Posts by Carl Corneliuson
Understanding the New Corporate Transparency Act and Its Impact on Businesses
Introduction On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) introduced a significant rule aimed at enhancing transparency in business operations and safeguarding the U.S. financial system. This rule implements the Corporate Transparency Act’s (CTA) provisions on beneficial ownership information (BOI) reporting. Here’s what you need to know about this pivotal development. Cracking Down…
Read MoreTax Strategies for Small Businesses: 3 Ways to Save
Your taxes directly impact your bottom line. Saving on taxes is essential for small business owners because it allows for increased profitability and reinvestment in the business. By minimizing tax liabilities through strategic planning and compliance with tax laws, small businesses can retain more of their earnings and enhance financial stability. Below we’ve listed the…
Read MoreMinneapolis Small Business Accounting: Key Metrics for Measuring Financial Health
Financial success as a small business owner in Minnesota isn’t just about transactions — it’s about making informed decisions using the insights available to you. It’s about making choices that lead you and your team to the growth and prosperity you’re working so hard for. In order to help small business owners more easily secure…
Read MoreHow Does a Tax Lien Affect Your Small Business in Minnesota?
If your business has not paid taxes in full to the federal, state or local government, it’s possible that a tax lien will be filed. What does a tax lien mean for your business? The lien is the legal claim any of these government entities have against your property — including financial accounts, equipment and…
Read MoreHow to Choose a Small Business Accountant in Minnesota: A Complete Guide
As a small business owner, you know details matter. From where you invest every dollar to what your return on investment is, you are playing a never-ending game of 3D chess in order to grow. But as your company evolves, it gets more difficult to stay on top of finances. You need forecasting, analysis, and…
Read MoreHow to Avoid Common Small Business Financial Mistakes
Keeping Your Minneapolis Business Safe from Accounting Errors As a Twin Cities small business owner, you have plenty on your mind with the day-to-day running of your operation. It can be easy to relegate analyzing your finances and keeping track of all the pertinent records to late-night, sporadic hours. Unfortunately, this makes financial mistakes more…
Read MoreA Simple Guide to How Minnesota Businesses Can Account for Lost Inventory
Inventory shrinkage is a reality small business owners must face when they have products to sell that wind up lost, stolen, damaged or lose their value for some other reason. Grocery chains deal with spoiled groceries. Retailers face theft. Auto dealers cringe at thunderstorms with hail in the forecast. The loss scenarios are nearly endless.
Read MoreBOOKKEEPING FOR MULTIPLE BUSINESSES: OPENING A SECOND LOCATION
The time has finally come. You’re ready to expand your small business. After a while of managing with just one location, you’re now able to open your second one with much personal fanfare. And while you’re excited, it’s necessary to tread carefully.
Read MoreComprehensive Guide for Minnesota LLC Tax Prep Services
Having accurate and error-free tax returns sounds great, right? Navigating tax preparation for your Minnesota-based Limited Liability Company (LLC) can be a daunting task, but it’s essential to ensure compliance and avoid potential penalties. Plus, if you do it right, you can reduce your tax liability and improve your company’s financial standing. Whether you do…
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