General Tax

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Does Your Business Need to Report Employee Health Coverage

One crucial aspect of offering employee health coverage is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply, and if so, what must you do?
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2025 401(k) Limit Increases

The IRS announced the 2025 401(k) limit increases and issued technical guidance on cost of living adjustments. Read more the see how these increases could affect you.
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MN Renter Property Tax Refund Changes

New MN renter property tax refund changes affect renters and property owners, managers and landlords, and involve changes to submission of Certificate of Rent Paid and how renters receive payment of the credit.
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Is an IRS Audit in Your Future?

Many IRS audits are routine. However, taking a meticulous, proactive approach to tracking, documenting and filing your company’s tax-related information will make an audit more manageable if your business is selected.
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The 2024-2025 Tax Planning Guide

Tax planning strategies must evolve as your situation changes, whether due to life events, economic developments, or new tax laws. Our 2024-2025 Tax Planning Guide can help explain the best tax planning strategies for you to save the most on your 2024 taxes.
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2025 Social Security Wage Base Increase

The 2025 Social Security wage base increase was recently announced by the Social Security Administration. The threshold will increase to $176,100, up from $168,600 in 2024.
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Tax Year 2025 Inflation Adjustments

The Internal Revenue Service announced the annual inflation adjustments for tax year 2025, that will impact taxpayers when they file their returns in 2026.
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Year-End Tax Planning for Small Businesses

We’ll be saying goodbye to 2024 in no time. Here are some year-end tax planning ideas that may help your small business save on taxes.
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2024 Q4 Tax Deadlines

Here are some of the key 2024 Q4 tax deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
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Benefit of an LLC

Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability and other issues. For many businesses, the benefit of an LLC is an attractive choice.
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New Olsen Thielen Principals Elected

Olsen Thielen has elected four new principals to our firm leadership including: Rob Mathewson, Tony Oman, Charlie Sparks, and Carrie Sundberg.
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Educator Expense Deduction

Educators who purchase classroom supplies and educational materials or pay for professional development expenses may be eligible to take advantage of this deduction.
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Bad Debt Deductions for Businesses

Struggling with uncollectible debts? This article explains how to manage bad debts, including how to report them, track allowances, and handle unexpected repayments—all while staying compliant with tax rules.
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Cash or Accrual Accounting?

Many businesses have a choice between using the cash or accrual method of accounting for tax purposes. You choice can affect the taxes you pay, so you need to carefully evaluate the differences.
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Timeframe for IRS audits

Ever wondered how long you could be subject to an IRS audit? Understanding the timeframe for IRS audits, the statute of limitations, and the circumstances that may extend this period is crucial for maintaining proper tax records and ensuring compliance.
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