Articles by

Olsen Thielen

Irrevocable Life Insurance Trust

November 28, 2023

Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax.

Enterprise Minnesota: 2023 State of Manufacturing Results

November 10, 2023

Olsen Thielen is a proud Platinum Sponsor of Enterprise Minnesota and the State of Manufacturing Survey. Last night, Enterprise Minnesota held their annual State of Manufacturing rollout event to showcase important statistics regarding the Manufacturing Industry - one that Olsen Thielen is heavily involved with.

Business Auto Tax Depreciation Rules

November 9, 2023

Business auto tax depreciation rules are complicated, and complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile. Special limitations apply to vehicles classified as a passenger auto (which could include many pickups and SUVs).

Foundation or Donor-Advised Funds

November 8, 2023

Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds (DAF) are a popular alternative, but they also have potential drawbacks.

The 2023-2024 Tax Planning Guide

November 6, 2023

Do your tax planning strategies need a refresh? Our 2023-2024 Tax Planning Guide will guide you on dealing with tax changes as your situation evolves, whether due to life events, economic developments or new tax laws.

Deducting Employee Bonuses

November 3, 2023

Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that lets a business enjoy a tax deduction this year while its

Exit Strategy Planning

November 1, 2023

Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help the owner plan for, and, in some cases, reduce, the tax impact.

2024 Social Security Wage Base Increase

October 31, 2023

In a recent announcement, the Social Security Administration stated that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023).

2024 Per Diem Rates as of October 1

October 30, 2023

The IRS recently announced the special “per diem” rates that became effective October 1, 2023. Here are the basics of these rates.

Pay Transparency

October 20, 2023

Nonprofits whose states or municipalities have passed pay transparency laws must comply by, for example, revealing salary ranges in job postings. But even if you’re not required to, consider adopting these practices.

M&A Transactions & Taxes

October 18, 2023

If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law.

Fundraising Commitment

October 17, 2023

If your not-for-profit focuses the majority of its fundraising energy on the holiday season and year-end period, you may risk cash-flow problems. A solid fundraising commitment plan can help you make fundraising an ongoing process.

Spouse-Run Business

October 16, 2023

Do you and your spouse operate a profitable unincorporated small business? If so, a spouse-run business is generally classified as a partnership and can face some challenging tax issues.

2023 Depreciation Adjustments

October 12, 2023

Inflation has some beneficial side effects for business owners. One is that the 2023 depreciation adjustment amounts increases the possible tax breaks your business.

Nonprofit Disaster Plan

October 11, 2023

Almost no region of the United States has escaped natural disasters recently, so if your organization doesn’t have a NFP disaster plan, it needs to put one in place immediately.