Articles by

Olsen Thielen

Tax Identity Stolen? The IRS Can Help

October 4, 2017

Recovering from tax-related identity theft can be a frustrating and time-consuming process. But the IRS can help remove fraudulent, inaccurate information from your federal tax records and ensure that your legitimate return is processed correctly. The key is to address the issue as soon as you realize your identity has

An Anonymous Hotline Can Encourage Employees to Report Fraud

October 4, 2017

Anonymous hotlines an effective method of uncovering occupational fraud. But while the mere existence of a hotline can prompt second thoughts in employees tempted to commit fraud, it usually isn’t enough to encourage reporting of fraudulent activities.

Possible Tax Reform Could Affect Timing Strategies

October 4, 2017

Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into

How Some Spouses Attempt to Hide Income and Assets During Divorce

October 3, 2017

Parties to divorce sometimes accuse their spouses of hiding income or assets. Unfortunately, such accusations occasionally are true.

Promoting from Within Can Be a Recipe for Management Success

September 14, 2017

Promoting current, nonsupervisory employees to management positions can fulfill the employment needs of many organizations. You’ve just got to follow the right recipe.

Tax Planning Critical When Buying a Business

September 11, 2017

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious.

How Your Nonprofit Can Avoid Investment Fraud

September 8, 2017

Investment fraud, such as Ponzi schemes, can cause significant financial losses for not-for-profits. But the harm it can cause an organization’s reputation with donors and the public may be even worse.

Don’t Let Unethical Sales Spoil Your Company’s Success

September 7, 2017

If your sales team is willing to say whatever it takes to land a sale, it could hurt your company’s good name. So don’t overlook sales when building an ethical business culture.

Financial Statements that Will Impress Your Nonprofit’s Stakeholders

September 7, 2017

Annual financial statements that have been audited by a professional auditor can help assure funders and lenders that your not-for-profit is financially sound. Audited results demonstrate professionalism and provide assurance that your results are free from errors and fraud.

How to Preserve Fraud Evidence

August 29, 2017

Your first action when you uncover fraudulent activity should be to take proactive steps to preserve evidence. Otherwise, you might inadvertently destroy or discard critical data. And without evidence, fraud can’t be fully traced and perpetrators can’t be prosecuted and punished.

Flipping the Switch with an Employee Survey

August 29, 2017

Many employers labor along with little to no idea what their employees are really thinking or feeling about a variety of critical employment issues.

Create a Nonprofit Executive Search Plan – Before it Becomes Necessary

August 21, 2017

Selecting a new chief executive or other senior staffer is one of the most important decisions your not-for-profit board is likely to face. Even if there’s no immediate hiring need, it’s smart to prepare for the process. That way, you’ll be ready to execute an efficient executive search when the

Is One of Your Nonprofit’s Board Members Behaving Badly?

August 14, 2017

Your not-for-profit has probably spent a lot of time and effort attracting board members who have the knowledge, enthusiasm and commitment to make a difference to your organization. Unfortunately, what begins as a good relationship can sour over time, and you may find yourself in the tough position of having

Material Participation Key to Deducting LLC and LLP Losses

August 7, 2017

If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages.

Reporting Collaborative Activities: A Complex Issue for Nonprofits

August 7, 2017

For accounting purposes, the simplest relationship between nonprofits may be a collaborative arrangement. These are typically contractual agreements in which two or more organizations are active participants in a joint operating activity — for example, a hospital that’s jointly operated by two nonprofit health care organizations.