Smart business, accounting, tax, and planning ideas from your MMKR CPS’s! |
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So Many Grants, So Little Guidance |
As part of the responses to the COVID-19 national emergency crisis, the federal government created the CARES Act to make additional funding available to States and Local Governments. Some of the most significant CARES Act funding for Minnesota businesses, municipalities, and schools are the following grants:
- Coronavirus Relief Fund (CRF) grant.
- Paycheck Protection Program (PPP)
- Governor’s Emergency Education Relief (GEER)
- Elementary and Emergency Relief (ESSER)
Is your head spinning with all of the new federal grants established in response to the COVID-19 public health emergency? MMKR has assembled the highlights of the four most common grants for your convenience in an easy to refer to grid, available on our website.
So what does all of this additional federal funding mean for you? Read on to determine the potential impact to your single audit, required policies and procedures, as well as some action items for you.
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We have two new employees that started this month! Please join us in welcoming Rachel Ackerman and Jake Sporleder to the MMKR team. |
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Rachel Ackerman
Rachel is originally from Eau Claire, WI and graduated from University of Wisconsin – Eau Claire with a Bachelors of Business Administration in Accounting and Finance. She likes to go fishing, hiking, camping, or anything in the outdoors. A little fun fact about her is that she is a triplet and shown is a picture of her (in middle) and her sisters. She recently moved to Eden Prairie, MN and looks forward to discover new hiking trails and fun things to do.
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Jake Sporleder
Jake loves spending time running, working on cars, and hanging out with his wife, Lauren, and their dog. He knows a small amount of Spanish, only because his wife is close to fluent having spent some time in Central America on multiple missions trips. He was born in LaCrosse, Wisconsin and raised in Somerset, Wisconsin.
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During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud, emerging competition and natural disasters. A so-called “stress test” can help reveal blind spots that threaten to disrupt your business.
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While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options.
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Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors. Even when external audits aren’t mandated, however, they’re often recommended.
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Do you have questions about your specific goals or strategies?
Each of our clients is unique; therefore, we provide solid, forward-thinking business strategies, expertise, and advice along with traditional accounting, audit, and tax consulting services tailored to their needs.
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