We are excited to announce that Schmidt & Schmidt, Ltd, has joined Olsen Thielen CPAs and Advisors, effective January 1, 2023. Both Twin Cities-based CPA firms have an established reputation across the country and share a strong emphasis on personalized client service and key industry expertise.
Olsen Thielen Advisor Blog
Business tax limit increases for 2023 have risen more than usual due to inflation. An array of tax-related limits that affect businesses are indexed annually and here are some that may be important to you and your business.
The Minnesota Department of Revenue administers many local sales taxes. Local sales taxes apply to the same items and services as the general state sales tax. Beginning April 1, 2023, fifteen Minnesota counties and cities are implementing new local taxes and two others are increasing their already enacted local taxes.
If you’re seeking opportunities for improving cash flow in your manufacturing company, consider a fixed asset or cost segregation study. Manufacturing is a capital-intensive industry, so it’s critical to ensure that fixed assets are classified properly to recover their costs as quickly as possible.
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.
Employee Retention Credit Scams (ERC) are on the rise. Determine if you are eligible for the ERC and be aware of the warning signs of a potential scam. Olsen Thielen can help assess if your company meets the qualifications to claim the ERC.
VIDEO: A solution to incentivize employees using stock appreciation rights might be a better solution than tying their compensation to the company's performance or using stock options. One way to do this is through stock options, but using stock appreciation rights might be a better solution.
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.
As outsourcing of services becomes more prevalent among organizations, it’s important for a company to ensure that its vendors enforce the same level of controls and protections that they do. A SOC evaluation is conducted by an independent CPA and provides validation and trust.
Understanding nexus is essential for determining a company's tax obligations. However, many businesses are unaware of what establishes nexus and thus are unaware of their tax obligations. Learn about tax nexus and how it may affect your company.
The Tax Cuts and Jobs Act (TCJA) of 2017 brought about a number of Research and Experimentation (R&E) changes to how R&E expenses are treated under Section 174 of the Internal Revenue Code.
VIDEO: The Financial Accounting Standards Board recently issued a proposed Accounting Standards Update for Leases (Topic 842). The update addresses related-party arrangements between entities under common control. This video provides an overview of the proposed changes.
100% bonus depreciation is a tax provision that allows businesses to deduct the cost of certain qualifying property in the year it is placed in service rather than having to depreciate the cost over several years. Unfortunately, the 100% bonus depreciation deduction will begin to phase out after 2022.