Articles by

Olsen Thielen

Business Tax Limit Increases

Business tax limit increases for 2023 have risen more than usual due to inflation.  An array of tax-related limits that affect businesses are indexed annually and here are some that may be important to you and your business.
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Employer-Provided Child Care

Now may be the time for your manufacturing company to consider offering employer-provided child care. The Section 45F tax credit can help offset some of the costs.
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Improving Cash Flow

If you’re seeking opportunities for improving cash flow in your manufacturing company, consider a fixed asset or cost segregation study. Manufacturing is a capital-intensive industry, so it’s critical to ensure that fixed assets are classified properly to recover their costs as quickly as possible.
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Learn to Love Delegation

To best serve your nonprofit and its constituents, you must practice the art of delegation and even perfectionists can learn to love delegation.
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Deducting Software Costs

The tax treatment and deducting of software costs can be more complicated than you might think, and the rules depend on whether the software is purchased, leased or developed by your business.
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2023 HSA Limits

HSAs have complex rules, but offer a flexible option for providing health care coverage and they may be an attractive benefit for your business.
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Sale of Business Property

Tax treatment of the sale of business assets is complex. And, there are many rules that potentially can apply to the sale of business property.
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2023 Q1 Tax Deadlines

Tax deadlines can be hard to keep on your radar.  To help you meet fulfill your filing requirements, here are some of the key tax-related 2023 Q1 tax deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply.
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Manufacturing Tax Laws in Limbo

Barring further legislation, certain manufacturing tax laws are in limbo, as key provisions have expired or have begun to phase out. Here are three that could have a significant impact on your company.
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2023 Standard Mileage Rate

The IRS recently announced that the 2023 standard business mileage rate for the business use of a car, van, pickup, or panel truck. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.  
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LIFO Inventory Method for S Corporations

Converting from C corporation to S corporation status could trigger an unexpected tax bill if you use the last in, first out "LIFO" inventory method. Is there anything you can do to lessen the tax?
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Conduct Productive Employee Reviews in Manufacturing

Year-end is the traditional time when manufacturers and other business entities conduct productive employee performance reviews. Unfortunately, reviews are often done as quickly as possible, with little thought given to providing the type of feedback to employees that will ultimately help the company achieve its strategic goals.
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1099 Online Filing Platform

The IRS has created a new 1099 online filing platform called the Information Returns Intake System (IRIS) that will allow taxpayers to electronically file Form 1099 series at no cost.  The IRIS platform is scheduled to open on January 9, 2023.
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Selling a Manufacturing Business

The tax implications when selling a manufacturing business can impact your tax bill and therefore, your net proceeds from the sale.
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Review of Buy-Sell Agreement

Manufacturers need to conduct a periodic review of their buy-sell agreement and modify its language to reflect changing circumstances.
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