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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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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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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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Educational Assistance Program

Education benefits help attract, retain and motivate employees. One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employer.
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Employee Benefit Plan Audit

An employee benefit plan audit is a periodic and independent examination of a company’s benefit plans that are subject to ERISA. If your company currently offers or plans to offer an employee benefit plan, read this article to learn about audit requirements.
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Navigating Tough Times for Business Owners

In these difficult economic times, here are some tips on optimizing your business in the professional services industry.
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Going Out of Business Tax Obligations

Many businesses shut down due to the pandemic and the economy. However, going out of business tax obligations need to be met. First, a business must file a final income tax return and other related forms for the year it closes its doors.
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Research Tax Credit

If your small business or start-up is planning to claim the research tax credit, there’s an option to get immediate use of the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits against payroll taxes instead of your income tax.
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Estimated Tax Payment

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated tax payments. You want your business to pay the minimum estimated tax payment without triggering the penalty for underpayment of estimated tax.
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Adding a New Partner?

Adding a new partner in a partnership has several financial and legal implications that need to be addressed.
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C-Corporation to S-Corporation

Should you switch from a C-Corporation to S-Corporation?  If you are thinking about switching entity types, there are a number of important issues you need to look at before finalizing your decision of which is best in your particular circumstances.
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Tax-Favored Retirement Plan

VIDEO: If your business doesn’t already have a retirement plan, now might be a good time to explore the benefits of a tax-favored retirement plan. Current retirement plan rules allow for significant tax-deductible contributions.
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Olsen Thielen Celebrates 100 Years

Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains.  commitment to their clients and their community. 
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