May 2021 Updates
Smart business, accounting, tax, and planning ideas from your MMKR CPAs!
Last week, Governor Tim Walz and legislative leaders announced the new state budget would include tax exemptions for unemployment benefits and PPP loans. Minnesota will now conform with the federal government on both areas. For unemployment benefits, this means that the first $10,200 received per taxpayer will not be taxable. All forgiven PPP loans will also be tax-free.

Learn more about Minnesota's upcoming tax exemptions by clicking the button below...
GASB Statement 97 and Defined Contribution Plans
With the issuance of GASB Statement 97, defined contribution plans can now enjoy some favorable treatment when it comes to applying GASB Statement 84 for other types of Fiduciary Funds.

In June 2020, GASB issued a pronouncement that amended the Fiduciary Funds accounting standard.

For more information regarding the issuance of GASB Statement 84 and its impact on defined contribution plans, click below...
What's New at MMKR?
Saint Mary’s Athletic Director, Brian Sisson (right) and Alumni Relations Director, Bob Fisher (left) made a surprise visit to MMKR to recognize Jackie’s Hall of Fame accomplishment. And with the recognition ceremony being held virtually this year, the moment was made extra special as they presented Jakie with a plaque and jersey in person, along with a special congratulatory video from her old teammates. Jackie's parents Irene and Ed also made a surprise appearance to witness this unforgettable moment. Congrats, Jackie!
In Case You Missed It...
Working in the gig economy results in tax obligations
Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports.
Providing education assistance to employees? Follow these rules
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge.
Is your wellness program built on a solid foundation?
In a society increasingly conscious of well-being, with the costs of health care benefits remaining high, many businesses have established or are considering employee wellness programs. 
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.