General Tax

If you’re considering buying or selling a business, it’s important to understand the M&A tax implications before moving ahead. After the transaction is complete, it may be too late to get the best tax results.

Business tax limit increases for 2023 have risen more than usual due to inflation.  An array of tax-related limits that affect businesses are indexed annually and here are some that may be important to you and your business.

The Minnesota Department of Revenue administers many local sales taxes. Local sales taxes apply to the same items and services as the general state sales tax. Beginning April 1, 2023, fifteen Minnesota counties and cities are implementing new local taxes and two others are increasing their already enacted local taxes.

Employee Retention Credit Scams (ERC) are on the rise. Determine if you are eligible for the ERC and be aware of the warning signs of a potential scam. Olsen Thielen can help assess if your company meets the qualifications to claim the ERC.

100% bonus depreciation is a tax provision that allows businesses to deduct the cost of certain qualifying property in the year it is placed in service rather than having to depreciate the cost over several years. Unfortunately, the 100% bonus depreciation deduction will begin to phase out after 2022.

The tax treatment and deducting of software costs can be more complicated than you might think, and the rules depend on whether the software is purchased, leased or developed by your business.

Tax treatment of the sale of business assets is complex. And, there are many rules that potentially can apply to the sale of business property.

Tax deadlines can be hard to keep on your radar.  To help you meet fulfill your filing requirements, here are some of the key tax-related 2023 Q1 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.

The IRS recently announced that the 2023 standard business mileage rate for the business use of a car, van, pickup, or panel truck. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.  

Converting from C corporation to S corporation status could trigger an unexpected tax bill if you use the last in, first out "LIFO" inventory method. Is there anything you can do to lessen the tax?

Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “social security wage base” will affect your payroll.

The IRS has created a new 1099 online filing platform called the Information Returns Intake System (IRIS) that will allow taxpayers to electronically file Form 1099 series at no cost.  The IRIS platform is scheduled to open on January 9, 2023.

Certain employers have the requirement of reporting employee health coverage. Do you know if your business has to comply, and if so, what must be done?