blog
December 31, 2020
Did you get the EIDL Advance from the SBA?

When the pandemic first hit, the CARES Act created funding for the SBA to provide a $10K grant to all businesses.  Due to the funding running low, the SBA had to make a stipulation to reduce the amount to $1K per employee.  If you were a company affected by this stipulatio...

December 30, 2020
Ring in the New Year with a Renewed Focus on Profitability

Some might say the end of one calendar year and the beginning of another is a formality. The linear nature of time doesn’t change, merely the numbers we use to mark it. Others, however, would say that a fresh 12 months — particularly after the arduous, anxiety-inducing n...

December 23, 2020
Webinar – New Stimulus Bill – PPP, Unemployment, Grants and More!

Join CPAs Chris Wittich and Stacy Shaw along with members of the Boyum Barenscheer COVID-19 resource team for this informational webinar on the new stimulus bill updates, PPP, unemployment, grants and more! The team will walk through all the pertinent items and how it will a...

December 23, 2020
How to Keep your Nonprofit’s Members in the Fold

If your charity or association depends financially on membership fees, you know that nonprofit member renewals are important. Non-renewals are cause for concern. During this time of economic and occupational insecurity, you may be experiencing membership drop-offs and some a...

December 17, 2020
Nonprofit Endowments Require Knowledge and Resources

If the events of 2020 have taught not-for-profits anything, it’s that financial reserves are essential to long-term survival. An endowment is different from operating reserves and generally is designed to provide steady income to a nonprofit while its core investments grow...

December 15, 2020
MN Lawmakers Pass COVID Relief Bill

Minnesota lawmakers passed a much-needed COVID relief bill on Monday, December 15, allocating $88 million of assistance to restaurants, bars, gyms and fitness centers....

December 9, 2020
Nonprofits: How to Acknowledge Donor Gifts

Holiday-inspired generosity and the desire to reduce tax liability makes the end of the year a busy time for charitable giving. According to Network for Good and other sources, approximately 30% of nonprofit donor gifts are made in December alone. An important part of proces...

December 2, 2020
Nonprofit Boards Must Remain Vigilant as Long as the Crisis Continues

It’s been a tough year for not-for-profits. Many have experienced an increased demand for services just as revenues have plummeted. Until the COVID-19 pandemic is over, your organization’s board of directors will likely play a special role in ensuring that it remains on ...

December 1, 2020
New Developments with PPP – We can assist you with Forgiveness!

With the new developments regarding PPP, make sure you are aware of the details of the updates.  We have highlighted some of the resources we have created and we can show you how we can assist you with your PPP Loan Forgiveness....

November 24, 2020
2020 Year-End Planning Webinar

It’s time for 2020 year-end planning.  Follow along with John Csargo and Drew Wolf on this recorded webinar as they guide you through the newest changes and updates that could affect your taxes.  Learn the latest on how you can achieve tax savings for 2020 and set up str...

November 24, 2020
New Form 1099-NEC

Form 1099-NEC replaces Form 1099-MISC for the reporting of non-employee compensation. This information was previously reported in Box 7 of Form 1099-MISC. The due date for providing the form to recipients and for filing with the Internal Revenue Service is February 1, 2021....

November 20, 2020
PPP Loan Forgiveness Timing – Update!

It has been a while since any real law changes or updates to the PPP program have come through but now we have some new developments that are worthy of a new discussion. I wanted to put down my thoughts on just where we stand on PPP Loan Forgiveness timing and what I see as...