blog
October 26, 2020
No Season is the Right Season for Ghost Employees and Other Payroll Scams

Ghost stories can be good fun, particularly this time of year. Ghost employees, on the other hand, are trouble for employers. They may be just as fictional as the paranormal activities in your favorite scary book or movie, but if you have ghost employees on your payroll, you have fraud. And if you have fraud, you have ...

October 23, 2020
PPP Loan Forgiveness Timing

They say timing is everything. Is that true for PPP Loan forgiveness timing? There really has not been any law changes or updates to the PPP program recently other than the blog we have up about the ownership changes (link here) and the change for the PPP loans under $50k (link here). But I wanted to put down my thou...

October 22, 2020
Minnesota Now Conformed to Federal Section 179 Deduction

Minnesota has conformed to the Federal Section 179 deduction. This deduction allows taxpayers to deduct the entire cost of certain property as an expense. This eliminates the addback under the former Minnesota law....

October 9, 2020
Ownership Changes with a PPP Loan

Last week the SBA came out with some new guidance for situations where a business has a PPP loan and they are going through some ownership changes and it’s a must read if you are having any type of ownership changes while you have a PPP Loan outstanding....

October 9, 2020
PPP Loans Under $50,000

The SBA came out with a new set of rules and a new PPP Loan Forgiveness application for loans that are less than $50k.  If your loan is more than $50k none of this applies, but for those under $50k we’ve got some good news....

September 23, 2020
IRS Announces Per Diem Rates for Business Travel

In Notice 2020-71, new business travel per diem rates were recently announced by the IRS. These that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of certain categori...

September 10, 2020
George Willie Scholarship Recipients Announced

Earlier this year, Boyum Barenscheer was one of five national CPA firms selected to be a cosponsoring firm to provide an internship to a George Willie Ethnically Diverse Scholarship & Internship Program student for the 2021 busy season....

September 9, 2020
Getting the Goods on Inventory Theft

Maybe the numbers didn’t add up during your company’s recent inventory count. You know that most inventory discrepancies are the result of honest mistakes, such as when employees return items to the wrong shelves or customer returns are flubbed. It’s even possible that you’ve made a mistake and need to perform a recoun...

September 9, 2020
What to do When the Audit Ends

Financial audits conducted by outside experts are among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately. In fact, failing to act on issues identified in an audit could threaten your...

September 8, 2020
EIDL Loans Explained

In this 10-minute video, Chris Wittich, MBT, CPA explains the basics of EIDL loans and what you need to know....

August 31, 2020
Some Online Sellers Burnish Their Reputations at the Expense of Yours

Reports started trickling into state agricultural agencies in July: Consumers were worried about strange seed packets they had received in the mail. The unsolicited goods weren’t labeled and appeared to be sent from China. In a year already fraught with anxiety and paranoia, the story quickly made headlines. Brushing s...

August 26, 2020
How Nonprofits Should Classify Their Workers For Tax Purposes

Employees or independent contractors? It’s not only for-profit companies that struggle with the question of how to classify workers for federal tax purposes. Not-for-profit organizations must withhold and pay Social Security, Medicare and unemployment taxes for employees, but not for contractors. (There may also be sta...