Articles by

Olsen Thielen

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.

Olsen Thielen Named a Regional Leader

March 31, 2022

Olsen Thielen has been named a "Regional Leader" on Accounting Today's list of "Top Firms in the Midwest" for 2022. OT ranks as one of the top-performing CPA firms with under 100 employees as well.

Updated Buy-Sell Agreement

March 30, 2022

An updated buy-sell agreement is a critical tool for owners of closely held manufacturing companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled, or otherwise leaves the company.

Maybe Accelerate and Defer?

March 28, 2022

Typically, businesses want to defer recognition of taxable income into future years and accelerate deductions into the current year. However, sometimes would it be prudent to do the opposite and maybe accelerate and defer? And why would you want to?

Tax-Favored Retirement Plan

March 28, 2022

VIDEO: If your business doesn’t already have a retirement plan, now might be a good time to explore the benefits of a tax-favored retirement plan. Current retirement plan rules allow for significant tax-deductible contributions.

First-Year Bonus Depreciation for Manufacturers

March 16, 2022

Many companies purchase qualified property and then take advantage of the powerful first-year bonus depreciation for manufacturers. These tax write-offs can benefit a manufacturer's cash flow, but claiming them isn't always the best decision.

Nonprofit Audit Preparation

March 4, 2022

A regular audit can reassure donors and other stakeholders that you take seriously your responsibility. Advance audit preparation can make the process a success.

Manufacturers Need Healthy Cash Flow

March 2, 2022

Manufacturers need healthy cash flow to help survive tough times and prosper during better times. Every manufacturer is different, so the right cash flow strategies depend on your situation. Let’s take a look at several strategies that might be right for your manufacturing company.

Spouse’s Travel Costs

February 22, 2022

Company owners frequently ask what costs are deductible if their spouse accompanies them on a business trip. One must remember that the rules for deducting a spouse’s travel costs are very restrictive unless your spouse is a bona fide employee. This requirement prevents tax deductibility in most cases.

Withdraw Cash from Company

February 16, 2022

The simplest way to withdraw cash from closely-held corporations is to distribute the cash as a dividend. However, this isn't tax-efficient because it is taxable to you to the extent of your corporation's "earnings and profits," It is also not deductible by the corporation. But, there are alternate methods.