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Business & Industry


IRS releases revised R&E procedural guidance
On Dec. 12, 2022, the IRS released an advance copy of Rev. Proc. 2023-8, which provides procedural guidance for taxpayers to adopt accounting methods for specified research or experimental (R&E) expenditures under Section 174.

Tax implications of remote workers [MNCPA]
Adopting a co-employer model is one way to manage the tax compliance and HR requirements associated with remote workers.

Step-by-step guide to setting up an ESOP
There are many things to consider before you set up an ESOP. Here are seven steps to take to help you determine whether an ESOP is right for you.

5 tips to help you prune toxic clients [MNCPA]
At the end of the day, not every client is a great client. And having great clients at your firm keeps your firm profitable and your team happy.

Who runs a company owned by an Employee Stock Ownership Plan (ESOP)?
An ESOP operates as a trust, which has two separate features of ownership like any other business. The difference is who is responsible for these features.

A look at 3 timely transfer pricing topics [MNCPA]
Investment and focus on transfer pricing now will help companies avoid potential high costs and disruption from controversy with tax authorities later.

An overview of charitable contributions [MNCPA]
For tax advisers, it is important to be aware of the requirements and nuances that accompany donations.

Carrying credits back? We’ve got your back [MNCPA]
While fixing a CPE shortage isn’t the end of the world, it’s still a compliance mishap. Don’t delay; the noncompliance fees add up.

Managing your EX (employee experience) [MNCPA]
In a tight labor market, the employee experience becomes a major part of your recruitment and retention strategy. Employers must define and articulate what makes them stand out from other employers.

MNCPA Employee Benefit Plan Task Force findings [MNCPA]
Reporting investments and fair value disclosures prove to be an ongoing challenge.

Overcome the martyrdom of the profession [MNCPA]
Here are changes that can help curb death by a thousand paper cuts in your A&A practice.

Signs of progress on our journey to normal [MNCPA]
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.

Preparing for SAS 136
With the effective date approaching, employee benefit plan sponsors will need to work to understand SAS 136 and its impact on the audit process.

Dealing with too many ‘quick questions?’ [MNCPA]
You might think interruptions are just a fact of life when you are an accountant, but for the sake of maximizing productively and maintaining your well-being, it’s important to set boundaries.

Minnesota’s Angel Tax Credit [MNCPA]
The Angel Tax Credit is an important tool for assisting small startup businesses across the state get a foothold in the capital markets. Read about the latest developments.

Opportunities lie ahead for the profession [MNCPA]
Get insight and news from MNCPA leadership about the organization and professional issues.

Preparation is key: Substantial procedure change can burden those looking to claim R&D tax credit [MNCPA]
The IRS’s new requirements for taxpayers seeking Research and Development Tax Credit refunds have left tax professionals with some unanswered questions.

Employee-owned companies can take advantage of the Employee Retention Credit
The ERC is an employment tax credit, not an income tax credit, making many ESOPs eligible so long as they meet other qualifications.

Why CPAs should pay attention to 'Patch Tuesday' from Microsoft
Microsoft unveils a list of vulnerabilities targeting its products on the second Tuesday of each month, as well as a round of patches to secure flaws being actively exploited by cybercriminals.

Business as unusual
Employers are faced with changing traditional ways of addressing employment issues and short-term solutions are not likely to help.

5 critical technologies for 2022 [MNCPA]
With so many new and emerging technologies available, it can be challenging to identify those that can have an immediate, positive impact on your bottom line.

The importance of employer branding [MNCPA]
A dive into what an employer brand is, how to build your employer branding strategy and how to promote it to attract high-quality candidates.

Impact of pending reconciliation bill on Section 179D energy efficient commercial buildings
Companies should be making plans now in anticipation of these new provisions going into effect for buildings placed into service after Dec. 31, 2021.

ASC 842, GASB 87 implementation are here [MNCPA]
With the many new processes, controls and accounts needed to ensure proper oversight of lease accounting, entities should wait no longer to begin the adoption process.

Firm permit renewal is a very big deal [MNCPA]
Without a permit, a firm cannot operate or advertise as a CPA firm, nor perform compilations, audits or other attest services.

Best practices for digital ad campaigns
You can’t control how people search for your services, but using digital ads regularly can help you build brand awareness and a more detailed profile of qualified leads.

Why credit approval matters for your business accounts
Credit is a financial tool that is essential to ensuring your business runs efficiently and effectively as your business grows and develops.

How to prevent turnover when introducing your ‘new normal’ [MNCPA]
It’s time to prepare for a long-anticipated but more gradual shift to the workplace of the future.

MNCPA honors 10 individuals with awards [MNCPA]
In a time of uncertainty, it’s nice to recognize a never-wavering certainty: MNCPA members continue to accomplish the extraordinary.

What tax practitioners need to know about cybersecurity [MNCPA]
While leaders and security experts continue to evolve protective measures to lessen the threat of tax identity theft, tax preparers must take precautions to shield themselves and their clients.

Client centricity leads to profitability
Becoming client centric requires an investment in training and retooling, but the return on your investment will be immediate and significant.

An underused business succession tool: The WOC
A worker-owned cooperative is a business enterprise jointly owned and controlled by its workers under a participative governance model, with each member having one vote.

The 10 biggest myths (missed opportunities) with the Employee Retention Credit
Many CPAs are not fully understanding the nuances and complexities of this expanded law.

