Olsen Thielen Advisor Blog

Inefficient accounting processes and errors can cost a nonprofit time and money. Here are some tips on how to find and fix less than perfect accounting processes.
VIDEO: The Corporate Transparency Act will require most businesses to provide beneficial ownership information to the U.S. Department of Treasury to combat money laundering. Find out who needs to report, what information is required, and when the reports must be submitted.
VIDEO: Discover the common mistakes made when setting growth goals and how to avoid them. Learn how to create a clear and achievable plan to take your business to the next level.
When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax deductible by either you or the business.
Year-end adjustments to nonprofit financial statements reflect differences between the cash basis accounting method and the accrual accounting method. Learn how to reduce the adjustments.
Leased office space is most likely one of the largest line items in a nonprofit's budget. Now may be a good time to reassess office space needs and possibly downsize or change how you use your space.
When employment taxes aren't paid to the government, the Trust Fund Recovery Penalty is personally imposed on certain business owners and managers. Here are the rules, along with two cases where individuals were held liable and hit with the harsh penalty.
Have you noticed dramatic spending variances from your nonprofit’s budget? What about declining donations? Don’t ignore these nonprofit warning signs. Find out what’s causing them and tackle the underlying issues.
If you’re a new entrepreneur, you may not know that many of the expenses incurred by your new business can’t be currently deducted on your tax return. You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax
PODCAST: Our second episode of Q&A Over Coffee focuses on how to most effectively take advantage of accelerated depreciation of fixed assets. Our very own Zachary Deo, Tax Director, joins us to discuss tax planning and compliance and offers his tips on accelerated depreciation.
PODCAST: In our inaugural episode of Q&A Over Coffee, the Olsen Thielen team and Doug Loon, President & CEO of the Minnesota Chamber of Commerce, explore the new landscape of economic uncertainties facing business owners today. Topics covered include potential implications of new proposed tax legislation, workforce changes, increased financing
Do you know if your employees are covered by the Family and Medical Leave Act (FMLA)? In this article, get the details on employee thresholds and leave provisions.
Looking to invest in energy-saving measures? Find out how the Inflation Reduction Act of 2022 has increased tax credits for energy-efficient home improvements and residential clean energy property. Read more to find out the eligibility criteria and credit limitations.
As of July 1, 2023, Minnesota will prohibit employers from requiring employees to sign non-compete agreements restricting their employment options upon termination.
If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider.
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