General Tax

Categories

Sale of Business Property

Tax treatment of the sale of business assets is complex. And, there are many rules that potentially can apply to the sale of business property.
More Info »

LIFO Inventory Method for S Corporations

Converting from C corporation to S corporation status could trigger an unexpected tax bill if you use the last in, first out "LIFO" inventory method. Is there anything you can do to lessen the tax?
More Info »

1099 Online Filing Platform

The IRS has created a new 1099 online filing platform called the Information Returns Intake System (IRIS) that will allow taxpayers to electronically file Form 1099 series at no cost.  The IRIS platform is scheduled to open on January 9, 2023.
More Info »

Reporting Employee Health Coverage

Certain employers have the requirement of reporting employee health coverage. Do you know if your business has to comply, and if so, what must be done?
More Info »

Navigating Tough Times for Business Owners

In these difficult economic times, here are some tips on optimizing your business in the professional services industry.
More Info »

Saving for the Future

As your child begins to earn money from a job, it’s a great time to teach them about saving for the future. While a savings account is a great start, an even better opportunity is to open an IRA. With an IRA, your child can invest their hard-earned funds and
More Info »

Multi-State Taxation

Manufacturers operating in more than one state may be subject to multi-state taxation. But with proper planning, you can potentially lower your company’s state tax liability.
More Info »

Going Out of Business Tax Obligations

Many businesses shut down due to the pandemic and the economy. However, going out of business tax obligations need to be met. First, a business must file a final income tax return and other related forms for the year it closes its doors.
More Info »

Research Tax Credit

If your small business or start-up is planning to claim the research tax credit, there’s an option to get immediate use of the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits against payroll taxes instead of your income tax.
More Info »

Estimated Tax Payment

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated tax payments. You want your business to pay the minimum estimated tax payment without triggering the penalty for underpayment of estimated tax.
More Info »

Partnership Taxation

Partnership taxation can be puzzling. You may be taxed on more partnership income than was distributed to you in a given year. Why does this happen? It’s due to the way partnerships, and partners are taxed.
More Info »

Adding a New Partner?

Adding a new partner in a partnership has several financial and legal implications that need to be addressed.
More Info »

C-Corporation to S-Corporation

Should you switch from a C-Corporation to S-Corporation?  If you are thinking about switching entity types, there are a number of important issues you need to look at before finalizing your decision of which is best in your particular circumstances.
More Info »

Entrepreneurs and Taxes

If you have started or are contemplating starting a new business, as a new business owner you need to be aware of the implications that affect entrepreneurs and taxes.
More Info »

Olsen Thielen Celebrates 100 Years

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. 
More Info »
We Value Your Privacy

This site may use cookies to store information on your computer. Some are essential to make our site work and others to improve the user experience. By using this site, you consent to the placement of these cookies and accept our privacy policy.