Articles by

Olsen Thielen

Nonprofit Disaster Plan

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.
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Getting a Divorce?

If you’re getting a divorce, you know it’s a stressful time. But if you’re a business owner, tax issues can cause more stress. We can help you plan for the best post-divorce tax outcome.
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Preparation for NFP Audit

Don’t let the preparation for your NFPs annual audit become a last-minute sprint. Plan early so you’ll have the right records ready for review.
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Sec. 199A Deduction

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.
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Guaranteeing a Loan

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.
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Exit Strategy Planning for Manufacturers

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

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
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2023 Q4 Tax Deadlines

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

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.
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Emergency Savings Accounts

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.
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Cryptocurrency Donations

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.
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General Business Credit for Manufacturing

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.
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$10,000 in Cash?

If your business receives more than $10,000 in cash or cash equivalents in one transaction (or two or more related transactions), you’re generally required to report these large cash transactions to the IRS — and not just on your tax return.
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Reshoring Production

Has your manufacturing company considered reshoring production to the United States? There are plusses and minuses to weigh before making a final decision.
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New Ideas for Nonprofits

Change is good for all organizations and new ideas for nonprofits bring innovation that makes it easier to achieve, and even expand, the nonprofit's mission.
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