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Category: Individual Tax

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December 31, 2020
Changes to 2020 Individual Tax Credits

The big COVID 19 relief bill that just passed December 27th had a lot of big-ticket items in there, mostly for businesses and then the stimulus checks for individuals.  One of the overlooked items are some interesting changes to the way some individual tax credits are going...

December 31, 2020
Did you Hear? Another Stimulus Check is Near!

With the new COVID stimulus package, if eligible, you will be getting another stimulus payment from the government, also known as Economic Impact Payments.  Distribution of payments have already started and should come the same way you got the first one.  The new amount th...

June 24, 2020
Coronavirus Related Distributions From Retirement Plans

Part of the CARES Act was establishing coronavirus related distributions from retirement plans.  The IRS recent came out with IRS Notice 2020-50 which provides a lot more insight for how those distributions are going to work and provided a lot of flexibility for taxpayers....

June 24, 2020
Required Minimum Distributions Flexibility for 2020

The IRS just published IRS Notice 2020-51 which details how Required Minimum Distributions flexibility will work for 2020. The link to the notice is here https://www.irs.gov/pub/irs-drop/n-20-51.pdf.  The CARES Act waived the requirement for most RMDs and now the IRS has pr...

April 24, 2020
FAQs on New SBA Loans and Tax Provisions

To help you navigate through the new SBA Loan opportunities and the tax provisions resulting from this and the CARES Act, we have provided you with a list of Frequently Asked Questions....

April 1, 2020
Webinar Recording: COVID-19 Preparedness for Business Clients

In this COVID-19 preparedness webinar from April 1, 2020, five Boyum Barenscheer partners discuss the issues impacting Minnesota businesses.  This webinar focused on three primary areas: Practical advice for navigating business cash flow needs and the new loans available, u...

March 31, 2020
COVID-19 Summary and Resources – March 30, 2020

As I put together this document of the timeline, summaries and resources for you, I wanted to share what message I printed out and shared with my daughters as they start their first day at home of flex learning: Don’t Stress, Do Your Best, Forget the Rest...

March 30, 2020
Retirement Plan Provisions of the CARES Act

The COVID-19 generated CARES Act contains provisions for retirement plan distributions and qualified individuals affected by the coronavirus. Details follow on each of these 5 provisions....

March 30, 2020
CARES Act – Tax Summary

Congress has just passed a new bill, called the CARES Act to provide stimulus and relief for the coronavirus situation.  There are many aspects of the bill ranging from loan forgiveness, unemployment insurance expansion, healthcare provisions, student loan provisions, SB...

March 27, 2020
CARES Act – Stimulus Checks

Congress has just passed a new bill called the CARES Act to provide stimulus and relief for the Coronavirus situation.  One of the biggest parts of the bill is stimulus money that will come directly to individual taxpayers in the next few weeks.  Chris Wittich, CPA and tax...

March 27, 2020
CARES Act – Individual Tax Provisions

Congress has just passed a new bill called the CARES Act to provide stimulus and relief for the Coronavirus situation.  Chris Wittich, CPA and tax partner with Boyum Barenscheer discusses the individual tax provisions of the bill....

March 17, 2020
Tax Updates – Coronavirus Assistance Updated March 22, 2020

On March 17th the IRS came out with guidance to assist taxpayers as the effects of coronavirus are felt across the country. Here is a summary of the actions that the IRS has taken:...