Professional Services

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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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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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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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Meal and Vehicle Expenses

Business meal and vehicle expenses are a magnet for IRS review. If you claim deductions for them, it’s important to comply with the strict tax law substantiation requirements. Keep these DOs and DON’Ts in mind.
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Independent Contractors

These days, many businesses are filling vacant positions and saving money by using independent contractors. Here are the basic rules to help keep you out of trouble with the IRS.
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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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Less Painful Business Losses

There is a way to make business losses less painful. Using the federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.
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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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Buy-Sell Agreements

Buy-sell agreements are an essential tool for businesses with more than one owner. This type of agreement defines what will happen to the departing owner's share of the business if they leave. Learn about the benefits, key components, and important considerations of a buy-sell agreement for your business.
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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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Deducting Website Costs

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on deducting website costs. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs.
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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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