Articles by

Olsen Thielen

New Business and Taxes

July 25, 2023

If you’re a new entrepreneur, you may not know that many of the expenses incurred by your new business can’t be currently deducted on your tax return. You should be aware that the way you handle some of your initial expenses can make a difference in your federal tax bill.

Managing Your Business Through Uncertainty

July 6, 2023

PODCAST: In our inaugural episode of Q&A Over Coffee, the Olsen Thielen team and Doug Loon, President & CEO of the Minnesota Chamber of Commerce, explore the new landscape of economic uncertainties facing business owners today. Topics covered include potential implications of new proposed tax legislation, workforce changes, increased financing

First-Year Depreciation

June 22, 2023

If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider.

Business Travel Deductions

June 21, 2023

If you and your employees are traveling for business, there are a number of things to consider to be able to claim business travel deductions. Under tax law, you must meet certain requirements for out-of-town business travel within the U.S.

Meal and Vehicle Expenses

June 21, 2023

Business meal and vehicle expenses are a magnet for IRS review. If you claim deductions for them, it’s important to comply with the strict tax law substantiation requirements. Keep these DOs and DON’Ts in mind.

2023 Q3 Tax Deadlines

June 21, 2023

Here are some of the key tax-related 2023 Q3 tax deadlines affecting businesses and employers. This list isn’t all-inclusive, so there may be additional deadlines that apply to you.

Timekeeping Best Practices

June 19, 2023

Nonprofits are obligated to track time worked by both hourly and salaried workers, so it is critical to know what’s required and to implement timekeeping best practices.

Nonprofit IRS Audit

June 16, 2023

Your nonprofit may do everything by the book and still be selected for an IRS audit. Don’t panic! We can explain the typical correspondence audit process and how to get through it.

Big Data Analytics

June 15, 2023

Manufacturers: The promise of big data analytics is improving product quality, increasing productivity, reducing waste, and minimizing variability with only minor adjustments to your manufacturing process.

Nonprofit Ratios to Watch

June 15, 2023

To control expenses and improve delivery of your not-for-profit’s services, there are four key ratios that should be monitored regularly.

Fraud Recovery Plan

June 14, 2023

Even if your nonprofit has implemented solid internal controls, occupational fraud can strike. However, a fraud recovery plan can help reassure stakeholders and get your organization back up and running.

Charitable Auctions

June 13, 2023

Charitable auctions can be an effective way for nonprofits to raise funds. But they can also trip up nonprofits (and donors) that don’t follow tax rules. Here are some of the most important issues.

Independent Contractors

June 13, 2023

These days, many businesses are filling vacant positions and saving money by using independent contractors. Here are the basic rules to help keep you out of trouble with the IRS.

Educational Assistance Program

June 12, 2023

Education benefits help attract, retain and motivate employees. One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employer.

Less Painful Business Losses

June 12, 2023

There is a way to make business losses less painful. Using the federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.