For factoring companies, ensuring the accuracy and reliability of financial statements is crucial. An independent audit, conducted by a certified public accountant, provides a comprehensive examination of a company’s financial position. This process not only builds trust w...

As tax season approaches, business owners need to be aware of the changes to Form 1099-K reporting requirements and how they may impact their tax returns. The IRS has implemented new rules to ensure better compliance and transparency for income received through third-party p...

This year marks a momentous milestone for Boyum Barenscheer—our 50th anniversary! For half a century, we have been honored to serve our clients, support our community, and foster a workplace where talented professionals thrive. As we celebrate this incredible journey, we r...

You never know when your not-for-profit might experience a financial blow. With the current efforts in Washington to slash expenses, some nonprofits have already lost federal funding and more may lose it in the near future. But that’s not the only risk. A significant grant...

President Trump has announced new tariffs affecting imports from Canada, Mexico, and China, with rates set at 25% on general imports from Canada and Mexico, 10% on Chinese imports, and an additional 10% on Canadian energy resources. Given that these three countries account f...

On February 1, 2025, the new administration announced additional tariffs on imports from Canada, Mexico, and China, citing an extraordinary national emergency under the International Emergency Economic Powers Act (IEEPA). The tariffs initially expected to be effective Febru...

The IRS regularly revokes the tax-exempt status of not-for-profits — mostly for failing to file annual information returns. Losing your exempt status can be devastating. Donors won’t be eligible to deduct contributions to your organization, grant-makers probably won’t ...

Cybersecurity is more critical than ever for manufacturers as they increasingly integrate advanced technologies such as the Industrial Internet of Things (IIoT), robotics and automation into their operations. While these innovations boost efficiency and productivity, they al...

Cost allocation probably isn’t your favorite task — particularly if your not-for-profit has many activities. Yet the process is critical because donors and funders want to know how your organization uses its financial resources. In addition, you likely need to comply wit...

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...