Articles by

Olsen Thielen

2022 First-Quarter Tax Deadlines

Businesses face several 2022 first-quarter tax deadlines. This list is not all-inclusive, and additional deadlines may apply to you. Also, remember that this list isn’t all-inclusive, so there may be other deadlines that apply to you.
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Required Minimum Distributions

Required Minimum Distributions (RMDs) are minimum amounts that you must withdraw from your IRA or retirement plan account each year after you reach age 72 (70 ½ if you reach 70 ½ before Jan. 1, 2020).
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Nonprofits May Want to Try a New Budgeting Approach

Some nonprofits have discovered that budgeting, like many other things, sometimes is more effective when you try a new approach.  For example, you may want to look at adopting a rolling budget — or by reforecasting an existing budget.
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Corporate Aircraft Tax Implications

You may have considered purchasing a corporate aircraft if you do a lot of business travel.  But of course, you need to be aware of the tax implications before you spend the money.
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Kelly M. Salwei, CPA, CMA, to Retire August 31

Kelly joined Olsen Thielen in 1985, after six years with a CPA firm in northern Minnesota. We thank Kelly for his leadership in our Eden Prairie office and offer him our best wishes as he transitions to his new role as a retiree.
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Gifts to Employees and Customers May Provide a Tax Break

The holiday season will soon be here and after a year of avoiding social gatherings, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties.
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Your NonProfit Board Needs Certain Information

Your nonprofit’s board members need accurate financial and strategic information to make the best decisions for your organization.
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Establishing a Health Savings Account (HSA) for Your Employees

Establishing an employer-sponsored Health Savings Account (HSA) for your employees is a way to provide some tax-advantaged health care benefits. For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs.
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State of Manufacturing® 2021 Survey Released

Despite unprecedented uncertainties that continue to roil the COVID-era business economy, the 2021 edition of the State of Manufacturing® survey has revealed that Minnesota’s manufacturers are far more optimistic about their companies’ prospects than they were after they experienced the first wave of the pandemic.
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A Personal Request Could Equal Fundraising Success for Nonprofits

According to a recent survey conducted by fundraising platform FrontStream, the vast majority (87%) of Americans say they’re donating to charity in 2021.
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2022 Social Security Wage Base to Increase

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021).
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New Per Diem Business Travel Rates Effective October 1

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021.
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Business Vehicle Tax Depreciation Rules

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger automobiles can result in it taking longer than expected to depreciate a vehicle fully.
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Plan Carefully for Nonprofit Board Meetings

Whether your not-for-profit continues to hold videoconference board meetings or is back to in-person gatherings, you don’t want to waste members’ time. The key is good planning.
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Victim of Embezzlement? How to Claim a Theft Loss Deduction

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases, it does, but you’ll have to substantiate the loss.
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