blog
September 11, 2017
5 Steps Towards an Effective Digital Transformation Strategy

You’ve probably heard the term and wondered whether it could happen to your company. Maybe it already has. We’re referring to “digital disruption” — when new technologies and business models affect the value proposition of existing goods and services....

September 9, 2017
Restaurant Sales Tax Audits – What to Watch For – Tip #1

First of 3 Blogs on this topic: Minnesota Department of Revenue has dramatically increased the number of Sales and Use Tax audits in recent years.  The audits are getting more sophisticated and focused on a few key areas that can really trip up business owners. ...

September 6, 2017
Create a Peaceful Succession with a Buy-Sell Agreement

A buy-sell agreement is a critical component of succession planning for many businesses. It sets the terms and conditions under which an owner’s business interest can be sold to another owner (or owners) should an unexpected tragedy or turn of events occurs....

August 29, 2017
Minnesota Tax Relief Bill Summary

Minnesota legislators recently passed a long overdue tax relief bill. The bill provides nearly $650 million in relief to Minnesota businesses and individuals. A summary of the highlights of the bill are listed below:...

August 28, 2017
Business Owners & Executives: Increase your Retirement Savings with a Nonqualified Deferred Compensation Plan
July 26, 2017
Classify with Care

One common question that many business owners will have is “Am I hiring an independent contractor or an employee?”  While most business owners want to hire everyone as independent contractors, this can cause a lot of trouble if the new hire is mis-classified....

March 16, 2017
TRUST: The Foundation of Effective & Authentic Leadership

On Thursday, March 2, 2017, Boyum & Barensheer partners, along with over 200 guests, attended an event on “Building Trust” with keynote speaker David Horsager – business strategist and author of the national bestseller The Trust Edge....

February 11, 2017
Break Even Analysis

Every business owner wants to know what their break even is for their company, but many don’t know where to begin trying to calculate it.  Doing a break even analysis will provide information regarding the sales volume needed to be at a break even status (no profit or loss)....

January 28, 2017
Listed Property – Huh? Listed Where?

Listed property is a term for vehicles that are specifically listed out on Form 4562 when you file your tax return. ...

December 6, 2016
Mind Your Margins

Americans love food. We love to eat food, talk about food, watch food being made…we even love to take pictures of our food and share it with our social networks. This adoration has grossed an estimated $9.5 billion dollars in Minnesota restaurant sales in 2016, according to the National Restaurant Association....

August 3, 2016
The IRS will never call first

This is just another reminder that the Internal Revenue Service will not make first contact by phone.  If the first you hear from the IRS is a phone call, especially if they demand payment or want personal information, IT IS A HOAX!!!...

June 6, 2016
Don’t Forget About FATCA

With all the publicity that the FBAR gets with its massive penalties and its unextendable deadline, let’s not lose sight of the FATCA rules and Form 8938 which is due with your individual income tax return....