If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate....

One thing every new not-for-profit organization can count on is change. Ideally, the changes you experience will be for the better — expanded programming, increased staffing, more clients served and greater overall impact in your community....

As a nonprofit organization in Minnesota, leveraging in-kind services can be a game-changer for your operations. These contributions, which come in the form of goods or services rather than money, can significantly reduce costs and enhance your ability to fulfill your missio...

QuickBooks Desktop, a cornerstone of small business accounting software for years, is being phased out by Intuit. As of June 2024, support for all versions of QuickBooks Desktop will cease, pushing users to transition to QuickBooks Online. This change aims to provide users w...

At Boyum Barenscheer, our Client Accounting Services (CAS) department is dedicated to helping your business achieve financial clarity and operational efficiency. Our comprehensive suite of services is designed to meet your specific needs, whether you require regular financia...

The 2024 legislative session in Minnesota ended on May 19, 2024 and brought some changes to the tax law as well as multiple changes to employment law that employers should be aware of. The following summarizes the major changes to be aware of. ...

In the video, Chris Wittich discuss the recent IRS announcement regarding ERC claims, highlighting that between 10 and 20 percent of claims are deemed high risk and likely fraudulent. The IRS emphasizes that even legitimate claims will face significant delays in processing, ...

Boyum Barenscheer has been named one of the Top Workplaces in Minnesota by the Star Tribune. Produced by the same team that compiles the 33-year-old Star Tribune 100 report of the best-performing public companies in Minnesota, Top Workplaces recognizes the most progressive c...

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....

The IRS strictly prohibits self-dealing between private foundations and “disqualified persons.” But how are these terms defined? Among people who are considered disqualified are large donors, foundation managers or owners, substantial owners of major donor corporations, ...

The deadline for calendar-year not-for-profits to file Form 990 with the IRS has come and gone. But it’s never too early to think about reporting responsibilities for the next deadline. Be careful to keep records of fundraising expenses, which you must report on Schedule G...