General Tax

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Who in a Small Business Can be Hit with the “Trust Fund Recovery Penalty?”

July 12, 2021

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty,” which applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.

Minnesota Passes Tax Bill Including PPP Conformity

July 12, 2021

Minnesota lawmakers passed an omnibus tax bill (H.F. 9) in the wee hours of July 1, 2021, finally giving guidance to Minnesotan taxpayers who were financially impacted by the pandemic.

Eligible Businesses and the Employee Retention Tax Credit

July 1, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break extended and modified by the American Rescue Plan Act (ARPA). Here’s a rundown of the rules.

Traveling Again? Know What is Deductible

July 1, 2021

As the COVID-19 pandemic starts to subside, you may be traveling again for business. Under tax law, there are some rules for deducting the cost of your out-of-town business travel within the United States.

Do’s & Don’ts of Recordkeeping for Business Meal & Vehicle Expenses

June 8, 2021

If you’re claiming deductions for business meals or auto expenses, expect the IRS to review them closely. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law

Nonprofits: Should You Hire New Staffers or Outsource?

May 26, 2021

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.

An S-Corp Could Cut Self-Employment Tax

May 26, 2021

If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax.

Employee Education Assistance Rules

May 3, 2021

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge.

Business Energy Credit for Alternative Energy

April 28, 2021

If you are interested in alternative energy technologies to help manage your business energy costs, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.

Reasonable Compensation for a Corporate Business Owner

April 21, 2021

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends.

Tax Considerations for New Small Businesses

March 10, 2021

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors.

Olsen Thielen Celebrates 100 Years

March 9, 2021

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.

Work Opportunity Tax Credit Extended Through 2025

March 2, 2021

A recent law extended the Work Opportunity Tax Credit (WOTC) for businesses who hire individuals from one or more targeted groups. The credit is generally limited to eligible employees who began work for the employer before January 1, 2026.

Home Office Deduction Rules

February 22, 2021

During the past year, many more people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.

Gig Economy Income Must be Reported

February 18, 2021

In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes.