Olsen Thielen Advisor Blog

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Beneficiary Designations

May 31, 2023

A mistake while filling out beneficiary forms can cause the form to be deemed invalid or may cause account holdings to be dispersed in a way not intended by the account holder and beneficiary forms on accounts such as IRAs supersede your last will and testament.

Converting to Cloud Accounting: Pros and Cons

May 30, 2023

Shortages in accountants and increasing workplace demands for remote options are forcing organizations to take a closer look at their software and technology platforms and are strongly suggesting a push to cloud accounting platforms.

SECURE Act 2.0 – Individuals

May 17, 2023

The SECURE Act 2.0 was signed into law on December 29, 2022. It covers numerous changes to retirement provisions that affect individuals. The provisions are intended to increase retirement savings; facilitate access to retirement savings; and provide employees the opportunity to save more and longer for retirement, at a lower cost.

SECURE Act 2.0 – Employers

May 17, 2023

The SECURE Act 2.0 was signed into law on December 29, 2022 and covers numerous changes to retirement provisions that affect employers and lower their cost of offering and funding retirement savings plans.

Effective Altruism

May 12, 2023

Effective altruism advocates high-impact philanthropy, but its risks may outweigh its rewards. Here’s what nonprofits should know before partnering with an effective altruist.

Publicly Supported Charity

May 12, 2023

It’s critical to maintain your nonprofit’s publicly supported charity status. Certain organizations, including universities and churches, automatically qualify as public charities. For other nonprofits, you must pass certain tests.

Oil and Water

May 11, 2023

When a not-for-profit’s Accounting and Development staffs are like oil and water, it can affect financial statements and lead to the forfeiture of grant funds. Here are some ideas to correct the communication gap.

Giving Circles

May 10, 2023

Giving circles sometimes are confused with crowdsourcing. But these groups of donors tend to be smaller, more focused and more likely to take an active role in supporting charities. Learn more:

Strong Cash Flow for Manufacturing

May 9, 2023

Every manufacturer is different, but strong cash flow for manufacturing companies is essential throughout the industry. The right cash flow strategies do, however, depend on your situation. Here are some ideas to improve your cash flow.

Advertising and Marketing Expenses

May 8, 2023

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. However, the expenses must be “ordinary and necessary” to be deductible.

SEP and SIMPLE Retirement Plans

May 8, 2023

SEP and SIMPLE retirement plans are two options for small business owners consider because they have fewer administrative requirements than a traditional plan. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE).

Home Office Expenses

March 3, 2023

If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.

Heavy SUV Tax Break

March 2, 2023

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes.

Adding Kids to Accounts & Deeds

March 2, 2023

Adding kids to your bank account or home deed can create a host of legal, financial, and tax issues that can leave you and your loved ones vulnerable to significant risks and losses. Learn about the issues and alternative solutions to help you achieve your estate planning goals.

Manufacturing Cyberattacks

March 1, 2023

Manufacturing cyberattacks are becoming more common and the attacks are designed to disrupt operations and extort money. Here are some ideas to get ahead of the cybercriminals.