Olsen Thielen Advisor Blog

Three Mid-Year Tax Planning Strategies for Businesses

By | July 26th, 2017|

Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major [...]

IRS Not Bound by Divorce Decree in Allocating Taxes Owed

By | July 26th, 2017|

Tax Law Background A divorce decree establishes each spouse’s rights under state law.  It may allow one to recover against the other through a right of contribution.  However, it does not control their tax liabilities [...]

DOL Withdraws Worker Classification Guidance

By | July 26th, 2017|

On June 7, 2017, the U.S. Department of Labor (DOL) withdrew a 2015 administrative interpretation on classifying workers as employees or independent contractors. The withdrawal became effective immediately. Despite the withdrawal of this guidance, employers [...]

Financial Statement Service Levels

By | July 25th, 2017|

Did you know that auditors don’t just audit financial statements? In fact, there are a variety of levels of financial statement services provided, including compilations, reviews, and of course, audits. While many Organizations are required [...]

Upcoming Changes to NFP Financial Statement Presentation

By | July 25th, 2017|

On August 18, 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-14, Not-For-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, which simplifies and improves a not-for-profit organization’s: Classification of its [...]

Keeping Your Organization’s Investment Policy Up-to-Date

By | July 25th, 2017|

Any Organization that invests assets should have a well-written investment policy statement (IPS).  A clearly defined IPS is central to the idea of good governance of any nonprofit.  It is a document that outlines overall [...]

Nonprofits: Harness the Power of Personal Appeal

By | July 24th, 2017|

You’ve probably heard it before: People don’t give to causes — they give to those asking on behalf of a cause. That’s why a personal appeal continues to be such a powerful not-for-profit fundraising tool. [...]

Does Your Nonprofit’s Board Understand its Fiduciary Duties?

By | July 20th, 2017|

Interest in not-for-profits’ governance practices from lawmakers, watchdog groups and the general public has been growing in recent years. If your board hasn’t reviewed its roles and responsibilities recently, now is a good time. Three Primary [...]

Does Your NFP Owe UBIT on Investment Income?

By | July 19th, 2017|

In recent years, the IRS has increased its scrutiny of not-for-profits’ unrelated business income (UBI). Dividends, interest, rents, annuities and other investment income generally are excluded when calculating unrelated business income tax (UBIT). However, there [...]

All Fringe Benefits Aren’t Equal for Tax Purposes

By | July 19th, 2017|

According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the [...]