General Tax

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Getting a Divorce?

If you’re getting a divorce, you know it’s a stressful time. But if you’re a business owner, tax issues can cause more stress. We can help you plan for the best post-divorce tax outcome.
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Sec. 199A Deduction

The Sec. 199A deduction is a potentially valuable tax break if your manufacturing company operates under one of the applicable pass-through entity types such as an S corporation, partnership or limited liability company, and you meet certain eligibility requirements.
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Guaranteeing a Loan

If you are guaranteeing a loan to your corporation and it goes into default, there may be tax consequences. You don’t want to be caught unaware.
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Private Foundations Conflict of Interest

Private foundations must adhere to strict conflict-of-interest rules. Transactions with “disqualified persons,” including substantial contributors, managers, officers, directors and trustees and their families generally are off-limits. . Selling or leasing property to or from your foundation and making loans or providing goods to it are prohibited. If the IRS determines
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2023 Q4 Tax Deadlines

The 2023 Q4 tax deadlines are coming up fast. And, it’s also time to start thinking about year-end tax strategies.
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Minnesota Metro Sales Tax Increase

On October 1, 2023, a metro sales tax increase will affect seven metro counties in Minnesota. The counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington will need to collect a new 1% local sales tax that will be used to fund transportation and housing projects.
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$10,000 in Cash?

If your business receives more than $10,000 in cash or cash equivalents in one transaction (or two or more related transactions), you’re generally required to report these large cash transactions to the IRS — and not just on your tax return.
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Personally Paid Corporate Expenses

When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax deductible by either you or the business.
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Trust Fund Recovery Penalty

When employment taxes aren't paid to the government, the Trust Fund Recovery Penalty is personally imposed on certain business owners and managers. Here are the rules, along with two cases where individuals were held liable and hit with the harsh penalty.
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New Business and Taxes

If you’re a new entrepreneur, you may not know that many of the expenses incurred by your new business can’t be currently deducted on your tax return. You should be aware that the way you handle some of your initial expenses can make a difference in your federal tax bill.
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Managing Your Business Through Uncertainty

PODCAST: In our inaugural episode of Q&A Over Coffee, the Olsen Thielen team and Doug Loon, President & CEO of the Minnesota Chamber of Commerce, explore the new landscape of economic uncertainties facing business owners today. Topics covered include potential implications of new proposed tax legislation, workforce changes, increased financing
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Family and Medical Leave Act

Do you know if your employees are covered by the Family and Medical Leave Act (FMLA)? In this article, get the details on employee thresholds and leave provisions.
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Residential Energy Credits

Looking to invest in energy-saving measures? Find out how the Inflation Reduction Act of 2022 has increased tax credits for energy-efficient home improvements and residential clean energy property. Read more to find out the eligibility criteria and credit limitations.
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Minnesota Bans Non-Compete Provisions

As of July 1, 2023, Minnesota will prohibit employers from requiring employees to sign non-compete agreements restricting their employment options upon termination.
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First-Year Depreciation

If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider.
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