Redpath Insights

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

July 23, 2021 - 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....

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...

Is the Cash or Accrual Method of Accounting Right for Your Business?

June 15, 2021 - Cash is king for most โ€“ if not all โ€“ companies, and the ability to defer income taxes frees up cash and makes it available for reinvestment in the business. Moreover, maintaining a healthy reserve can sometimes mean the difference...

Not Sure You Can Claim the R&D Tax Credit? Think Again

June 4, 2021 - If your company does any research and development (R&D), the R&D tax credit can minimize your tax liability. But it's not just for manufacturers and engineers. In fact, you probably do more qualifying R&D work than you think,...

MN Legislature: PPP and Unemployment Benefits May Be Excluded From MN Taxes

May 20, 2021 - Minnesota State leaders in the Legislature and Governor Tim Walz have announced their intent to allow both $10,200 of unemployment benefits and all proceeds from forgiven PPP loan applications to be excluded from income in...

6 Post-Pandemic Strategic Business Planning Tips from the Pros

May 19, 2021 - The past year has put businesses across all industries to the test. Questions of resilience, adaptability, and "bouncing back" have been swirling since early 2020 โ€“ but successful businesses keep looking toward the future even as...