Articles by

Olsen Thielen

LLC Advantages

You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. There are some LLC advantages you should be aware of.
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High Net Worth Donors

If your nonprofit hopes to land a large gift, it needs to go to the source: high net worth donors. Learn more about wealthy philanthropists and how to get their attention.
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Nonprofit Public Relations

Good public relations can mean many things. But for a public charity, it means frequently, rather than occasionally, using the media to communicate with prospective supporters about successes, challenges and opportunities.
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Improve Nonprofit Accounting Processes

Inefficient accounting processes and errors can cost a nonprofit time and money. Here are some tips on how to find and fix less than perfect accounting processes.
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Personally Paid Corporate Expenses

When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax deductible by either you or the business.
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Accounting Method for Nonprofits

Year-end adjustments to nonprofit financial statements reflect differences between the cash basis accounting method and the accrual accounting method. Learn how to reduce the adjustments.
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Reassess Office Space Needs

Leased office space is most likely one of the largest line items in a nonprofit's budget. Now may be a good time to reassess office space needs and possibly downsize or change how you use your space.
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Trust Fund Recovery Penalty

When employment taxes aren't paid to the government, the Trust Fund Recovery Penalty is personally imposed on certain business owners and managers. Here are the rules, along with two cases where individuals were held liable and hit with the harsh penalty.
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NonProfit Warning Signs

Have you noticed dramatic spending variances from your nonprofit’s budget? What about declining donations? Don’t ignore these nonprofit warning signs. Find out what’s causing them and tackle the underlying issues.
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New Business and Taxes

If you’re a new entrepreneur, you may not know that many of the expenses incurred by your new business can’t be currently deducted on your tax return. You should be aware that the way you handle some of your initial expenses can make a difference in your federal tax bill.
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Managing Your Business Through Uncertainty

PODCAST: In our inaugural episode of Q&A Over Coffee, the Olsen Thielen team and Doug Loon, President & CEO of the Minnesota Chamber of Commerce, explore the new landscape of economic uncertainties facing business owners today. Topics covered include potential implications of new proposed tax legislation, workforce changes, increased financing
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First-Year Depreciation

If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider.
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Business Travel Deductions

If you and your employees are traveling for business, there are a number of things to consider to be able to claim business travel deductions. Under tax law, you must meet certain requirements for out-of-town business travel within the U.S.
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Meal and Vehicle Expenses

Business meal and vehicle expenses are a magnet for IRS review. If you claim deductions for them, it’s important to comply with the strict tax law substantiation requirements. Keep these DOs and DON’Ts in mind.
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2023 Q3 Tax Deadlines

Here are some of the key tax-related 2023 Q3 tax deadlines affecting businesses and employers. This list isn’t all-inclusive, so there may be additional deadlines that apply to you.
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