- December 4, 2023
Learn more about the new IRS Regulations effective January 1, 2024 that require electronic filing for 1099s and other returns. This is applicable to any entity who files 10 or more returns.
Olsen Thielen Advisor Blog
- December 4, 2023
Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. However, for businesses, the aggregate value of tax credits may be limited by the general business credit (GBC).
- November 30, 2023
IRS examiners use publications called IRS Audit Techniques Guides to prepare for audits in certain industries and those with various issues. The publications are available to the public, so you can read them to gain insight into what the IRS looks for in terms of compliance.
- November 29, 2023
The FCC has released the latest version of the Broadband Map showing a significant reduction in areas without high-speed broadband. Find out more about these changes and opportunities available for providers available through the BEAD program.
- November 28, 2023
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a final rule implementing a beneficial ownership information reporting requirement under the Corporate Transparency Act. Learn how and when this reporting requirement may affect your company or organization.
- November 28, 2023
When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several nursing home tax breaks may be available to help offset some of the costs.
- November 28, 2023
Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax.
- November 13, 2023
PODCAST: In our latest episode, our Tax Director, Charlie Sparks, shares his top tax planning strategies for the upcoming year. With just two months remaining in the current year, Charlie recommends that it's the perfect moment to kickstart your tax planning, especially if you're a business owner.
- November 10, 2023
Olsen Thielen is a proud Platinum Sponsor of Enterprise Minnesota and the State of Manufacturing Survey. Last night, Enterprise Minnesota held their annual State of Manufacturing rollout event to showcase important statistics regarding the Manufacturing Industry - one that Olsen Thielen is heavily involved with.
- November 9, 2023
Business auto tax depreciation rules are complicated, and complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile. Special limitations apply to vehicles classified as a passenger auto (which could include many pickups and SUVs).
- November 8, 2023
Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds (DAF) are a popular alternative, but they also have potential drawbacks.
- November 6, 2023
Do your tax planning strategies need a refresh? Our 2023-2024 Tax Planning Guide will guide you on dealing with tax changes as your situation evolves, whether due to life events, economic developments or new tax laws.
- November 3, 2023
Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that lets a business enjoy a tax deduction this year while its
- November 1, 2023
Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help the owner plan for, and, in some cases, reduce, the tax impact.
- October 31, 2023
In a recent announcement, the Social Security Administration stated that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023).