Blog

Anna Lovegren | Jan. 29, 2025

Lost and Found: Regaining Your Nonprofit’s Tax-Exempt Status

The IRS regularly revokes the tax-exempt status of not-for-profits — mostly for failing to file annual information returns. Losing your…

Ashley Sparks | Jan. 28, 2025

Cybersecurity Challenges in Manufacturing are Growing

Cybersecurity is more critical than ever for manufacturers as they increasingly integrate advanced technologies such as the Industrial Internet of…

Jasmin McKenzie | Jan. 23, 2025

Making Cost-Allocation Decisions for Your Nonprofit

Cost allocation probably isn’t your favorite task — particularly if your not-for-profit has many activities. Yet the process is critical…

Chris Wittich | Jan. 10, 2025

A Brief Overview of CGAs

Beginning January 1st, 2023, qualified charitable distributions (QCDs) can be used to fund charitable gift annuities (CGAs). Now, you might…

Chris Wittich | Jan. 7, 2025

Qualified Charitable Contributions (QCDs): What They Are and What to Know

Once you turn 70 ½ you become eligible to make tax-free donations directly from IRA accounts to qualified charities. These…

John Csargo | Dec. 26, 2024

Disaster Tax Relief Act

On Dec. 12, 2024, President Biden signed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863) into law designating…

Brandon Dunigan | Dec. 26, 2024

Update on Beneficial Ownership Reporting

FinCEN released an update communicating that all reporting companies must resume filing beneficial ownership information (unless otherwise noted) and the…

Kevin Berg | Dec. 18, 2024

Navigating the New Crypto Basis Reporting Requirements

New Crypto basis reporting requirements have recently been outlined in Revenue Procedure 2024-28 and are set to take effect on…

Becky Gibbs | Dec. 17, 2024

Chart a Course for Success with a Detailed Chart of Accounts

A chart of accounts is the foundation of accurate financial reporting, so it needs to be set up correctly. A…

Anna Lovegren | Dec. 17, 2024

What Nonprofits Might Expect from the Change of Control in Washington

The reelection of Donald Trump as President and control of the U.S. Congress by Republicans are anticipated to usher in…

Randy Feld | Dec. 16, 2024

New to Boyum

At Boyum Barenscheer, we specialize in providing comprehensive transaction advisory services to help businesses and their partners navigate complex financial…

Kevin McCarty | Dec. 16, 2024

What Are Retained Earnings — and Why Do They Matter?

Owners’ equity is the difference between the assets and liabilities reported on your company’s balance sheet. It’s generally composed of…

Ellen Alphonso | Dec. 12, 2024

Navigating Retirement Plan Options to Attract and Retain Talent in Minnesota’s Evolving Landscape

In the 2024 State of Manufacturing survey, one of the top three challenges identified by manufacturers was attracting and retaining…

Chris Wittich | Dec. 11, 2024

FinCEN BOI Update

We have an update for you about the FinCEN Beneficial Ownership Information Reporting that was required as part of the…

Charlie Metzig | Dec. 10, 2024

Year End Tax Planning Webinar Recording

Boyum Barenscheer’s tax specialists, Chris Wittich and Greg Carlson give an essential year-end update on critical tax changes and planning…

Melissa King | Dec. 10, 2024

Year-End Tax Planning Ideas for Manufacturers

It is year-end planning season and we want to provide some tax planning ideas to manufacturers. Some of these ideas…