Articles by

Olsen Thielen

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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Hiring Military Veterans

If your not-for-profit is looking for workers, you might want to consider hiring military veterans. This demographic can have a harder time finding civilian jobs, and tax breaks may be available for employers who hire them.
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Company Structure Affects Taxes for Manufacturers

A company's structure affects taxes and for decades, owners of small to midsize manufacturing companies have opted for the S corporation form of ownership, rather than being subject to the double taxation of C corporations. However, in recent years the limited liability company (LLC) has become another popular alternative.
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Choice of Business Entity

Your choice of business entity can affect your taxes, your personal liability, and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes.
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Reporting Employee Health Coverage

Certain employers have the requirement of reporting employee health coverage. Do you know if your business has to comply, and if so, what must be done?
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State of Manufacturing 2022 Survey Released

The 2022 State of Manufacturing results are in! Minnesota manufacturers are now preparing for yet another marketplace headwind.
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Code of Ethics

A Code of Ethics is more than limiting potential fraud losses. It also provides nonprofit organizations with an opportunity to document and disseminate its core values.
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Solo 401(k) Nest Egg

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) to build a solo 401(k) nest egg for your retirement.
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2022 Q4 Tax Calendar

Here is the 2022 Q4 tax calendar with some key tax-related deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
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Nonprofit Revenue Detective

Be a nonprofit revenue detective. You don’t have to wait for the next scheduled audit to assess your nonprofit’s financial health. Follow the lead of your professional auditors and focus on analyzing your revenue.
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Deducting Website Costs

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on deducting website costs. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs.
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Is a Donation Worth Bad Publicity?

No not-for-profit wants to turn down donations — particularly if they’re large. But, you need to decide is a donation worth bad publicity? Bad publicity, particularly if it hits social media and goes viral, can be far more expensive for your organization in the long run.
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Multi-State Taxation

Manufacturers operating in more than one state may be subject to multi-state taxation. But with proper planning, you can potentially lower your company’s state tax liability.
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Going Out of Business Tax Obligations

Many businesses shut down due to the pandemic and the economy. However, going out of business tax obligations need to be met. First, a business must file a final income tax return and other related forms for the year it closes its doors.
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