A fiduciary is someone who owes a duty of care and trust to another, acting primarily for their benefit in a specific activity. In the context of retirement plans, fiduciary duties are defined by law based on the actions performed for the plan, not just a title. This means a...

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example, if you have positive taxable...

Vendor fraud can be a significant risk in the manufacturing sector, where companies rely on numerous third-party suppliers for raw materials, components and services. Deceptive practices can erode your manufacturing company’s profitability, compromise product quality and d...

Financial statements tell a powerful story about your business. However, they can seem like an overwhelming collection of figures without proper analysis. Financial benchmarking studies can help you identify historical trends, pinpoint areas for improvement and forecast futu...

The IRS released 3 new FAQ on March 20th 2025 that address some of the problems that arise with income taxes and ERC. These are looooong overdue, but they do provide some answers if you are inclined to take the FAQ from the IRS and act upon them. FAQ have been a big part of ...

On this episode Chris Wittich, MBT, CPA, Partner — Boyum Barenscheer, discusses the latest updates on the Employee Retention Credit (ERC) as the five-year anniversary of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, approaches. He emphasizes...

In addition to widespread federal funding cuts, many not-for-profit leaders are concerned about a possible economic downturn. If you’re a on the board of directors for an organization whose finances aren’t in good shape, its ability to fund critical programs — or even ...

The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will furt...

Subsequent events are in the spotlight these days. The audit guidance hasn’t kept pace with changes in financial reporting frameworks, risk assessment methodologies and technological advancements. This has resulted in inconsistencies in how companies account for post-balan...

About a month ago we discussed the Tariffs that were going to arrive in 30 days. Here we are 30 days later and there was no change in the policy so the tariffs have been enacted.  What is new is that the US has order an increase in the Chinese tariffs and now retaliatory ta...

Understanding the difference between profits and cash flow is essential for business owners. A company can be profitable yet experience cash shortages, especially during growth periods. Profits reflect revenue minus expenses, while cash flow tracks actual money movement. Tim...

For manufacturers, knowing which products are profitable is essential for strategic decision-making and long-term success. While total revenue can provide a sense of overall product performance, profitability analysis can deliver a clearer picture of which products contribut...