Category: Industry Updates

The Details on Frontline Worker Pay

June 9, 2022  |  Barton Walter and Krier

The Minnesota Legislature recently passed a bill that offers extra pay to those whose work was essential during the COVID-19 emergency period. Who qualifies for this “hero pay”? Keep reading to get the details on Frontline Worker Pay and find out what to know about the new law – as an employer or an employee. What is Frontline Worker Pay? On April 29, 2022, Governor Tim Walz signed into law a program that provides payment to COVID-19 frontline workers. The Frontline Worker Pay law is a way to thank those who continued to work during the pandemic because the requirements of their jobs necessitated an in-person presence. Eligible workers can apply for their share of a state-funded $500 million bonus pool. Information continues to evolve as the program develops. Instructions can be found on the State of Minnesota government portal as details progress. Qualifying and Applying The application process is expected to open in early-to-mid June. Once the system is set to accept applicants, eligible employees have 45 days to apply for Frontline Worker Pay. Applicants must meet certain requirements to qualify, including: Employed a minimum of 120 hours between March 15, 2020, and June 30, 2021, in Minnesota in at least one frontline sector During that time, was unable to telecommute due […]

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Recapping the Year in Business

December 22, 2021  |  Barton Walter and Krier

And just like that, we’re in the home stretch of 2021. The year seemed to fly by, and along the way your trusted tax professionals at Barton, Walter & Krier provided valuable information on the industry and ways to look out for or further your financial ventures. Recapping the year in business, we’ll look back at the topics we discussed and give a brief overview of each, in case you missed it. Putting Transaction Advisory Services to Work for You The team at BWK provides Transaction Advisory Services (TAS) to help clients make the best and most informed business decisions, be it a buy-side or sell-side transaction. We comb through all aspects of a potential deal – financial, operational, and strategic – to make you aware of the risks and rewards associated with the agreement before determining whether to follow through. Getting the Most with Sell-Side Advisory Services When you’re ready to sell your company, you want to have someone in your corner looking out for your best (financial) interest. That’s where BWK’s Sell-Side Advisors come into play. Our experts will help you prepare for the sale by answering questions about the selling process, evaluating your business’s worth, finding a buyer, and more. Our dedicated advisors help you get the most from the […]

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Are You Prepared for the New Lease Standard?

December 7, 2021  |  admin

After many delays, the Accounting Standards Codification (ASC) 842 is set to take effect for private companies. What does that mean for you? We’ll break down the basics to make sure you know what to expect and are prepared for the new lease standard. The New Standard Back in 2016, the Financial Accounting Standards Board (FASB) established ASC 842. The new lease accounting standard requires companies under current Generally Accepted Accounting Principles (GAAP) to recognize assets and liabilities for all leases on their balance sheets. This applies to all operating leases with terms of more than 12 months. Previously, only certain leases – such as capital leases – were required to be reported on the balance sheet. Public companies were required to comply with ASC 842 on reports for the 2019 calendar year. Private companies, however, were afforded a few additional years for compliance. Financial statements for fiscal years beginning after December 15, 2021, must now include the new lease standard. Likewise, this standard is required for inclusion on interim reports for fiscal years starting after December 15, 2022. Why the New Standard? The new lease standard provides transparency for understanding a company’s financial situation based on its balance sheet. Previously, operating leases were not visible, so potential future debt was hidden from […]

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