JAK + CO.

Certified Public Accountants

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What Lessees Should Know About the New Lease Standard

December 17, 2019 By JAK + CO.

By Matt Luckmann, CPA At the end of 2018, the Financial Standard Accounting Board’s (FASB’s) new lease standard, known as “ASC 842,” went into effect for all public business entities. FASB delayed the effective dates for private companies to fiscal years beginning after December 15, 2020. However, this should not be a reason for private […]

Filed Under: Accounting, Audit and Assurance, Construction Accounting, Consulting, Matthew Luckmann

Capital Lease or Operating Lease? 4 Questions to Ask

November 12, 2018 By JAK + CO.

Preparation of Financial Statements Minneapolis & St. Paul, MN

By Stephanie Loiland, CPA Many companies choose to lease assets for a period of time instead of buying them outright. If you’re in this situation, it’s important to know whether you’re dealing with a capital lease or an operating lease. That’s because the type of lease will affect how you record it—and the payments you […]

Filed Under: Accounting, Audit and Assurance, Construction Accounting, Stephanie Loiland Tagged With: Accounting, Business Management, Construction, Consulting, Tax Planning

Top 5 Ways the New Revenue Recognition Standard Will Impact the Construction Industry

October 3, 2018 By JAK + CO.

Tax Preparation Minneapolis - Personal Tax Advisors St. Paul, MN

By Kyla Hansen, CPA There’s been a lot of talk about the new revenue recognition standard and the effect it could have on the construction industry. Although the standard, known as Accounting Standards Update (ASU) 2014-09, was first issued by the Financial Accounting Standards Board (FASB) in 2014, it goes into effect for privately held […]

Filed Under: Accounting, Audit and Assurance, Construction, Construction Accounting, Kyla Hansen Tagged With: Accounting, Business, Business Management, Construction

3 Simple Ways to Make Life Easier During Your Next Audit

May 16, 2018 By JAK + CO.

3 Simple Ways to Make Life Easier During Your Next Audit

By Nate Graf, CPA  “I can’t wait for our audit!”—said no one ever. Yes, as auditors, we get it: an independent audit of your organization’s financial statements is probably not an event you anticipate with glee. But with a little preparation, the audit process can be—dare we say—downright painless. Here are three simple things you […]

Filed Under: Accounting, Audit and Assurance, Consulting, Nate Graf Tagged With: Accounting, Audit, Business, Business Management

5 Signs It’s Time to Break Up With Your Bank

September 28, 2017 By JAK + CO.

By Kyla Hansen, CPA  Your bank should be an asset, never a hindrance. If yours is holding you back, don’t feel trapped—consider shopping around. Here are five signs it could be time to say goodbye. Your loan covenants are too restrictive. When a business fails its covenant, nine out of 10 times the bank will […]

Filed Under: Accounting, Audit and Assurance, Business Tax, Kyla Hansen Tagged With: Accounting, Business Management, Construction, Consulting, Tax

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John A. Knutson & Co., PLLP

John A. Knutson & Co., PLLP, (JAK) is a Twin Cities-based accounting firm serving clients throughout Minnesota and beyond. A Team Committed to Quality Beyond Expectations

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