Olsen Thielen Advisor Blog

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Sec. 199A Deduction

October 9, 2023

The Sec. 199A deduction is a potentially valuable tax break if your manufacturing company operates under one of the applicable pass-through entity types such as an S corporation, partnership or limited liability company, and you meet certain eligibility requirements.

Essential Guidelines for Owner-Involved Business Loans

October 5, 2023

Learn the important considerations when loaning money to your business or borrowing from it to avoid legal and tax issues.

NLRB Decision May Affect Your Workplace Policies

October 5, 2023

Discover how a recent decision by the National Labor Relations Board could reshape workplace policies and potentially impact your business. Learn more about Section 7 of the National Labor Relations Act and the NLRB decision means for employee rights and how it could affect your company's rules.

Guaranteeing a Loan

October 5, 2023

If you are guaranteeing a loan to your corporation and it goes into default, there may be tax consequences. You don’t want to be caught unaware.

Exit Strategy Planning for Manufacturers

September 29, 2023

It’s smart for manufacturing business owners to have a well-planned exit strategy. Do you know what your plan should cover?

Private Foundations Conflict of Interest

September 26, 2023

Private foundations must adhere to strict conflict-of-interest rules. Transactions with “disqualified persons,” including substantial contributors, managers, officers, directors and trustees and their families generally are off-limits. . Selling or leasing property to or from your foundation and making loans or providing goods to it are prohibited. If the IRS determines

2023 Q4 Tax Deadlines

September 26, 2023

The 2023 Q4 tax deadlines are coming up fast. And, it’s also time to start thinking about year-end tax strategies.

Minnesota Metro Sales Tax Increase

September 19, 2023

On October 1, 2023, a metro sales tax increase will affect seven metro counties in Minnesota. The counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington will need to collect a new 1% local sales tax that will be used to fund transportation and housing projects.

Why the Cost of Customer Acquisition Is So Important

September 11, 2023

VIDEO: For any business, understanding and effectively managing the cost of customer acquisition is crucial for success. In this video, we'll explain what it is, how it's calculated, and how it affects a business's profitability, cash flow, and overall growth.

Determining Reasonable Compensation for S-Corp Owners

September 11, 2023

VIDEO: As an owner of an S-Corp, understanding the concept of reasonable compensation is crucial for tax planning and compliance. Learn about the IRS's reasonable compensation rules for determining how much should be taken in the form of wages versus pass-through income.

Reduce Volunteer Risk

August 28, 2023

Most not-for-profits regard their volunteers as invaluable assets and the organization needs to do all it can to reduce volunteer risk. After all, if it weren’t for your volunteers’ dedication and commitment, your organization might have stalled out a long time ago.

Tax Reporting for Special Events

August 25, 2023

For nonprofits, tax reporting for special events can be complicated. But careful tracking of revenues and expenses and retaining related documentation now will help facilitate the reporting process later.

Emergency Savings Accounts

August 24, 2023

In 2024, new provisions of the Secure Act 2.0 may allow businesses to help non-highly compensated employees in financial emergencies to take a withdrawal from their 401(k), 403(b) or 457(b) plan using emergency savings accounts that are linked to the plan.

Cryptocurrency Donations

August 23, 2023

Most nonprofits benefit when they accept donations from supporters in whatever form they want. So if you don’t yet accept cryptocurrency donations, here are some ideas on why you may want to start.

General Business Credit for Manufacturing

August 22, 2023

If your manufacturing company is looking to reduce its tax bill, it’s important to familiarize yourself with the General Business Credit (GBC) which is a collection of credits scattered throughout the tax code.