blog
March 27, 2024
Structuring Your Manufacturing Company as an S Corporation or LLC Can Result in Different Outcomes

When it comes to business structure, manufacturing company owners have a few choices. Among them are an S corporation and a limited liability company (LLC). They’re popular with manufacturers because of their combination of liability protection and tax benefits. Both forms...

March 25, 2024
The Tax Relief for American Families and Workers Act of 2024 (Update)

The U.S. House of Representatives passed the Tax Relief for American Families and Works Act on January 31, 2024. Since then, the bill has stalled in the Senate. Congress left Washington on Friday, March 22nd, for a two-week recess, so there is now little or no chance for any...

March 25, 2024
Beneficial Ownership Information Reporting

By now, many of you have become aware of newly enacted Federal Beneficial Ownership Reporting that passed as a part of the Corporate Transparency Act. For many Minnesota entities, the Minnesota Secretary of State sent out a notice stating that the filing is free and you shou...

March 22, 2024
Travis Noe Promoted to Chief Information Officer

Boyum Barenscheer is pleased to announce the promotion of Travis Noe to the position of Chief Information Officer (CIO). As the new CIO, Travis will be responsible for overseeing Boyum Barenscheer's IT infrastructure, leading the development and implementation of innovative ...

March 18, 2024
Can your manufacturing company benefit from the Work Opportunity Tax Credit?

The quest for skilled laborers in the manufacturing sector continues. Indeed, more than 600,000 manufacturing-related jobs remained open in December 2023, according to the U.S. Bureau of Labor Statistics. The Manufacturing Institute, an independent industry advocate, recentl...

March 15, 2024
How to Minimize Billing Bottlenecks

Managing accounts receivable can be challenging, especially in an uncertain economy. To keep your company financially fit, it’s a good idea to occasionally revisit your billing and collections processes to ensure they’re as efficient and effective as possible. Consider t...

February 27, 2024
Why It’s Important to Get Your Company’s Financials Done on Time

Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports aren’t submitted in a timely mann...

February 13, 2024
How Manufacturers Can Factor Depreciation Tax Breaks Into Their 2024 Asset Purchase Planning

When manufacturers purchase equipment and other tangible property, various tax breaks are available, including Section 179 expensing and first-year bonus depreciation. For 2024, bonus depreciation has dropped another 20 percentage points in its gradual phaseout under the Tax...

February 12, 2024
9 Tax Considerations if You’re Starting a Business as a Sole Proprietor

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations:...

February 6, 2024
Developments on Tax Incentives Available to Construction & Engineering Businesses for Tax Year 2023
February 5, 2024
Sales Tax with QBO

QBO has a very powerful built-in feature for sales tax. We have found that some clients are not taking advantage of QBO’s features and may be manually maintaining rates. This especially may be true if the filed was converted from QB Desktop. Automated sales tax may not...

February 2, 2024
The Tax Relief for American Families and Workers Act of 2024

The U.S. House of Representatives passed this bipartisan tax plan on January 31, 2024. The bill still needs Senate approval and could be subject to amendments before final passage. President Biden has indicated that he supports the bill....