Gloria McDonnell, CPA, tax partner serves on the leadership team at Redpath and Company. She specializes in corporate and individual tax planning and compliance, multi-state taxation, international tax, and tax research. Gloria works with closely-held businesses in a variety of industries, has provided business tax accounting services since 1989, and has been at Redpath and Company since 1991.
Gloria McDonnell, CPA
American Institute of Certified Public Accountants
Minnesota Society of Certified Public Accountants
S Corporation Association, former board of directors member
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55 East Fifth Street, Suite 1400 St. Paul, MN 55101
ASC 842 is a recent change to leasing standards that, among other things, requires companies to include leases longer than 12 months on their balance sheets. The ramifications of the new standard make it crucial for construction companies to get familiar with because it will likely negatively impact debt covenants with financial ratios.
What do you think of when you hear the term "R&D"? If you picture CAD drawings and beakers bubbling, you're not alone – but research and development means a lot more types of work than you may imagine. In fact, your construction company might be eligible for an R&D tax credit without even realizing it.
August 31, 2020 - On Friday, August 28, the IRS issued guidance on President Trump’s executive order allowing for the deferral of payroll taxes on wages paid after September 1. While the guidance clarifies some items, unanswered questions remain.