Olsen Thielen Advisor Blog

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Active Fraud Detection

August 15, 2019

When it comes to reducing fraud loss and duration, active fraud detection methods (such as surprise audits or data monitoring) are far more effective than passive methods (such as confessions or notification by police). In spite of the effectiveness of the active methods, many companies fail to use them to their full

LLC vs S-Corp: What’s the Difference?

August 1, 2019

VIDEO: If you're starting or have already started your own business, you've probably heard about the advantages of incorporation. You'll learn the differences between an LLC and S-Corp, and how both can be used together. We'll also cover the benefits and tax implications of each.

Background Checks Help Cover all the Bases

July 30, 2019

Background checks don’t inoculate companies against occupational fraud and other criminal acts by employees. After all, many thieves have never been caught and, therefore, have no criminal background.

Corporate Espionage

July 26, 2019

Corporate espionage involves the theft of information that hasn’t been made public and each year businesses lose billions of dollars in intellectual property (IP) from thieves stealing trade secrets.

Consistent IRS Reporting Reduces Chance for Audit

July 25, 2019

Whether you are selling or buying a business or in the process of a merger or acquisition, it is important that all parties be consistent when reporting the transaction to the IRS. Reporting discrepancies could increase your chance of being audited.

Not for Profit Fraud

July 23, 2019

In general, the amount lost to not for profit fraud isn't nearly as much as it is at for-profit businesses. Few nonprofit budgets can afford a $75,000 shortfall or the bad publicity associated with fraud. Here’s how nonprofits open the door to fraud — and how your organization can shut it.

Cause Marketing

July 12, 2019

Even if your nonprofit typically doesn't have budge shortfalls, you may be looking for new funding sources and may want to consider cause marketing. Made possible via a partnership with a for-profit business, cause marketing can boost your budget, your public profile and even your volunteer base.

IRS Audits of NonProfits

July 12, 2019

Many government agencies are experiencing staff shortages, but don't assume they have given up on IRS audits of NonProfits! Staff shortage or not, the IRS continues to scrutinize organizations and conduct audits when deemed necessary. If your organization receives an audit letter, you need to know what the process involves

Operating Reserve is Nonprofit’s Safety Net

July 11, 2019

An operating reserve is a nonprofit's safety net that has the unrestricted and relatively liquid portion of the organization's net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization’s security and long-term survival.

Strategies for Estate Planning

July 1, 2019

VIDEO: With recent tax changes, it is important to make sure that you are making good choices as it relates to your Estate Plan. The Internal Revenue Service recently increased the estate tax exclusion. While this can be a big benefit, it's important to have strategies in place

Board Fiduciary Duties

June 26, 2019

There are important board fiduciary duties associated with being on a not-for-profit board. However, not all board members are aware of their fiduciary responsibilities. It is important to your nonprofit's financial health and integrity that you help them understand and remind them of their responsibilities.

Joint Cost Allocation for Nonprofits

June 25, 2019

Watchdog groups and the media have increased their scrutiny and reporting of how much nonprofits spend on programs vs. administration. As a nonprofit you want to be able to prove that you dedicate most of your resources to your programs. However, accounting rules require that you record the full cost

Cross Training Benefits Not-for-Profits

June 25, 2019

Have you thought about how cross training staff could benefit your not-for-profit? What if a senior manager was suddenly forced to take long-term disability leave? Or what if an accounting staffer quit without notice? A sudden personnel change could bring your nonprofit's work to a standstill. Having someone else on staff set to

Hiring a CFO for Your Not-for-Profit

June 24, 2019

Hiring a CFO for your not-for-profit could ease financial responsibilities for your executives and allow them additional time to pursue your organization's mission. Expanding your organization's mission and growth is directly connected to its financial health and integrity.

Future of a Nonprofit

June 23, 2019

Under GAAP Principles (U.S. Generally Accepted Accounting Principles) nonprofits are regularly required to evaluate whether there’s “substantial doubt” about their ability to continue as a going concern, which means that the organization won’t soon liquidate its assets and cease operations. What does your management team do if it determines substantial