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