Boyum Barenscheer

Chris Wittich, MBT, CPA, joins the AICPA Tax Odyssey Podcast to discuss the IRS's approach to processing ERC claims by risk level, advice on amending income tax returns, and the importance of clear communication and ethical responsibilities. With the IRS moratorium still in place, businesses must navigate these challenges wisely. Listen here: https://lnkd.in/gvnEzHwc

The Minnesota Department of Revenue recently distributed information regarding the new Minnesota Retail Delivery Fee that was passed in the 2023 legislative session and became effective July 1, 2024. A retail delivery fee of $.50 now applies to some transactions where a retail sale of tangible personal property subject to sales tax is delivered to a person located in Minnesota and the transaction amount exceeds $100.

Closely held corporation owners: If you need money for personal expenses like a new car or home improvements, consider borrowing from the business. But follow these tips to avoid adverse tax consequences.

Looking for a recruiting (and retention) edge? Consider spiffing up your employee benefits menu. Many benefits valued by nonprofit staffers are surprisingly low-cost.

Boyum Barenscheer is proud to announce that we've been named a Star Tribune Top Workplace for the third consecutive year. We're thrilled to have been included on the list and are very thankful to all our employees who helped make this happen. Top Workplaces recognizes the most progressive companies in Minnesota based on employee opinions measuring engagement, organizational health, and satisfaction.

You may be alert to such issues as unrelated business income, but the IRS requires nonprofits to report many activities on their Form 990. We suggest you keep four lesser-recognized issues in mind this year.

Cross-training staffers to do one another’s jobs isn’t a new idea. But it can be a simple and effective way to boost your nonprofit’s resilience to unplanned and potentially harmful events.

There are some exceptions to these rules. For example, compensation paid to disqualified persons isn’t an act of self-dealing if the payments are for reasonable and necessary services to carry on the foundation’s exempt purposes. However, you shouldn’t count on self-dealing to be allowed or forgiven.

Last week, the Boyum Open was in town! Our annual "Day in the Life" event offered opportunities for networking and a Q&A session with our amazing team. Participants enjoyed an offsite tour, and, of course, the day wouldn't have been complete without some exciting golf-related games. It was a wonderful day to discover the work we do and the vibrant culture that makes Boyum exceptional!

There are many ways to increase your manufacturing capacity without expanding your plant. Here are eight.