Sept/October, 2010 Newsletter
Linda M. Nelson Elected Principal
Written by Newsletter Editor on October 4, 2010
We are pleased to announce that Linda M. Nelson has been elected to Principal.
Linda is a graduate of Minnesota State University – Mankato and has more than 27 years of public accounting experience.
She is responsible for providing tax compliance and advisory services for
not-for-profit charities and professional associations and closely-held and family-owned businesses and their owners. Linda joined Olsen Thielen in 2006. With Linda’s election to Principal, Olsen Thielen now has 19 Principals and 90 staff.
Linda and her husband Mark live in Roseville, Minnesota, and have two adult sons, Erik and Kirk. She enjoys spending time with family and friends, cheering on the Minnesota Twins baseball team, and reading. She is a member of Roseville Lutheran Church and serves on its finance committee.
She is a member of the American Institute of Certified Public Accountants (AICPA), the Minnesota Society of Certified Public Accountants (MNCPA), the Minnesota Council of Nonprofits, the Midwest Society of Association Executives, and the Twin Cities Nonprofit Financial Group.
How the Expiring Tax Cuts May Affect You
Written by Jim Ripple, CPA on October 4, 2010
Two major tax bills, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001, and the Jobs and Growth Tax Relief Reconciliation Act of 2003 have provisions set to expire starting in 2011. It is a common misperception that the tax cuts related to these bills mainly impact the wealthy. However, these tax rules have reduced the tax liability for most taxpayers. Read the rest of this entry »
Small Business Lending Funding Act
Written by Joe Mayer, CPA, MST on October 4, 2010
The Small Business Lending Funding Act recently signed by President Obama will provide tax savings for small businesses.
The Act will allow 50% bonus depreciation on qualifying new equipment purchased during calendar year 2010. In addition, Section 179 expensing of qualifying property has been increased from $250,000 to $500,000 for 2010 and 2011. The phase-out of the deduction begins at $2 million of qualifying assets purchased. First year expensing for automobiles was also increased by $8,000 for 2010. Read the rest of this entry »
Flex Benefit Plan, HSA Changes Coming in 2011 for Over-the-Counter Medications
Written by Alan Holz, Human Resources Manager on October 4, 2010
Healthcare reform legislation enacted in March includes a standard which changes the reimbursable expenses under medical flexible spending accounts, health reimbursement arrangements and health savings accounts.
Effective for purchases made on or after January 1, 2011, the cost of over-the-counter medicine or drugs cannot be reimbursed from these accounts unless a prescription is obtained. Other medical expenses, including eyeglasses, contact lenses, medical devices, insurance co-pays and deductibles, will continue to be reimbursed under the new law.
Employees and employers should consider this change when making their health care decisions for 2011.
Cost of Higher Education at Upper Midwest Colleges and Technical Schools
Written by Newsletter Editor on October 4, 2010
There’s no escaping the fact that college costs are rising. Do you have a good idea of what it will cost to send your child to an institution of higher learning located in the Upper Midwest? It has been reported that in recent years college costs have increased at roughly twice the inflation rate. Current increases have averaged 5-8%. The table below lists the approximate cost of tuition and room and board for an incoming freshman for the 2010-2011 school year. Books, entertainment, transportation, and personal spending need to be added into the yearly totals. Read the rest of this entry »
Olsen Thielen/EBITDA Partners Seminar Schedule
Written by Newsletter Editor on October 4, 2010
We invite you to attend one or more of our upcoming seminars that are held in our St. Paul office. Doors open at 7:30 a.m. for registration and networking. The seminar starts promptly at 8:00 a.m. and wraps up by 9:30 a.m. Pre-registration is required. Please RSVP to events@otcpas.com.
Wednesday, October 27 – Health Care Reform, presented by Pat and Gayle McCann, Johnson McCann Benefits
Wednesday, November 10 – Federal and State Tax Update, presented by Greg Nelson, Olsen Thielen CPAs
Wednesday, November 17 – Enlightened Leadership–Managing the Linkage Between Employee Engagement and Business Results, Dave Dahl of Talent Strategy Consultants
Olsen Thielen Adviser BLOG
Written by Newsletter Editor on October 4, 2010
Don’t miss the opportunity to keep pace with breaking news and communications–visit our Adviser Blog for news and views about hot topics. Go to our webpage, www.otcpas.com and click on the Adviser Blog in the upper right hand corner.
We appreciate our readers’ comments and ideas. Send your input to our newsletter editor, Mike Bromelkamp at mbromelkamp@otcpas.com or call him at (651) 621-8546.
Domestic Partners, FMLA & Dependents
Written by Alan Holz, Human Resources Manager on October 4, 2010
The Department of Labor announced on June 22nd that employees are now eligible for unpaid FMLA leave for the birth or placement of a child, or to care for a son or daughter with a serious health condition even when there is no biological nor legal relationship with the child.
While applicable to unmarried partners and same sex partners the new interpretation does NOT expand FMLA coverage to same-sex partners. It applies to employee leave requests under FMLA to care for a domestic partner who is giving birth or is adopting a child. For more information, contact Alan Holz at (651) 483-4521.
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Sept/October, 2010 Newsletter
