General Tax

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.
Prior to South Dakota v. Wayfair, businesses were not required to charge, collect, and remit state and local sales tax unless they had a physical presence in that state (employees, a store, a distribution center with inventory, etc.). However, our current Internet marketplace has dramatically changed our shopping habits. Customers
Olsen Thielen Principal, Michael Bromelkamp, is in the process of transitioning from his many responsibilities at Olsen Thielen after 25 years with the Firm.
Lisa Dunnigan, Olsen Thielen CIO and Principal was named a finalist for the Twin Cities CIO of the Year ORBIE Awards. The Twin Cities CIO of the Year ORBIE Awards honor chief information officers who have demonstrated excellence in technology leadership.
The Tax Cuts and Jobs Act (TCJA) made some significant changes in net operating loss treatment.  A net operating loss (NOL) occurs when deductible expenses exceed income.  While this is not usually the desired result, the NOL can result in tax benefits when used to offset other income.
If you hired new employees in 2017, or are planning to hire in 2018 and your new hires include members of certain “target groups,” you may be eligible for the Work Opportunity tax credit (WOTC).
In today’s rough-and-tumble world of mergers and acquisitions (M&As), buyers need to get to know business sellers and their executives, test their representations about asset condition and financial performance, and screen for common fraud schemes.
Recovering from tax-related identity theft can be a frustrating and time-consuming process. But the IRS can help remove fraudulent, inaccurate information from your federal tax records and ensure that your legitimate return is processed correctly. The key is to address the issue as soon as you realize your identity has
Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into
Parties to divorce sometimes accuse their spouses of hiding income or assets. Unfortunately, such accusations occasionally are true.
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