General Tax

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Apartment Complex Property Manager – Employee or Independent Contractor?

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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South Dakota v. Wayfair Supreme Court Decision – How This Could Affect You

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
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Michael Bromelkamp to Retire

Olsen Thielen Principal, Michael Bromelkamp, is in the process of transitioning from his many responsibilities at Olsen Thielen after 25 years with the Firm.
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Lisa Dunnigan Named Finalist for ORBIE Awards

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.
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Net Operating Loss Treatment

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.
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Thorough Due Diligence Can Protect Your Acquisition From Fraud

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.
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Tax Identity Stolen? The IRS Can Help

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
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Possible Tax Reform Could Affect Timing Strategies

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
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How Some Spouses Attempt to Hide Income and Assets During Divorce

Parties to divorce sometimes accuse their spouses of hiding income or assets. Unfortunately, such accusations occasionally are true.
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Tax Planning Critical When Buying a Business

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious.
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Material Participation Key to Deducting LLC and LLP Losses

If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages.
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ESOPs Offer Businesses Tax and Other Benefits

With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement.
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All Fringe Benefits Aren’t Equal for Tax Purposes

A fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services. But the tax treatment of a fringe benefit can vary dramatically based on the type of benefit.
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Three Types of Information Your Nonprofit’s Board Needs

Information is power. And regularly supplying information to your not-for-profit’s board of directors is the key to the board properly fulfilling its duties. This doesn’t mean you have to share every internal email or phone message. Board members should, however, receive and understand information that will help them work together
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Consider Tax Consequences Before Making an Employee a Partner

Offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, however, there are some tax traps you should watch out for.
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