General Tax

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Cash and Accrual Accounting Methods

Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes.
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Trusts & Estates with Zach Wiegand

PODCAST: Join us as we explore Trusts & Estates with our guest, attorney Zach Wiegand, at Gold Leaf Estate Planning and our own Trust & Estate expert, principal Adam Thielen. Together, we unravel the complexities of Gift & Estate Exclusion Rates and guide first-time estate executors through the process of
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Pass Through Entity Tax with Zach Deo

PODCAST: In this episode, Olsen Thielen’s resident expert on PTE, Tax Director Zach Deo, joins us to provide more information on just what the PTE is and why it’s a good option for many business owners here in Minnesota. If you’re a business owner looking to save on your federal
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2024 MN Sales and Tax Use Updates

The MN Department of Revenue has released information on changes for new and existing tax laws in 2024.
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I Want Out: Planning Your Exit with Randy Krivo

Considering selling your business? Check out the latest Q&A Over Coffee podcast episode I Want Out: Planning Your Exit with our guest Randy Krivo, Senior M&A Advisor at True North Mergers & Acquisitions to begin thinking about next steps when you determine it may be time to retire or sell
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Company Car and Taxes

For many employees, the use of a company car is a cherished perk. But before you hand over the keys, make sure you understand the rules that apply to a company car and taxes.
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2024 Inflation-Adjusted Rates

The IRS has announced various federal inflation-adjusted rates.  Here’s a rundown of the amounts that are most likely to affect small businesses and their owners.
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2024 Q1 Tax Deadlines

In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligations.
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Employee Retention Credits (ERC) with Magen Koepp

PODCAST: In this episode we speak with Olsen Thielen Audit Principal and Employee Benefit Plan Specialist Magen Koepp to talk about the Employee Retention Credit (ERC).
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Business Deductions

You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.
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Cost Segregation Study

A cost segregation study might allow you to accelerate depreciation deductions on certain items, reducing taxes and boosting cash flow. Under current law, the potential benefits of a cost segregation study are now even more significant than they were a few years ago.
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2024 Standard Mileage Rates

The Internal Revenue Service has issued the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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Repair or Improvement

For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences.
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General Business Credit

Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. However, for businesses, the aggregate value of tax credits may be limited by the general business credit (GBC).
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IRS Audit Techniques Guides

IRS examiners use publications called IRS Audit Techniques Guides to prepare for audits in certain industries and those with various issues. The publications are available to the public, so you can read them to gain insight into what the IRS looks for in terms of compliance.
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