News + Insights

Now that we are half-way through the year it is time to assess your business. Mid-year reviews help business owners see how they are doing and adjust to achieve their...

If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a...

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS...

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed...

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct...

The Consolidated Appropriations Act, 2021 (CAA), was signed into law on December 27, 2020, and, with respect to the Employee Retention Credit (ERC), the CAA did two things. First, the...

Per the SECURE Act (a bipartisan bill designed to aid Americans’ ability to save for retirement), a business owner now has until their tax filing deadline to install a 2020...

When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax...

It is amazing how the daily use of technology in our business has changed what we can accomplish each day. Look at the use of cellphones, tablets, and computers. Each...

At a basic level, Information Technology (IT) Management handles the technological resources used in a company. More specifically, IT Management handles the treatment, storage, and protection of information, a daunting...

What is the DEA Interim Final Rule (IFR) on Hemp? On August 20, 2020, the United States Drug Enforcement Agency (DEA) published a notice in the federal register of an...

Last week, the Minnesota Legislature passed a bipartisan 2020 tax and bonding bill, which approved $208 million in tax relief by conforming to federal rules related to Section 179 expensing. For 2020,...

Are you a Minnesota snowbird that heads South to warmer weather for the winter? Do you own multiple properties? Do you wonder if your home is protected when you are...

Boeckermann Grafstrom & Mayer (BGM) is pleased to announce that Calvin P. Shannon, CPA, CVA, has been named Equity Partner at the firm. The promotion was effective on October 1,...

Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then...