General Tax

If an employee passes away during the year, you must report the accrued wages, vacation pay, and other compensation paid after the date of death. And, accrued wages paid in the same year as the employee’s death are reportable on Form W-2 and Form 1099-MISC.
The U.S. Department of Labor (DOL) approved changes to thresholds for overtime pay on September 24, 2019, under the Fair Labor Standards Act (FLSA). These changes are likely to impact approximately 1.3 million workers that may become eligible for overtime. 
VIDEO: Crowdfunding has become a relatively new way for businesses to raise capital. In this short video, you'll learn how businesses are leveraging equity crowdfunding to raise capital from both accredited and non-accredited investors.
We are pleased to announce Matthew J. Klein and Nathaniel L. Nelson have been elected Principals of the firm, effective September 1, 2019. With their election, Olsen Thielen now has 21 Principals and over 86 staff.
VIDEO: If you're starting or have already started your own business, you've probably heard about the advantages of incorporation. You'll learn the differences between an LLC and S-Corp, and how both can be used together. We'll also cover the benefits and tax implications of each.
Whether you are selling or buying a business or in the process of a merger or acquisition, it is important that all parties be consistent when reporting the transaction to the IRS.  Reporting discrepancies could increase your chance of being audited.
Making the correct business entity choice is much easier when first starting up a business and it can avoid the complexity of converting from one type of entity to another. Converting from one type of entity to another adds complexity, but in some cases can provide a tax benefit.
Identify theft is a growing problem for consumers, and the latest tool in the scammers arsenal is the Social Security Phone Scam. 
VIDEO: Expecting a Capital Gain? You may be able to receive significant tax incentives for investing in an Opportunity Zone Fund. Here's a great 2 minute video to find out more.
For start-ups, before you even open the doors, you generally have to spend a lot of money to train workers and pay for rent, utilities, marketing and more. Entrepreneurs sometimes are surprised to find out that many expenses can’t be deducted right away.
Have you ever wondered if leasing or buying equipment would be more tax efficient for your business? Recent changes to federal tax law and accounting rules could affect whether you make the decision to lease or buy equipment or other fixed assets.
The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for "pass-through" entities such as calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes.
Generally, if a taxpayer exchanges business or investment property solely for business or investment property of a like or similar kind, they don’t need to recognize a gain or loss.
Olsen Thielen is proud to announce Adam Hennen has been appointed Board Chair for the White Bear Area Chamber of Commerce.
The IRS recently won a tax court case that reclassified an apartment complex manager (who was being treated as an independent contractor) as an employee, subjecting the apartment building’s owner to employment taxes and penalties.
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