As calendar-year entities wrap up financial reporting for the year, their external auditors work behind the scenes to prepare for audit season. Here’s what you can do to help facilitate the audit planning process....

Maybe you’ve determined that the client service does not meet your business needs, or you’ve noticed errors in your payroll processing.  Maybe you’ve determined that a different payroll system would be more affordable to the business. Switching your payroll system can...

Chris Wittich, Tax Partner at Boyum Barenscheer, provides an overview of the Beneficial Ownership Information (BOI) reporting process, including key deadlines, required documentation, and important exceptions. Beneficial owners should take note of these new regulations to en...

At Boyum Barenscheer, we want to extend our deepest empathy to you during this challenging time. Whether you’ve been affected by the recent storms in Florida, the wildfires in California, or any other disaster, we understand the emotional and financial toll these events ca...

Are your not-for-profit’s board members independent? Your immediate response is probably, “of course!” But contrary to what many nonprofit leaders and staffers might think, director independence goes beyond avoiding conflicts of interest. In fact, the IRS has a four-pa...

Like many construction businesses, yours may have operated for years following the traditional design-bid-build delivery method. An architect designs a project, the owner issues a request for proposals, you submit a bid, and if you win that bid, you build the design....

Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe taxes when they regularly struggle to find cash to cover their bills. The answer can be found by understanding the key dif...

If your nonprofit has investment income, dividends, interest, rents and annuities, they’re generally excluded when calculating unrelated business income tax (UBIT). However, income from debt-financed property typically is taxable. So it’s important to segregate income fr...

Landlords and property managers of residential rental real estate in Minnesota are subject to a new Minnesota Department of Revenue (DOR) requirement. Beginning with 2024 Certificates of Rent Paid (CRP), the forms must be created and submitted to Minnesota DOR electronicall...

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the...

The difference between financial pledges and donations is relatively simple: Pledges are promises to donate sometime in the future, and donations provide immediate support for your not-for-profit organization. What’s not so simple is accounting for pledges. After all, a pr...