Category: Business Tax

The TCJA permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. But it didn’t specifically address the meals, beverages and snacks that often accompany entertainment activities. Then the CAA temporarily increased the...

As the recovery from the COVID-19 crisis takes hold and the economy and life begin to return to normal, now is an ideal time to focus on tax planning for the remainder of 2021. ...

The IRS released its annual “Dirty Dozen” tax scams for 2021 on June 28th. One of the key provisions of this announcement is the IRS this year made its Identity Protection PIN program available to all taxpayers. ...

If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees....

Minnesota has conformed to the Federal Section 179 deduction. This deduction allows taxpayers to deduct the entire cost of certain property as an expense. This eliminates the addback under the former Minnesota law....

In Notice 2020-71, new business travel per diem rates were recently announced by the IRS. These that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowa...

This past weekend the SBA released the PPP Loan Forgiveness Application. Join Boyum Barenscheer's COVID-19 resource team for this webinar as we dive into the application and how it changes the rules related to owner compensation, FTE counts, the 8-week covered period, non-pa...

This webinar was recorded on April 24, 2020 and featured Boyum Barenscheer CPAs discussing PPP Loan Forgiveness - Who, What, Where and Why to Spend the Money.  The one hour presentation was followed by 30 minutes of Q&A.  ...

To help you navigate through the new SBA Loan opportunities and the tax provisions resulting from this and the CARES Act, we have provided you with a list of Frequently Asked Questions....

Seems on the surface that all business operations have been interrupted or affected by the COVID-19 pandemic.  Is the interruption in business and the economy covered by Business Interruption (BI) insurance?  Seems only logical that it would be covered due to the interrupt...

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn....

In this COVID-19 preparedness webinar from April 1, 2020, five Boyum Barenscheer partners discuss the issues impacting Minnesota businesses.  This webinar focused on three primary areas: Practical advice for navigating business cash flow needs and the new loans available, u...