- February 19, 2024
Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes.
Olsen Thielen Advisor Blog
- February 16, 2024
Identity theft occurs when someone wrongfully obtains and uses another person's personal information, such as their name, Social Security number, credit card accounts, or other confidential data, and uses it to commit financial fraud or engage in other criminal activities while impersonating the victim.
- February 16, 2024
Sponsorship and advertising can provide a real boost to your not-for-profit’s income. However, if sponsors or advertisers receive a “substantial benefit” or if providing benefits isn’t a related business activity, you may owe unrelated business income tax (UBIT).
- February 14, 2024
In 2024, manufacturers purchasing equipment and other tangible property may be able to save taxes by claiming Section 179 expensing and first-year bonus depreciation.
- February 8, 2024
The State of Iowa has an active sales and use tax exemption available for Telecommunications providers for qualifying office and transmission equipment. Read more about what qualifies and why it may be beneficial to take advantage of this tax exemption.
- February 6, 2024
PODCAST: Questions on the new Beneficial Ownership Information Reporting requirements? Check out our handout today for more information on what the requirements are, who they apply to, reporting deadlines, and links to additional resources and the FinCEN e-filing portal.
- February 5, 2024
PODCAST: Join us as we explore Trusts & Estates with our guest, attorney Zach Wiegand, at Gold Leaf Estate Planning and our own Trust & Estate expert, principal Adam Thielen. Together, we unravel the complexities of Gift & Estate Exclusion Rates and guide first-time estate executors through the process of
- February 5, 2024
The estate and gift tax exclusion is increasing in 2023 to an all-time high, but set to be cut in half by 2026. Read more to learn about how you can best take advantage of this opportunity today and for an analysis of several different gifting options available to you.
- February 1, 2024
PODCAST: In this episode, Olsen Thielen’s resident expert on PTE, Tax Director Zach Deo, joins us to provide more information on just what the PTE is and why it’s a good option for many business owners here in Minnesota. If you’re a business owner looking to save on your federal
- January 30, 2024
Randy dives into the important topic of Beneficial Ownership and how to report BOI. There is information pertaining to many businesses that needs to be reported including Tax Payer ID Number, jurisdiction information, and more.
- January 29, 2024
The MN Department of Revenue has released information on changes for new and existing tax laws in 2024.
- January 23, 2024
Considering selling your business? Check out the latest Q&A Over Coffee podcast episode I Want Out: Planning Your Exit with our guest Randy Krivo, Senior M&A Advisor at True North Mergers & Acquisitions to begin thinking about next steps when you determine it may be time to retire or sell
- January 22, 2024
VIDEO: Are you a high-income earner seeking ways to optimize your retirement savings? Get a full grasp of how the Backdoor Roth IRA can be an effective tool for you.
- January 17, 2024
VIDEO: If you're a business owner who mistakenly claimed the Employee Retention Credit, find out how the new IRS Voluntary Disclosure Program can help you rectify the situation. Discover the eligibility criteria, benefits, and application process in our informative video.
- January 10, 2024
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.