Articles by

Olsen Thielen

Fiduciary Duties for Nonprofit Board Members

It takes more than dedication and enthusiasm for your not-for-profit’s cause and programs to make a good board member. The most critical duty for all board members is being a fiduciary.
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Do’s & Don’ts of Recordkeeping for Business Meal & Vehicle Expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to review them closely. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law
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Nonprofits: Should You Hire New Staffers or Outsource?

Many Americans remain unemployed due to the COVID-19 pandemic — at least 9.8 million at the end of April. But that’s expected to change quickly as employers ramp up hiring activities. If your not-for-profit will soon need new staffers, you might want to start putting out feelers now.
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Nonprofit Whistleblower Policies

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.
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An S-Corp Could Cut Self-Employment Tax

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

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.
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2022 Health Saving Accounts Amounts

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs).
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Nonprofit Gifts in Kind Rule Changes to Start in 2022

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.
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Employee Education Assistance Rules

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge.
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Nonprofits: Minimize Year-End Financial Adjustments

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?
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Business Energy Credit for Alternative Energy

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.
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Reasonable Compensation for a Corporate Business Owner

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.
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Retirement Plan Savings Options for Small Businesses

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.
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Financial Danger Signs for Nonprofits

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.
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The Importance of Benchmarking for Nonprofits

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.
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