blog
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....

June 2, 2016
FIRPTA Withholding

It’s FBAR season, all the cool kids know that, but for some foreign taxpayers they are also experiencing a strange sensation called FIRPTA. Of course FIRPTA stands for something; it’s the Foreign Investment in Real Property Tax Act of 1980....

February 22, 2016
Understanding What You Sign

Tax returns have lots of things that you need to sign.  There are signature pages for e-filing a tax return, there are different pages to sign if you are paper filing a return.  Sometimes you need to sign tax elections, or tax engagement letters.  There can be a lot of different things to sign! ...

October 20, 2015
P is for Partnerships

P is for partnerships.  Partnerships are a very common tax structure, but to be taxed as a partnership the underlying business doesn’t necessarily need to be set up as a partnership.  Many new businesses these days are set up as Limited Liability Companies or LLCs. ...

September 2, 2015
Automatic Gratuities

Nothing is more frustrating to a server than frantically running to keep a table of 12 happy, only to find that the table thought a 5% tip was more than enough.  In comes the server’s knight in shining armor: The Automatic Gratuity.  On the face, they sound awesome!...

August 27, 2015
Restaurant Tip Reporting

Few industries can rival restaurants for the crown of “Most Specialized and Complex Tax Regulations”.  Restaurants have the unfortunate “honor” of their own code in income, payroll and sales tax.  A restaurant owner not fluent in these idiosyncrasies can find themselves in a costly predicament....