Articles by

Olsen Thielen

Employee Educational Assistance Plan

A Section 127 educational assistance plan can be a smart investment for your business. With this tax-favored benefit, employees can finish degrees, pursue graduate study and even pay off student loan debt.
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100% Penalty for Small Businesses

Unpaid taxes withheld from your company’s employees might hit you harder than you think. Find out how the 100% penalty can affect your personal finances.
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Rental Real Estate Losses

Real estate professionals can use an exception when deducting rental real estate losses, as long as certain requirements are met.
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Regaining Your Nonprofit’s Tax-Exempt Status

Has your nonprofit lost its tax-exempt status because you forgot to file information returns? The good news is that most organizations can file for reinstatement from the IRS.
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Nonprofits: Prepare for a Financial Crisis

A financial crisis can hit at any time, and a financial cushion can help you manage acute shortfalls. If your nonprofit’s operating reserves are low or nonexistent, start looking for ways to build them.
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Reshoring: What Manufacturers Need to Know

Moving your manufacturing business/production, back to the United States is no small endeavor and comes with many factors to consider before making the move.
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Hire Your Child and Save Some Taxes

If you own a small business it may pay to hire your child. In addition to tax savings, you also may be able to achieve Social Security tax savings (if your business isn’t incorporated) and your child may even be able to make retirement plan contributions.
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Payroll Tax Compliance Tips for Businesses

Payroll tax compliance is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal consequences. This article has tips to help you stay on track.
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Minnesota REAL ID

As of May 1, 2025, Minnesota residents must comply with the REAL ID Act, that was passed by Congress in 2005. The Act set certain standards for states to issue driver's licenses and identification (ID) cards that will be accepted by federal agencies to board domestic flights and enter some federal buildings.
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IRS Appraisal Rules for Donating Non-Cash Assets

Looking to donate or gift non-cash assets? Don't do it without understanding the IRS appraisal rules first. Not following the rules could have unexpected tax complications in spite of your generosity.
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Manufacturing Cybersecurity Risks

Addressing manufacturing cybersecurity risks is more critical than ever for manufacturers as they increasingly integrate advanced technologies into their operations. While these innovations boost productivity, they also expand potential areas for cyberattacks.
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IRS Interest Rates Unchanged for Q2 2025

The IRS has announced that interest rates on tax overpayments and underpayments will remain unchanged for the second quarter of 2025. Individuals and businesses should take note of these rates, as they impact potential interest owed or earned on tax balances.
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Nonprofits: Cut Costs Rather Than Staff

If your nonprofit is facing a budget crisis and needs to cut costs, there are other possible ways to cut costs than laying off staff. Read more about possible solutions for your organization.
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Business Succession Options and Tax Implications

When it’s time to consider your company's future, business succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Business succession options have tax implications. Read to learn more.
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Product Profitability for Manufacturers

For manufacturers, knowing product profitability for individual items is essential for strategic decision-making and long-term success. While total revenue can provide a sense of overall product performance, profitability analysis can deliver a clearer picture of which products contribute the most (and the least) to your bottom line.
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