Blog

Category: Individual Tax

blog
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.Â...

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:...

March 14, 2020
Coronavirus Update for Clients – Our Office Policies

This blog post contains current status information on services provided by Boyum Barenscheer. Any updates to office closures or other situations impacting our services will be posted on this blog. We are committed to the health and safety of our employees and clients....

January 27, 2020
2020 Tax Deadlines to Remember

We all know about April 15th, but there are a number of additional deadlines to remember.  Below are additional deadlines throughout the year that may impact you, depending on your accounting situation:...