Category: Business Management

FinCEN released an update communicating that all reporting companies must resume filing beneficial ownership information (unless otherwise noted) and the Department of the Treasury recognizes the challenges caused by the recent injunction, thus the following deadline extensi...

New Crypto basis reporting requirements have recently been outlined in Revenue Procedure 2024-28 and are set to take effect on January 1, 2025. The most impactful changes for our clients will likely be the change from universal basis reporting to wallet and account specific ...

We have an update for you about the FinCEN Beneficial Ownership Information Reporting that was required as part of the Corporate Transparency act.  Many of you have already taken care of this filing, but there are lots of companies that have not. As a reminder,  the new no...

For manufacturers, effective inventory management goes beyond balancing stock levels; it also involves leveraging tax rules that can impact the bottom line. Let’s explore key factors affecting inventory accounting for large and small manufacturing businesses....

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...

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, ...

Ever since it was established in 1984 in the case Chevron v. Natural Resources Defense Council, the “Chevron Doctrine” has been a cornerstone of federal administrative law. Under the Chevron Doctrine if Congress has not directly addressed an issue, courts were required t...

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), which is part of the U. S. Department of T...

The Minnesota Department of Revenue recently distributed information regarding the new Minnesota Retail Delivery Fee that was passed in the 2023 legislative session and became effective July 1, 2024. A retail delivery fee of $.50 now applies to some transactions where a ret...

If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate....

QuickBooks Desktop, a cornerstone of small business accounting software for years, is being phased out by Intuit. As of June 2024, support for all versions of QuickBooks Desktop will cease, pushing users to transition to QuickBooks Online. This change aims to provide users w...

The 2024 legislative session in Minnesota ended on May 19, 2024 and brought some changes to the tax law as well as multiple changes to employment law that employers should be aware of. The following summarizes the major changes to be aware of. ...