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Deductible Expenses & Good Records

Two things that business owners need to remember are that deductible expenses & good records can make life easier when filing taxes and help defend the expenses if the IRS conducts an audit. 
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2022 First-Quarter Tax Deadlines

Businesses face several 2022 first-quarter tax deadlines. This list is not all-inclusive, and additional deadlines may apply to you. Also, remember that this list isn’t all-inclusive, so there may be other deadlines that apply to you.
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Corporate Aircraft Tax Implications

You may have considered purchasing a corporate aircraft if you do a lot of business travel.  But of course, you need to be aware of the tax implications before you spend the money.
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Kelly M. Salwei, CPA, CMA, to Retire August 31

Kelly joined Olsen Thielen in 1985, after six years with a CPA firm in northern Minnesota. We thank Kelly for his leadership in our Eden Prairie office and offer him our best wishes as he transitions to his new role as a retiree.
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Hot Tax Topics

The Federal government has proposed legislation and the state of Minnesota has enacted legislation that may affect your tax situation.  This article highlights four hot tax topics to keep an eye on.
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Gifts to Employees and Customers May Provide a Tax Break

The holiday season will soon be here and after a year of avoiding social gatherings, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties.
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Establishing a Health Savings Account (HSA) for Your Employees

Establishing an employer-sponsored Health Savings Account (HSA) for your employees is a way to provide some tax-advantaged health care benefits. For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs.
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Olsen Thielen Advises on Telecom Merger

Olsen Thielen CPAs & Advisors (OT) is pleased to announce it has advised on the successful three-way telecom merger between Fiber Minnesota LLC (FM), a spin-off of fiber network operator Cooperative Network Services (CNS), and two other transport carriers: Broadband Visions and Southern Minnesota Broadband.
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2022 Social Security Wage Base to Increase

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021).
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New Per Diem Business Travel Rates Effective October 1

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021.
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Minnesota Standard Deduction Correction – Tax Notice Could Follow

On September 24, 2021, the Minnesota Department of Revenue announced that their worksheet for calculating the Minnesota standard deduction limitation had been incorrect in their Instruction Booklet for both tax years 2019 and 2020.
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Business Vehicle Tax Depreciation Rules

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger automobiles can result in it taking longer than expected to depreciate a vehicle fully.
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Victim of Embezzlement? How to Claim a Theft Loss Deduction

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases, it does, but you’ll have to substantiate the loss.
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Large Cash Transactions for Businesses Must be Reported to the IRS

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.
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City of Roseville Congratulates Olsen Thielen on 100th Anniversary

An anniversary celebration is often an exercise in internal reflection. For Roseville-based Olsen Thielen & Co., LTD, celebrating its 100th anniversary later this fall is more about those external entities who have made its century of existence possible.
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