blog
June 26, 2020
Webinar Recording: PPP Loan Forgiveness – The Final Frontier

This PPP Loan Forgiveness webinar was presented on June 25, 2020 by CPAs Chris Wittich and Stacy Shaw along with members of Boyum Barenscheer's COVID-19 Resource Team.  The webinar reviewed the changes and updates to the PPP Loan Program including two new loan forgiveness applications and new rules and regulations....

June 24, 2020
Coronavirus Related Distributions From Retirement Plans

Part of the CARES Act was establishing coronavirus related distributions from retirement plans.  The IRS recent came out with IRS Notice 2020-50 which provides a lot more insight for how those distributions are going to work and provided a lot of flexibility for taxpayers.  A link to the full notice is here https://www...

June 24, 2020
Required Minimum Distributions Flexibility for 2020

The IRS just published IRS Notice 2020-51 which details how Required Minimum Distributions flexibility will work for 2020. The link to the notice is here https://www.irs.gov/pub/irs-drop/n-20-51.pdf.  The CARES Act waived the requirement for most RMDs and now the IRS has provided great flexibility for taxpayers so they...

June 24, 2020
Regaining Your Tax-Exempt Status if You Failed to File Form 990s

There are many ways for a not-for-profit organization to lose its tax-exempt status — including participating in lobbying and campaign activities, receiving excessive unrelated business income and allowing board members to financially benefit from their positions. But the most common reason nonprofits lose their status...

June 23, 2020
Minnesota Small Business Relief Grants

On the first day of the June special session, the MN Legislature passed the Minnesota Small Business Relief Grants Program which was signed by Gov. Tim Walz shortly after. The program sets aside more than $60M in funding to give $10,000 grants to small businesses in Minnesota that have been impacted by the pandemic. ...

June 22, 2020
Fraud in the Family Business

Family businesses make up the vast majority of companies in the United States and produce 62% of the country’s gross domestic product, according to the Conway Center for Family Business. Generally defined as companies that are majority owned by a single family with two or more members involved in their management, fami...

June 17, 2020
PPP Loan Forgiveness – New Guidance

The SBA has published a couple of new loan forgiveness applications the long form and the EZ form.  Along with those applications came instructions and it’s there that we will find some new information that is worth discussing....

June 17, 2020
PPP Loan Forgiveness – Schedule C With No Employees

For Schedule C businesses with no employees you get to use the new Form 3508EZ which is pretty simple.  I would expect that you should be getting 100% forgiveness. ...

June 17, 2020
EZ Loan Forgiveness Application for PPP Loans

The SBA just published a Form 3508EZ which is the PPP Loan Forgiveness Application, in a simpler, easier to use format.  It’s much shorter and it can be used for people in the simpler situations who are probably on track for 100% loan forgiveness....

June 11, 2020
Rebuilding Your Nonprofit’s Board

In times of turmoil, your board of directors should be your not-for-profit’s rock-solid foundation. But what if your board is understaffed or simply doesn’t provide the leadership requires? Think about rebuilding your nonprofit’s board — and the sooner the better. Financial, public health and other challenges are likel...

June 8, 2020
Is There a Fraud Perpetrator Behind Those Behavioral Issues?

Occupational fraud red flags are easy to recognize if you are observant of employee behavior. The recently released 2020 Association of Certified Fraud Examiner’s (ACFE’s) occupational fraud study, Report to the Nations, reveals that the most common behavioral red flag exhibited by fraud perpetrators is living beyond t...

June 5, 2020
Webinar Recording: PPP Loan Game Changer

Good news!  The House and Senate have now passed a bill which is expected to be signed by the President this week.  It makes huge changes to the PPP Loans and will have a huge impact on the PPP Loan Forgiveness.  One highlight is a change from 8 to 24 weeks but there are other big changes in there as well.  This webina...