General Accounting

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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a final rule implementing a beneficial ownership information reporting requirement under the Corporate Transparency Act. Learn how and when this reporting requirement may affect your company or organization.
Your choice of business entity can affect your taxes, your personal liability, and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may
The Financial Accounting Standards Board and the International Accounting Standards Board have provided standards for properly recognizing revenue. Using a five step process, companies recognize revenue based on the value and timing of when control of the goods and services are transferred to the customer. Learn about the
A recession can be challenging for any business. However, business owners can take steps to prepare for a recession and position their companies for growth as the economy recovers. In this video, we'll provide six tips to help you and your business prepare for a recession.
Cash flow management is critical for any business or organization, especially those in growth mode. Even when profitable, poor cash flow management can lead to a disastrous outcome for a company. If your business has ongoing cash flow issues or if you suddenly find yourself short of cash, there are
An updated buy-sell agreement is a critical tool for owners of closely held manufacturing companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled, or otherwise leaves the company.
Even if your nonprofit has no audit requirement, a regular audit can reassure donors and other stakeholders that you take seriously your responsibility. An audit can also help you identify risks before they become intractable problems. Here’s how to initiate and prepare for an audit.
With inflation recently rising to levels not seen in decades, the Federal Reserve is taking steps to stabilize prices. Watch this short video to learn what tools the Federal Reserve uses to fight inflation.
Some nonprofits have discovered that budgeting, like many other things, sometimes is more effective when you try a new approach.  For example, you may want to look at adopting a rolling budget — or by reforecasting an existing budget.
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.
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.
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.
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture.
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. 
Financial statement footnotes provide donors, governmental supporters, and other stakeholders with critical information about your not-for-profit. It’s important to work with your CPA to make sure your footnotes are accurate and thorough.
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