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How to Preserve Fraud Evidence

August 29, 2017

Your first action when you uncover fraudulent activity should be to take proactive steps to preserve evidence. Otherwise, you might inadvertently destroy or discard critical data. And without evidence, fraud can’t be fully traced and perpetrators can’t be prosecuted and punished.

Flipping the Switch with an Employee Survey

August 29, 2017

Many employers labor along with little to no idea what their employees are really thinking or feeling about a variety of critical employment issues.

Material Participation Key to Deducting LLC and LLP Losses

August 7, 2017

If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages.

ESOPs Offer Businesses Tax and Other Benefits

July 31, 2017

With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement.

All Fringe Benefits Aren’t Equal for Tax Purposes

July 19, 2017

A fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services. But the tax treatment of a fringe benefit can vary dramatically based on the type of benefit.

Consider Tax Consequences Before Making an Employee a Partner

June 20, 2017

Offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, however, there are some tax traps you should watch out for.

Loans Between Your Business and Its Owners

June 12, 2017

It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity?

Choosing Best Way to Reimburse Employee Travel Expenses

June 6, 2017

If your employees incur work-related travel expenses, it is critical that you comply with IRS rules to secure tax-advantaged treatment for your business and your employees.

Business Owners: When it Comes to IRS Audits, Be Prepared

May 23, 2017

Don’t let an IRS audit interrupt your day-to-day responsibilities. By taking a meticulous, proactive approach to how you track, document and file your company’s tax-related information, you’ll make an audit much less painful and even decrease the chances that one happens in the first place.

Risks and Rewards of Operating Across State Lines

May 16, 2017

With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines.

Where Has All My Cash Gone?

May 10, 2017

Do you ever feel like you just never seem to have any cash on hand? Is your cash leaving the business as quickly as it comes in? Take a few minutes to get a better understanding of your cash flow and review the controls you have in place over cash.

Corporate Credit Card or Expense Reimbursement?

May 9, 2017

How management monitors employee expenses whether using reimbursement method or company credit cards is a key internal control of the business. There are some pros and cons for both options and they have slightly different nuances when it comes to monitoring the controls over these expenditures.

Choosing Between a Calendar Tax Year and a Fiscal Tax Year

May 2, 2017

Many businesses use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense.

Scott Hoyles Receives ABV Designation

February 9, 2017

Olsen Thielen is happy to announce that one of our Tax Principals, Scott Hoyles, has been awarded the Accredited in Business Valuation (ABV) designation from the American Institute of Certified Public Accountants (AICPA).

Wishing Tom Farm the Best in His Retirement

October 29, 2016

Tom retired from Olsen Thielen as a Principal and shareholder on September 1, 2016, after a long and distinguished career.