General Tax

Categories

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.
More Info »

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.
More Info »

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
More Info »

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.
More Info »

Loans Between Your Business and Its Owners

It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity?
More Info »

Choosing Best Way to Reimburse Employee Travel Expenses

If your employees incur work-related travel expenses, it is critical that you comply with IRS rules to secure tax-advantaged treatment for your business and your employees.
More Info »

Business Owners: When it Comes to IRS Audits, Be Prepared

Don’t let an IRS audit interrupt your day-to-day responsibilities. By taking a meticulous, proactive approach to how you track, document and file your company’s tax-related information, you’ll make an audit much less painful and even decrease the chances that one happens in the first place.
More Info »

Risks and Rewards of Operating Across State Lines

With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines.
More Info »

Corporate Credit Card or Expense Reimbursement?

How management monitors employee expenses whether using reimbursement method or company credit cards is a key internal control of the business. There are some pros and cons for both options and they have slightly different nuances when it comes to monitoring the controls over these expenditures.
More Info »

Choosing Between a Calendar Tax Year and a Fiscal Tax Year

Many businesses use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense.
More Info »

Estate Planning – Managing Debt and Creating Other Important Documents

According to Credit.com, 73% of people had outstanding debt at their death. These people carried an average debt balance of $61,554, which includes mortgage debt. Without the mortgage debt, the average balance was $12,875.
More Info »

Don’t Let Your Business be Considered a “Hobby” by the IRS

If you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at all in the eyes of the
More Info »

Scott Hoyles Receives ABV Designation

Olsen Thielen is happy to announce that one of our Tax Principals, Scott Hoyles, has been awarded the Accredited in Business Valuation (ABV) designation from the American Institute of Certified Public Accountants (AICPA).
More Info »

Dual Signatures

An important internal control related to cash disbursements can include requiring two authorized signatures on all company checks generally over a specific amount that has been set by management or the board directors. By requiring two signatures, the company is verifying that both signers agree that the payment is proper
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.