Olsen Thielen Advisor Blog

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Nonprofit Compliance

In recent years, the IRS has increased its scrutiny of nonprofit compliance. Failure to file Form 990 for three consecutive years can lead to automatic exempt status revocation, and other violations can trigger IRS investigations.
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Nonprofit Merger

A nonprofit merger with a like-minded organization potentially enables you to pool funds, staff, and supporters — temporarily or permanently.
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Donation Return Request

Although uncommon, donors can change their minds and may ask your not-for-profit to return a gift. You need to look at the problem and find a solution.
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Company Car and Taxes

For many employees, the use of a company car is a cherished perk. But before you hand over the keys, make sure you understand the rules that apply to a company car and taxes.
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2024 Inflation-Adjusted Rates

The IRS has announced various federal inflation-adjusted rates.  Here’s a rundown of the amounts that are most likely to affect small businesses and their owners.
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Trust and Internal Controls

Strong internal controls reduce risk for nonprofits but trust and internal controls can coexist.
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2024 Q1 Tax Deadlines

In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligations.
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Employee Retention Credits (ERC) with Magen Koepp

PODCAST: In this episode we speak with Olsen Thielen Audit Principal and Employee Benefit Plan Specialist Magen Koepp to talk about the Employee Retention Credit (ERC).
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Choosing the Right Accounting Software with Steve Iverson and Becky Halvorson

PODCAST: We are joined by two of our Business Accounting Solutions (BAS) professionals, Steve Iverson and Becky Halvorson, on how businesses can navigate through the accounting software choices available to find one that best suits their needs.
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Business Deductions

You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.
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Nonprofit Board Term Limits

Term limits for not-for-profit board members can be a double-edged sword. They can allow you to easily let go of unsuccessful board members, but they also can cause you to lose the best sooner than you’d like.
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Cost Segregation Study

A cost segregation study might allow you to accelerate depreciation deductions on certain items, reducing taxes and boosting cash flow. Under current law, the potential benefits of a cost segregation study are now even more significant than they were a few years ago.
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2024 Standard Mileage Rates

The Internal Revenue Service has issued the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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Repair or Improvement

For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences.
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Minnesota Employment Law Changes with Natolie Hochhausen

PODCAST: This episode is a must-listen for business owners, HR professionals, and employees seeking clarity on the recent MN legislative changes.
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