Redpath Insights

Presidential Executive Order Payroll Tax Impact

August 11, 2020 โ€“ On August 8, 2020, President Trump issued an executive order that allows employees to defer payroll taxes in light of the ongoing COVID-19 pandemic. The executive order directs the Secretary of the Treasury, Steve Mnuchin, to...

PPP Loan Forgiveness FAQ Updates for August

August 7, 2020 - On August 4, the Small Business Administration (SBA) released additional FAQs on Paycheck Protection Program (PPP) loans. They include information applicable to business owners, independent contractors, self-employed individuals,...

Four Signs You've Outgrown Your Construction Accounting Firm

Sustainable growth is one of the best things that can happen to a construction company, but it comes with its own set of challenges. You'll probably need to change your pricing and pay structure, distribution, logistics, and set new expectations...

IRS Releases Final Version of Payroll Form 941

June 24, 2020 - Following the extensive law changes under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES), many employers implemented payroll changes and adjustments to...

SBA Releases New Interim Final Rule and Loan Forgiveness Applications

UPDATED: June 18, 2020 - The SBA recently issued additional guidance regarding the Paycheck Protection Program (PPP), along with a revised loan forgiveness application and instructions.  Click here for the revised application and here for the...

Three Common Mistakes on Marital Balance Sheets

May 26, 2020 - The marital balance sheet is an important document when considering the division of assets in a divorce. Prepared correctly, it shows all of the partiesโ€™ assets and liabilities in one place so well-informed decisions can be made...

The CARES Act and Charitable Contributions

May 7, 2020 - The CARES Act that President Trump signed into law on March 27, 2020, contained significant provisions related to charitable deductions, providing many individuals and corporate donors with greater flexibility. New $300 deduction...

Code Section 139: Benefits for Employees and Employers

April 27, 2020 - While it is a little-known section of the Internal Revenue Code, Section 139 can provide employees with benefits on a tax-free basis, and employers a deduction with limited administrative burden. Note that this does not need to...

Smarter Minnesota State and Local Business Taxes

March 6, 2020 โ€” Yesterday, on March 5th, 2020, business tax partner John Kammerer testified before the Minnesota House Tax Committee on behalf of S corporations and other pass-through businesses in the state of Minnesota. Testimony can be viewed...

SECURE Act: Summary of Key Provisions In The New Legislation

January 14, 2020 - The SECURE Act (Setting Each Community Up for Retirement) recently passed, and the effects on employer-sponsored retirement plans as well as individual tax situations are the most significant since the Pension Protection Act of...