General Tax

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Hire Your Child and Save Some Taxes

April 14, 2025

If you own a small business it may pay to hire your child. In addition to tax savings, you also may be able to achieve Social Security tax savings (if your business isn’t incorporated) and your child may even be able to make retirement plan contributions.

Tax Obligations for Household Employees

April 7, 2025

Hiring nannies or housekeepers brings convenience but also labels you as an employer with household employees. As an employer. you have additional tax obligations and need to stay compliant in classifying workers correctly and navigating Social Security and unemployment taxes.

Payroll Tax Compliance Tips for Businesses

April 2, 2025

Payroll tax compliance is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal consequences. This article has tips to help you stay on track.

IRS Appraisal Rules for Donating Non-Cash Assets

March 28, 2025

Looking to donate or gift non-cash assets? Don't do it without understanding the IRS appraisal rules first. Not following the rules could have unexpected tax complications in spite of your generosity.

1031 Exchange: What Qualifies and Where Investors Get Tripped Up

March 26, 2025

Discover how 1031 exchanges can be a game-changer for real estate investors, offering a strategy to defer capital gains taxes while reinvesting in like-kind properties. This guide dives into the mechanics, eligibility, and potential pitfalls of executing a successful 1031 exchange.

IRS Interest Rates Unchanged for Q2 2025

March 25, 2025

The IRS has announced that interest rates on tax overpayments and underpayments will remain unchanged for the second quarter of 2025. Individuals and businesses should take note of these rates, as they impact potential interest owed or earned on tax balances.

What is a Fractional CFO?

March 24, 2025

VIDEO: Discover how a Fractional CFO can help your business with budgeting, forecasting, and cash flow management—expert insights from Adam Hennen at Olsen Thielen.

Property Upgrades – Repairs vs. Improvements

March 14, 2025

Navigating the fine line between repairs and improvements on your property upgrades can significantly impact your tax liabilities. Discover how the IRS classifies these expenses, explore key safe harbors, and learn strategies to maximize your tax benefits.

Corporate Transparency Act (CTA) Reporting Suspended

March 6, 2025

The Treasury Department has suspended the CTA filing requirement for U.S. businesses, signaling a major shift in compliance obligations. While the rule may still face legal challenges, domestic companies are no longer required to report beneficial ownership information—at least for now.

Manufacturers: Avoid Overpaying State Sales Taxes

February 28, 2025

Manufacturers often can benefit from state sales tax exemptions. However, available exemptions sometimes vary significantly by state, so manufacturers need to stay on top of available exemptions to avoid overpaying state sales taxes.

Home Office Tax Deductions

February 26, 2025

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks.

Tipped Employees and Tax Compliance

February 25, 2025

You may have heard about proposals to end taxes on tips. If you’re a business with tipped employees, you are required to adhere to a number of regulations and laws.

The Sunset of Current Tax Laws with Scott Hoyles and Joe Mayer

February 13, 2025

Podcast: Join us on this episode of Q&A Over Coffee as we sit down with Tax Principals Scott Hoyles and Joe Mayer to talk about a pressing topic for 2025 – the upcoming sunset of the Tax Cuts and Jobs Act (TCJA).

Increased Business Tax Limits for 2025

February 4, 2025

For 2025, inflation-adjusted changes were made to certain business tax limits. Here’s how much employees can contribute to their 401(k)s and FSAs this year, as well as other important business tax amounts.

W-2 and 1099-NEC Deadlines

January 27, 2025

The deadline is almost here for businesses to submit certain information returns to the government and furnish them to workers. By Jan. 31, 2025, employers must file Forms W-2 that show the wages paid and taxes withheld for 2024 for each employee.