Articles by

Olsen Thielen

Volunteer Legal Risk and Tax Liability

Most charitable volunteers don’t think about potential legal and tax liabilities resulting from their volunteer activities. As a nonprofit leader, it’s your responsibility to ensure they never have to worry about such risks.
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Manufacturers: Consider a Reverse Sales & Use Tax Audit

Manufacturers should consider conducting a reverse sales & use audit (the opposite of a government audit that seeks to collect tax underpayments) to ensure they are taking full advantage of sales & use tax exemptions.
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Disaster Relief Charities – IRS Tax Rules

Many natural disaster relief charities are gearing up for a potentially busy tornado and hurricane season. Before an emergency hits, make sure you know IRS rules for providing aid to victims.
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FTC Ban on Noncompete Agreements

A new FTC ruling has made noncompete agreements unenforceable for most employees, with the aim of fostering competition and job mobility. Learn about the ruling and its potential impact on your business in this article.
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Inherited IRAs Waiver for 2024

The IRS's latest notice suspends RMDs for some inherited IRAs in 2024, offering beneficiaries a financial breather. Find out if you qualify for this waiver and how it affects your tax obligations.
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Navigating the Visa and Mastercard Settlement

Business owners should take advantage of the Visa and Mastercard Settlement and submit claims before the August 30, 2024 deadline.
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Recording Legitimate Business Expenses

If you operate a business, or you’re starting a new one, carefully recording legitimate business expenses is important to be able to claim all the tax deductions to which you’re entitled.
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Financial Reset: Strategizing for a Prosperous Future

Conduct a financial reset using the SMART framework to prepare financially for the future. Learn about strategies for debt repayment, evaluating your emergency fund, and early tax planning.
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Tax-Favored Retirement

If you’re a business owner without a retirement plan, establishing one is simpler than you may think. And there still may be time to set up a tax-favored retirement plan for LAST year, depending on your situation.
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Segmented Income Statement for Manufacturers

Most manufacturers issue companywide income statements. But have you considered digging deeper into your numbers with a segmented income statement? It can highlight key performance drivers and possible improvement strategies for your company.
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Use Board Committees to Share the Load

Prospective nonprofit board members commonly cite time constraints as a reason not to join. Using board committees to lighten the load may make it easier for nonprofits to recruit qualified individuals.
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Retirement Changes for Long-Term Part-Time Employees

As of 2024, certain long-term part-time employees are eligible to participate in 401(k) plans. This article provides a detailed understanding of the changes to retirement plan rules brought about by the SECURE Acts.
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Assessing Financial Well Being with Julie Walker

PODCAST: It’s time for a health check: is your business in good shape financially? In this episode of Q&A Over Coffee, we sit down with Olsen Thielen COO Julie Walker to dive into the components that determine the financial wellness of your business.
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Maximize Depreciation of Newly Acquired Assets

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can help achieve this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions.
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Reporting Cash Payments Over $10,000

Understand the IRS's new e-filing system for Form 8300, designed to simplify the reporting of cash payments over $10,000. Learn who must file, the e-filing requirements, and how to apply for a waiver if e-filing is challenging for your business.
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