Articles by

Olsen Thielen

Nonprofit Whistleblower Policies

May 26, 2021

Perhaps nonprofit leaders believe their organizations are too small or collegial to worry about illicit activities — let alone people reporting them. Or perhaps a whistleblower policy seems like one more thing that requires time and money they don’t have.

An S-Corp Could Cut Self-Employment Tax

May 26, 2021

If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax.

Nonprofit Boards: Is it Time for an In-Person Retreat?

May 26, 2021

As states open for business and the need for social distancing recedes, your not-for-profit organization may want to think about scheduling an in-person retreat for your board of directors.

2022 Health Saving Accounts Amounts

May 26, 2021

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs).

Nonprofit Gifts in Kind Rule Changes to Start in 2022

May 12, 2021

Some nonprofit organizations may accept contributions of nonfinancial assets, such as land, services, and supplies. If your nonprofit accepts this kind of contribution, you should know about Financial Accounting Standards Board (FASB) rules approved last year.

Employee Education Assistance Rules

May 3, 2021

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge.

Nonprofits: Minimize Year-End Financial Adjustments

April 30, 2021

Auditors of not-for-profits sometimes propose year-end adjustments to interim financial statements prepared by nonprofit staff for the board. Why do auditors do this?

Business Energy Credit for Alternative Energy

April 28, 2021

If you are interested in alternative energy technologies to help manage your business energy costs, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.

Reasonable Compensation for a Corporate Business Owner

April 21, 2021

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends.

Retirement Plan Savings Options for Small Businesses

April 12, 2021

If you want to set up a retirement plan for yourself and your employees, but want to avoid the financial commitment and administrative burdens involved in providing a traditional pension plan, you do have options.

Financial Danger Signs for Nonprofits

April 2, 2021

Many not-for-profits are just starting to emerge from one of the most challenging environments in recent memory due to the COVID-19 pandemic. Even if your organization is in good shape, don’t get too comfortable.

The Importance of Benchmarking for Nonprofits

March 10, 2021

Benchmarking is widely used by for-profit companies but sometimes is overlooked by charities and other nonprofits. A not-for-profit organization should be committed to benchmarking because it offers many benefits, including long-term sustainability.

Tax Considerations for New Small Businesses

March 10, 2021

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors.

Olsen Thielen Celebrates 100 Years

March 9, 2021

Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains. commitment to their clients and their community.

Time to Rebuild Your Nonprofit’s Operating Reserves?

March 4, 2021

Events of the past year may have put a dent in many not-for-profit organizations' reserves. You possibly could have tapped into your reserve fund to buy personal protective equipment or maybe to pay salaries when your budget no longer proved adequate.