Blog

Becky Gibbs | Nov. 7, 2024

How to Report Contingent Liabilities in Your Company’s Financial Statements

It’s critical for business owners and managers to understand how to present contingent liabilities accurately in the financial statements. Under…

Ashley Klemann | Nov. 4, 2024

The Importance of Planning for the Unexpected

If you have ever worked with a financial advisor, they likely asked you if your estate planning documents are in…

Chris Wittich | Nov. 1, 2024

Qualified Charitable Distribution (QCDs): An Overview

A qualified charitable distribution is a transfer of funds from an IRA directly to a charitable organization. QCD’s give taxpayers…

Amy Swenson | Oct. 28, 2024

Ease your January 2025 Form 1099 Reporting by Reviewing Your W-9s on File Now

Forms 1099-NEC and 1099-MISC for payments made in the course of a trade or business to independent contractors during calendar…

Ali Hansen | Oct. 23, 2024

How Do External Auditors Evaluate Audit Risks?

As calendar-year entities wrap up financial reporting for the year, their external auditors work behind the scenes to prepare for…

Ellen Alphonso | Oct. 22, 2024

Key Considerations for Plan Sponsors When Changing Payroll Systems

Maybe you’ve determined that the client service does not meet your business needs, or you’ve noticed errors in your payroll…

Chris Wittich | Oct. 22, 2024

Understanding BOI Reporting Process

Chris Wittich, Tax Partner at Boyum Barenscheer, provides an overview of the Beneficial Ownership Information (BOI) reporting process, including key…

Amy Swenson | Oct. 21, 2024

Support and Guidance for Clients Affected by Recent Natural Disasters

At Boyum Barenscheer, we want to extend our deepest empathy to you during this challenging time. Whether you’ve been affected…

Anna Lovegren | Oct. 10, 2024

Board Independence is About More Than Avoiding Conflicts of Interest

Are your not-for-profit’s board members independent? Your immediate response is probably, “of course!” But contrary to what many nonprofit leaders…

Ashley Klemann | Oct. 7, 2024

Charitable Giving: Stock Donations, Donor Advised Funds and Qualified Charitable Distributions

As the end of the year approaches, many people decide to make donations to local charities. If this is something…

Randy Feld | Oct. 3, 2024

Alternate Construction Delivery Methods: CMc in the Spotlight

Like many construction businesses, yours may have operated for years following the traditional design-bid-build delivery method. An architect designs a…

Randy Feld | Sep. 30, 2024

Reminder: Profits and Cash Flow Aren’t the Same

Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe…

Sam Johnson | Sep. 23, 2024

Inheriting an IRA Account

Inheriting assets can evoke a range of emotions; from the sorrow of losing a loved one to the joy of…

Jack McHatton | Sep. 16, 2024

When Your Nonprofit’s Debt-Financed Income is Subject to Tax

If your nonprofit has investment income, dividends, interest, rents and annuities, they’re generally excluded when calculating unrelated business income tax…

Chris Wittich | Sep. 12, 2024

New Requirement to Electronically Create and File Minnesota CRP Forms

Landlords and property managers of residential rental real estate in Minnesota are subject to a new Minnesota Department of Revenue…