Beginning January 1st, 2023, qualified charitable distributions (QCDs) can be used to fund charitable gift annuities (CGAs). Now, you might be wondering what on earth is CGA? Well, the short answer is it’s complicated. CGAs are similar to charitable remainder trusts (CRTs)...

Once you turn 70 ½ you become eligible to make tax-free donations directly from IRA accounts to qualified charities. These distributions, commonly referred to as QCDs, can provide significant tax benefits by directly reducing dollar-for-dollar the amount of taxable income o...

On Dec. 12, 2024, President Biden signed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863) into law designating a series of presidentially-declared disasters as qualified disaster events. This legislation provides for the elimination of the requirement that personal ca...

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 ...

A chart of accounts is the foundation of accurate financial reporting, so it needs to be set up correctly. A disorganized chart or one that lumps transactions into broad, undefined “buckets” of data can make it difficult for management to evaluate financial performance a...

The reelection of Donald Trump as President and control of the U.S. Congress by Republicans are anticipated to usher in changes that could financially impact the not-for-profit sector. Whether and to what extent your organization will be affected will depend on your mission,...

At Boyum Barenscheer, we specialize in providing comprehensive transaction advisory services to help businesses and their partners navigate complex financial landscapes. Our team of experienced professionals is dedicated to delivering tailored solutions that drive value and ...

Owners’ equity is the difference between the assets and liabilities reported on your company’s balance sheet. It’s generally composed of two pieces: capital contributions and retained earnings. The former represents the amounts owners have paid into the business and st...

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...

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