Olsen Thielen Advisor Blog

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Alternative Minimum Tax Basics for Individuals

Understanding the Alternative Minimum Tax (AMT) can be complex, but it's essential for strategic tax planning. This article guides you through the process of calculating your AMT and offers useful strategies for minimizing its impact.
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2025 Amounts for Health Savings Accounts

The IRS recently released the 2025 Health Savings Account (HSA) amounts, which have been adjusted for inflation.
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Nonprofit Audit Findings

Nonprofit audit findings usually contain recommendations that need to be taken seriously and acted on. Failing to take action could threaten your nonprofit's future.
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Buying a Business – Plan Ahead

If you’re buying a business, the way the transaction is structured can lead to better or worse tax results, but you need to plan in advance of the acquisition.
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Tax Considerations of Adding a New Partner

There are several financial and legal implications when adding a new partner to a partnership. Although the entry of a new partner may seem simple, you should plan properly to avoid tax problems.
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Plan Ahead for Changes to the Lifetime Gift & Estate Tax Exclusion

VIDEO: Are you prepared for the upcoming cut in the lifetime gift and estate tax exclusion? Learn how proactive planning can maximize your tax savings before exemption levels drop.
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Volunteer Legal Risk and Tax Liability

Most charitable volunteers don’t think about potential legal and tax liabilities resulting from their volunteer activities. As a nonprofit leader, it’s your responsibility to ensure they never have to worry about such risks.
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Manufacturers: Consider a Reverse Sales & Use Tax Audit

Manufacturers should consider conducting a reverse sales & use audit (the opposite of a government audit that seeks to collect tax underpayments) to ensure they are taking full advantage of sales & use tax exemptions.
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Disaster Relief Charities – IRS Tax Rules

Many natural disaster relief charities are gearing up for a potentially busy tornado and hurricane season. Before an emergency hits, make sure you know IRS rules for providing aid to victims.
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FTC Ban on Noncompete Agreements

A new FTC ruling has made noncompete agreements unenforceable for most employees, with the aim of fostering competition and job mobility. Learn about the ruling and its potential impact on your business in this article.
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Inherited IRAs Waiver for 2024

The IRS's latest notice suspends RMDs for some inherited IRAs in 2024, offering beneficiaries a financial breather. Find out if you qualify for this waiver and how it affects your tax obligations.
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Minnesota’s New Paid Leave Program

Minnesota's new Paid Leave Program goes into effect on January 1, 2026. Employers should be aware of the new program - who is eligible, information on funding and benefit structure of the program, and their responsibilities including the initial reporting deadline coming up on October 31, 2024.
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Voluntary Withholding on Social Security Payments

Unsure whether to set up voluntary withholding for your social security payments? Read more to see how voluntary withholding can help spread your tax liability over the year and make budgeting simpler.
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New Overtime Rules Effective July 1, 2024

The Department of Labor has announced new regulations for overtime exemptions under the FLSA. These go into effect July 1, 2024.
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Tax Considerations for Downsizing in Retirement

Downsizing in retirement isn't just about reducing living expenses—it can also be a strategic move toward financial security. Understand how your home's appreciation impacts your taxes and discover strategies to reduce your tax burden.
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