News + Insights

Warmer weather, lower costs of living, and the ability to enjoy outdoor activities are all strong considerations making migration south attractive for many retirees. Purchasing a new residence to escape...

The flurry of tax law changes over the last few years has been nothing short of a whirlwind, leaving many of us with whiplash as we make sense of all...

Boeckermann Grafstrom & Mayer (BGM) was recently ranked among the country’s “Top 200 Accounting Firms” by INSIDE Public Accounting (IPA). IPA’s annual rankings of the 500 largest firms in the...

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are...

Outsourcing business processes is an effective way to minimize your costs and maximize your operations. Whether you’re scaling your business or looking to delegate important tasks, outsourcing your accounting can have long-term...

As anyone in the cannabis or hemp industries knows, preparing for 280e cannabis taxes is a regular—if dreaded—annual (or even quarterly) event. We’ve written about 280E and its implications for...

Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your...

Like a slowly gathering storm, inflation has gone from dark clouds on the horizon to a noticeable downpour on both the U.S. and global economies. Is it time for business...

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on...

If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who paid for the benefit? If the income...

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may...

Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes...

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends...

Boeckermann Grafstrom & Mayer CPAs (BGM) is excited to announce that it is relocating its headquarters to a new location in Bloomington, MN. The new space’s opening date is scheduled...

To thank those Minnesotans who worked on the frontlines during the COVID-19 peacetime emergency, Gov. Tim Walz signed Frontline Worker Payments into law April 29, 2022, enabling those workers to...