News + Insights

Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There...

The best place to start trying to answer this question may be a quick review of the basics of tax accounting methods. An accounting method is a set of rules...

Device policies pertaining to smartphones and other technology tools continue to frustrate business owners as they try to balance their needs for security and functionality against employees’ rights to privacy...

Recently, I had the opportunity to speak with students at Lincoln High School in Lake City, Minnesota about accounting careers. I have enjoyed meeting with students since my elementary school...

Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of...

BLOOMINGTON, MN, December 2, 2019 – Boeckermann Grafstrom & Mayer (BGM), a nationally recognized top 200 accounting firm, announced today that they have combined firms with Edina-based CPA firm, Weber &...

According to industry research, in the first half of 2019 organizations experienced more than 3,800 publicly disclosed breaches exposing 4.1 billion compromised records. Unfortunately, organizations historically have only utilized a...

In the cannabis industry, the current trend is going public on a Canadian stock exchange through a reverse merger. Going public provides access to vast amounts of funding and high...

If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses....

With the holidays close at hand, now may be a good time to review the gifting rules in play for 2019 to see if changes are needed to any gifting...

As the end of the year approaches, it is a good time to focus on year-end tax planning moves that will help you lower your tax bill this year and...

With the Tax Cuts and Jobs Act of 2017, we all saw our 2018 tax bills change. The biggest change for many is that we lost some of our deductions,...

In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest...

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may...

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed...