blog
January 22, 2020
Conflict-of-Interest Policies are Too Important for Nonprofits to Neglect

Does your not-for-profit organization have a conflict-of-interest policy in place? Do your board members, trustees and key employees understand how the policy affects them? If you answer “no” to either (or both) of these questions, you have some work to do....

January 22, 2020
Help Protect Your Personal Information by Filing Your 2019 Tax Return Early

The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax identity ...

January 21, 2020
Boyum Barenscheer Elects New Partners for 2020

As the firm's Managing Partner, and on behalf of our entire organization, we are excited to welcome these talented and successful individuals to the partnership group. Their expertise and exceptional leadership will continue to support and contribute to our firm’s growth and commitment to delivering superior quality an...

January 9, 2020
4 New Law Changes That May Affect Your Retirement Plan

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes....

January 6, 2020
Contemplating Fraud Litigation? Not Without a CPA

You may already know how CPAs can help businesses uncover and prevent fraud. But what about when a fraud incident leads to civil litigation? An experienced CPA can help your legal team collect and summarize complex financial documents and reconstruct lost or stolen records. CPAs can also serve as expert witnesses in co...

January 3, 2020
Congress Rolls Back Burdensome UBIT On Transportation Benefits

A much-hated tax on not-for-profit organizations is on the way out. At the end of 2019, Congress repealed a provision of 2017’s Tax Cuts and Jobs Act (TCJA) that triggered the unrelated business income tax (UBIT) of 21% on nonprofit employers that provide employees with transportation fringe benefits. Unequipped to han...

December 31, 2019
Your Home Office Expenses May Be Tax Deductible

Technology has made it easier to work from home so lots of people now commute each morning to an office down the hall. However, just because you have a home office space doesn’t mean you can deduct expenses associated with it....

December 27, 2019
Congress Gives A Holiday Gift In The Form Of Favorable Tax Provisions

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every ...

December 27, 2019
5 Ways To Strengthen Your Business For The New Year

The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to strengthen your business for the new year by doing a little of both:...

December 11, 2019
How Many Directors Does Your Nonprofit’s Board Need?

State law typically specifies the minimum number of directors a not-for-profit must have on its board. But so long as organizations fulfill that requirement, it’s up to them to determine how many total board members they need. Several guidelines can help you arrive at the right number....

November 20, 2019
Bridging The Gap Between Budgeting And Risk Management

At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Here are some common types of risks to research, assess and incorporate into adjustments to...

November 14, 2019
Using Your 401(k) Plan to Save This Year and Next

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now...