Category: Business Tax

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

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....

This webinar will provide tax updates and planning insights for both individuals and businesses and includes a review of sunsetting tax provisions in 2026, anticipated legislation taking into account the election results, and Beneficial Ownership Information (BI) reporting r...

Forms 1099-NEC and 1099-MISC for payments made in the course of a trade or business to independent contractors during calendar year 2024, are due January 31, 2025. One complication for many businesses in this tight timeframe is missing or incomplete vendor information. It ...

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...

When operating across state lines, it’s critical for manufacturers to understand their multistate tax liability. To determine state tax liability, state governments consider whether a company has “nexus” in their respective states, meaning that its presence in them is ...

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...

The case of Connelly v. United States was decided by the Supreme Court on June 6, 2024.  The case concerned the valuation of a business for estate tax purposes.  Crown C Supply Co. was a business co-owned by two brothers, Michael and Thomas Connelly.  When Michael Connell...

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...