covid-19 relief has included a variety of programs, including the Paycheck Protection Program (PPP) loans, the Families First Coronavirus Relief Act (FFCRA), and the Employee Retention Credit (ERC). If youโ€™ve received some or all...

How to Opt-out of the Advance Child Tax Credit

For tax year 2021 only, the IRS has modified the Child Tax Credit and will disburse an early payout of the credit equal to 50% of the amount a qualifying family would normally receive when they file their 2021 tax return. Disbursements began July...

How to Deduct Meals and Entertainment in 2021

July 13, 2021 - Earlier this year, the Consolidated Appropriations Act (CAA) 2021 introduced a temporary 100% deduction for expensing business meals purchased from qualifying restaurants after Dec. 31, 2020, and before Jan. 1, 2023. Under Notice...

Minnesota Conformity Bill Summary

July 8, 2021 - On July 1, 2021, Governor Walz signed a bevy of new bills into law, including both a $52B budget bill and a tax bill that benefits many Minnesota business and individual taxpayers. Below is a summary of some of the provisions in...

Compilations, Reviews, and Audits: Understanding the Levels of Assurance

July 7, 2021 - CPAs produce reports that provide different levels of assurance regarding the information contained in the financial statements of their clients. The clientsโ€™ lenders, investors, and shareholders (or other users of financial...

How to Properly Allocate Expenses in Your Nonprofit Financial Statements (and Why It Matters)

July 1, 2021 - Common sense tells us that every business needs to know how money is being spent in order to know if the business is truly profitable. Both efficiency and profitability matter to nonprofits as much as any business โ€“ and properly...