Coach your candidates for a CPA exam win! [MNCPA]
Learn about important news from the Minnesota Board of Accountancy. Monthly topics include rules, CPE requirements, CPA exam information, licensing, and more.

Considerations for financing ESOPs — a banking perspective
Owners and trusted advisers should review items like motivation, finances, culture, legacy, community impact, tax and bank issues.

The FAQs of an ESOP
An ESOP might be an appealing option for your business or for a client. Find out more.

We can never go back to before [MNCPA]
Now is the time to start thinking about a different normal in the workplace. The future of retaining — and recruiting — staff may depend on it.

Are the details killing your company?
What are you doing to ensure that every member of your team pays attention to the little details that send big messages about your organization?

Does your employee handbook create an employee contract?
How a recent court case sheds a light on paying out PTO.

Flexibility and the workplace of the future: What does that mean? [MNCPA]
Here’s the bottom line as you prepare to lead the workplace of the future: Creating flexibility by design gives your organization a better chance of success than allowing flexibility with ambiguity.

How to make financial forecasting essential [MNCPA]
This article is not for you if you love forecasting. If, on the other hand, being asked to create a financial forecast fills you with discomfort to existential dread, keep on reading!

Business interruption insurance: What does it cover, and should I purchase it for my business? [MNCPA]
Does a pandemic displacing millions of workers and thousands of businesses fall under business interruption insurance? Read on.

Business Perspective: Salo [MNCPA]
Crises are nothing new for career consultants. After all, organizations often bring in consultants when they have big, hairy, complicated problems to solve and little time to solve them.

Critical considerations for selecting and implementing an ERP platform [MNCPA]
As organizations seek to improve operations and increase efficiency, many are considering implementing or replacing an enterprise resource planning (ERP) system — and for good reasons.

The state of mergers and acquisitions [MNCPA]
With the M&A market finally slowing down at the end of 2019, the global pandemic and resulting market volatility appear to be accelerating the slowdown.

Chapter 11 bankruptcy became easier just in time for the COVID-19 fallout [MNCPA]
The Small Business Reorganization Act is a newly added subchapter of Chapter 11 bankruptcy that makes it feasible and beneficial for your small-business clients to benefit in new ways.

How to handle an untrue, incorrect or incomplete business tax return [MNCPA]
What should a corporate officer, partner or LLC member designated to sign the business tax return do if there are concerns that the return is wrong?

Refund opportunities in the CARES Act [MNCPA]
As part of the CARES Act, refund opportunities may be available to you.

The value of neurodiversity
Neurodiversity is a term that recognizes certain individuals' brains function differently and includes people on the autism spectrum, as well as those with dyslexia or ADHD, among other conditions.

Getting back to the office during the COVID-19 pandemic
For most employees, the future is not circling a “return-to-work” situation, but rather a return-to-the office one. This produces a variety of emotional reactions, ranging from relief and eagerness to see your peers in the flesh, to concern about contracting COVID-19 and how restrictive the office setting may be.

How accountants can improve a business’s COVID-19 recovery and resilience [MNCPA]
The economic crisis caused by the COVID-19 pandemic turned many accountants into emergency workers. Accountants were called upon to help triage financial hemorrhaging due to lost customers.

Securing your technology while on the go [MNCPA]
Whether working from a coffee shop or in an airport, you must be vigilant to protect your devices and all the information they contain.

Outsourcing tax services — a valuable option in the age of disruption [MNCPA]
As you decipher the disruptions of tax reform, consider outsourcing your tax function to trusted tax advisers who can add value and help you navigate the powerful storm generated by new tax law.

COVID-19, disaster planning guidance for employers [MNCPA]
Whether for the COVID-19 pandemic or a future disaster, make sure your office has a plan in place to keep operations going.

Positioning an organization to survive and thrive during an economic downturn [MNCPA]
In times of economic uncertainty, it’s imperative for businesses to know how and where to play it safe and double down in order to not only survive, but grow.

Making teleworking work in a time of crisis
With the spread of COVID-19, which is the disease caused by the novel coronavirus, many employers who have not previously implemented telecommuting/work from home (WFH) arrangements, are being forced to offer WFH arrangements.

COVID-19 (coronavirus) guidance for employers
How should your office leaders prepare for and respond to a potential pandemic affecting the workplace?

Leading indicators and key statistics [MNCPA]
We are trying to establish the roadmap for measuring, monitoring, evaluating and changing business actions when we create leading indicators.

Meet Jenny Kray, CFO of the Year [MNCPA]
Recognized in the large private company category, the Business Journal said Kray was the savvy CFO needed to help the company “manage its growth and evolution.”

What to know about unclaimed property
Unclaimed property laws can be confusing and can create traps for the uninformed. Under Minnesota’s law, a business that fails to report in a timely manner and remit unclaimed property may be hit with severe penalties and interest. 

A look back at the MNCPA’s MBAC22 [MNCPA]
The MNCPA’s premier event for CFOs, financial leaders, internal auditors and business advisers was back this year in a new format and new venue.

MNCPA Perspectives blog posts

A field of opportunity: New conference takes root
If you cruise any Minnesota road long enough, I bet you pass at least one cornfield, turkey barn or herd of grazing cows. Why am I writing about farms? Because farms are businesses and businesses need CPAs...

Major audit standard implementation: Are you ready?
SAS 134–140: If your firm performs audits, they should be top of mind right now.

Is a single audit in your future? It might be closer than you think
Given the amount of federal grants available for pandemic relief in the past year, entities may find themselves in single audit territory for the first time...

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