The pretax (accounting) profit that’s reported on your company’s income statement is an important metric. Lenders, investors and other stakeholders rely on pretax profits to evaluate a company’s financial performance. However, business owners also need to keep their ey...

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...

The Tax Cuts and Jobs Act (TCJA) included a significant — but delayed — change to the tax treatment of research and experimentation (R&E) expenses under Internal Revenue Code (IRC) Section 174. To the surprise of many experts, Congress failed to act before the change too...

"Medicare 101," presented by John Leverty of Leverty Insurance Strategies, provided a clear understanding of the often-complex Medicare system to help attendees make informed healthcare decisions....

It’s critical for business owners and managers to understand how to present contingent liabilities accurately in the financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), some contingent losses may be reported on the balance sheet and income sta...

A qualified charitable distribution is a transfer of funds from an IRA directly to a charitable organization. QCD’s give taxpayers who are 70 ½ years old (or older) the opportunity to donate to charities from their IRA. If a taxpayer is 73 or older, the QCD can count tow...

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 ...

As calendar-year entities wrap up financial reporting for the year, their external auditors work behind the scenes to prepare for audit season. Here’s what you can do to help facilitate the audit planning process....

Maybe you’ve determined that the client service does not meet your business needs, or you’ve noticed errors in your payroll processing.  Maybe you’ve determined that a different payroll system would be more affordable to the business. Switching your payroll system can...

Chris Wittich, Tax Partner at Boyum Barenscheer, provides an overview of the Beneficial Ownership Information (BOI) reporting process, including key deadlines, required documentation, and important exceptions. Beneficial owners should take note of these new regulations to en...

At Boyum Barenscheer, we want to extend our deepest empathy to you during this challenging time. Whether you’ve been affected by the recent storms in Florida, the wildfires in California, or any other disaster, we understand the emotional and financial toll these events ca...