Articles by

Olsen Thielen

Trust and Internal Controls

Strong internal controls reduce risk for nonprofits but trust and internal controls can coexist.
More Info »

2024 Q1 Tax Deadlines

In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligations.
More Info »

Choosing the Right Accounting Software with Steve Iverson and Becky Halvorson

PODCAST: We are joined by two of our Business Accounting Solutions (BAS) professionals, Steve Iverson and Becky Halvorson, on how businesses can navigate through the accounting software choices available to find one that best suits their needs.
More Info »

Business Deductions

You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.
More Info »

Nonprofit Board Term Limits

Term limits for not-for-profit board members can be a double-edged sword. They can allow you to easily let go of unsuccessful board members, but they also can cause you to lose the best sooner than you’d like.
More Info »

Cost Segregation Study

A cost segregation study might allow you to accelerate depreciation deductions on certain items, reducing taxes and boosting cash flow. Under current law, the potential benefits of a cost segregation study are now even more significant than they were a few years ago.
More Info »

2024 Standard Mileage Rates

The Internal Revenue Service has issued the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
More Info »

Repair or Improvement

For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences.
More Info »

Minnesota Employment Law Changes with Natolie Hochhausen

PODCAST: This episode is a must-listen for business owners, HR professionals, and employees seeking clarity on the recent MN legislative changes.
More Info »

General Business Credit

Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. However, for businesses, the aggregate value of tax credits may be limited by the general business credit (GBC).
More Info »

IRS Audit Techniques Guides

IRS examiners use publications called IRS Audit Techniques Guides to prepare for audits in certain industries and those with various issues. The publications are available to the public, so you can read them to gain insight into what the IRS looks for in terms of compliance.
More Info »

Nursing Home Tax Breaks

When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several nursing home tax breaks may be available to help offset some of the costs.
More Info »

Irrevocable Life Insurance Trust

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.
More Info »

Enterprise Minnesota: 2023 State of Manufacturing Results

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.
More Info »

Business Auto Tax Depreciation Rules

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).
More Info »
We Value Your Privacy

This site may use cookies to store information on your computer. Some are essential to make our site work and others to improve the user experience. By using this site, you consent to the placement of these cookies and accept our privacy policy.