The case of Connelly v. United States was decided by the Supreme Court on June 6, 2024.  The case concerned the valuation of a business for estate tax purposes.  Crown C Supply Co. was a business co-owned by two brothers, Michael and Thomas Connelly.  When Michael Connell...

The Minnesota Department of Revenue recently distributed information regarding the new Minnesota Retail Delivery Fee that was passed in the 2023 legislative session and became effective July 1, 2024. A retail delivery fee of $.50 now applies to some transactions where a ret...

Recently, the Charities Division has made a significant change to the banking information requirements for registration and annual report forms. This change is aimed at enhancing security measures while still fulfilling the enforcement needs of the Attorney General's Office....

If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate....

One thing every new not-for-profit organization can count on is change. Ideally, the changes you experience will be for the better — expanded programming, increased staffing, more clients served and greater overall impact in your community....

As a nonprofit organization in Minnesota, leveraging in-kind services can be a game-changer for your operations. These contributions, which come in the form of goods or services rather than money, can significantly reduce costs and enhance your ability to fulfill your missio...

QuickBooks Desktop, a cornerstone of small business accounting software for years, is being phased out by Intuit. As of June 2024, support for all versions of QuickBooks Desktop will cease, pushing users to transition to QuickBooks Online. This change aims to provide users w...

At Boyum Barenscheer, our Client Accounting Services (CAS) department is dedicated to helping your business achieve financial clarity and operational efficiency. Our comprehensive suite of services is designed to meet your specific needs, whether you require regular financia...

The 2024 legislative session in Minnesota ended on May 19, 2024 and brought some changes to the tax law as well as multiple changes to employment law that employers should be aware of. The following summarizes the major changes to be aware of. ...

In the video, Chris Wittich discuss the recent IRS announcement regarding ERC claims, highlighting that between 10 and 20 percent of claims are deemed high risk and likely fraudulent. The IRS emphasizes that even legitimate claims will face significant delays in processing, ...

Boyum Barenscheer has been named one of the Top Workplaces in Minnesota by the Star Tribune. Produced by the same team that compiles the 33-year-old Star Tribune 100 report of the best-performing public companies in Minnesota, Top Workplaces recognizes the most progressive c...