New Year, New Rules: Payroll and HR Changes for 2025
As 2024 comes to a close and we get ready to roll the calendar over into a new year, MBS is here to help you prepare for upcoming payroll and HR changes. These updates include changes at both the federal and state (Minnesota) levels, along with a few miscellaneous items to address with your employees.
Winning Insights from Intuit Connect Conference 2024
For the second year in a row, MBS team members hopped on a plane and flew to fabulous Las Vegas to attend the Intuit Connect conference, formerly known as QuickBooks Connect. Anita, Jennifer, Megan, and Natalie had the privilege of participating in this two-and-a-half day event at the end of October.
Decoding the Financial Dream Team: Understanding the Roles of Bookkeeper, Accountant, CFO, CPA, and Tax Attorney
In the world of finance and business, the terms bookkeeper, accountant, CPA, CFO, and tax attorney are sometimes used interchangeably—but each actually plays a distinct role. From keeping track of daily transactions to providing legal advice in tax disputes, these roles are essential to a business’s financial health.
Shining a Light on Mental Health and Suicide Prevention
September is National Suicide Prevention Awareness Month. This month is dedicated to remembering the lives lost to suicide and acknowledging the countless individuals, families and communities impacted by suicide. As HR consultants, we feel compelled to discuss this difficult topic to raise awareness in organizations, even though we are not experts on the subject.
File Your Beneficial Ownership Information by Year-End
Final Update: As of March 26, 2025, the Financial Crimes Enforcement Network (FinCEN) has come up with a final ruling that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.
This means that if your entity was formed under the law of a foreign country and has registered to do business in any U.S.
MBS Values Leadership
Along with reliability, growth, and being people-focused, one of the four core values of Multi Business Solutions is leadership.
Leadership is more than just guiding a team to achieve goals; it also requires understanding and meeting some of the most basic psychological needs of your followers.
Exempt Employee Salary Threshold
Update: As a result of the November 15, 2024, Federal court decision in Texas overturning this ruling, the new changes to the exempt employee salary threshold are no longer in effect. More information can be found by clicking here.
This article still includes the current thresholds and offers valuable guidance for determining whether employees are classified as highly compensated,
Zen at Work: 5 Tactics to Beat Stress in Busy Seasons
Every field of work seems to have a time of year that is busier than others. For retail businesses, it tends to be around major holidays, like Christmas. Construction workers usually have a lot to do during the warmer months, from spring to fall. Accountants, like us at MBS, are mostly “full speed ahead” from January to April due to tax season.
Chart of Accounts: The Foundation for Financial Success
The chart of accounts, or COA, is the foundation of a company’s accounting system. It includes all accounts used by an organization to record financial transactions. Financially, it’s the basis of what holds everything to together and keeps it organized.
As you read on, you’ll discover how a well-organized chart of accounts helps a business run more smoothly by providing an efficient way to classify transactions.
The Beat Goes On: Healthy Hearts make Healthy Workplaces
Employees are the heartbeat of an organization.
During American Heart Month in February, the MBS Team was challenged to engage in ways to support and strengthen our hearts, both literally and figuratively. We checked off activities on our Heart Health Bingo card and found ways to connect as a mainly remote team.