Olsen Thielen Advisor Blog

What is Economic Presence Nexus and How Does it Affect You?

By | January 17th, 2018|

Economic Presence Nexus is a legal term that refers to the requirement for entities conducting business in a state, including professional service firms, to collect and pay tax on income derived in that state even though [...]

2018 Withholding Rates Decrease for Supplemental Wages and Backup Withholding

By | January 15th, 2018|

Rates for withholding on supplemental wages There is a two-tiered system for withholding income tax from supplemental wages at a flat rate: Optional flat rate: reduced from 25% to 22% for 2018 on supplemental wages [...]

2018 Federal Percentage Method Income Tax Withholding Tables Released

By | January 15th, 2018|

The IRS released Notice 1036 on January 11, 2018.  This updates the 2018 income tax withholding tables reflecting changes made by the Tax Cuts and Jobs Act of 2017.  Employers should implement the 2018 withholding [...]

How Employers Can Assess Their HR Effectiveness

By | January 15th, 2018|

Group of People and Human Resources Concept If someone were to burst into your office one day and demand to know how effective your organization handled its HR obligations, what would you say? [...]

Give to the Max Day 2017

By | January 10th, 2018|

Thanks to the generous support of Minnesotan donors, Give to the Max Day 2017 raised over $20.6 million for Minnesota charities and educational institutions. Yeah, Minnesota!  

Tax Cuts & Jobs Act Impact on Nonprofit Organizations

By | January 10th, 2018|

The Tax Cuts and Jobs Act signed by the President on December 22 brings many changes to our Federal tax system.  A few provisions directly affect nonprofit organizations, with many more provisions for individuals and [...]

Preparing for a NonProfit Audit

By | January 10th, 2018|

An important part of the planning process for a financial statement audit is having quality discussions with clients regarding how their year went.  However, this is just one part of the puzzle when it comes [...]

Why Accountants Ask for all of that Information to Complete Your Form 990

By | January 10th, 2018|

Now that 2017 has come to a close, you may be thinking about how you survived another holiday season, or maybe about your goals for the new year both personally and for your organization.  The [...]

New Revenue Recognition Accounting Pronouncement and Proposed Clarification for Contributions Received

By | January 10th, 2018|

In 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) which will be effective for periods beginning after December 15, 2018. This ASU addresses [...]

How Well Did You Pay Attention in Physics Class? (Trivia)

By | January 10th, 2018|

--An ice cube in a glass of water will not raise the water level when it melts.  The amount of space it displaces as a cube is equal to the amount it takes up when [...]