Articles by

Olsen Thielen

Dividends-Received Deduction

June 20, 2022

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically be taxed at a lower rate on dividends than

Research Tax Credit

June 16, 2022

If your small business or start-up is planning to claim the research tax credit, there’s an option to get immediate use of the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits against payroll taxes instead of your income tax.

Nonprofit Grant Proposals

June 8, 2022

How effective are your nonprofit grant proposals? If you aren’t meeting with much success, you may need to change tack. Here’s how to research the grant, support your proposal and avoid pitfalls.

Board Designated Assets

June 8, 2022

Nonprofit board designated assets refer to funds that haven’t been restricted by donors but are subject to self-imposed limits on their use. They’re typically intended to ensure that funding is available when needed.

Estimated Tax Payment

June 7, 2022

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated tax payments. You want your business to pay the minimum estimated tax payment without triggering the penalty for underpayment of estimated tax.

Partnership Taxation

June 7, 2022

Partnership taxation can be puzzling. You may be taxed on more partnership income than was distributed to you in a given year. Why does this happen? It’s due to the way partnerships, and partners are taxed.

New 1099-K Filing Threshold

May 17, 2022

This year, there is a new 1099-K filing threshold. Businesses should be aware that they may be responsible for issuing more 2022 information reporting forms because more workers may now fall into the required range of income that has to be reported.

R&D Expense Changes

May 11, 2022

New Federal tax law changes are set to take place that could significantly increase the tax liabilities for companies that take part in research and development (R&D) activities.

HSA Amounts for 2023

May 9, 2022

The IRS recently announced the HSA amounts for 2023, which have been adjusted for inflation. High inflation rates will result in next year’s amounts being increased more than they have been in recent years.

Information Return Notice from IRS

May 2, 2022

If your business files 1099 returns for independent contractors, you possibly may receive an information return notice from the IRS. The IRS mails these notices twice a year to businesses and other payers that filed certain returns with information that doesn’t match the agency’s records.

Charitable Donations

April 28, 2022

Tax rules for charitable donations aren’t static. In fact, rules that allowed nonitemizers to deduct up to $300 in 2020 and 2021 have lapsed for 2022. Your nonprofit should help donors understand current rules. Although most charitable donors aren’t primarily motivated by potential tax breaks, they still need to know

Adding a New Partner?

April 21, 2022

Adding a new partner in a partnership has several financial and legal implications that need to be addressed.

S Corp Versus LLC

April 13, 2022

The S Corp versus LLC: Two business entities that offer different benefits depending on the business’s needs. Some small businesses might be better off choosing an S Corp, while others might find the limited liability company (LLC) a better option.

C-Corporation to S-Corporation

April 11, 2022

Should you switch from a C-Corporation to S-Corporation? If you are thinking about switching entity types, there are a number of important issues you need to look at before finalizing your decision of which is best in your particular circumstances.

Business Meal Deduction

April 4, 2022

Believe it or not, the federal government is helping to pick up the tab for certain business meals. To help struggling restaurants during the pandemic, the Consolidated Appropriations Act temporarily doubled the business meal deduction for 2021 and 2022.