General Tax

Categories

Thinking of Opening Your Own Business?

February 26, 2020

Have you ever thought about opening your own business? If so, you will join the group of people who launch small businesses and start out as sole proprietors. Here are nine important tax rules and considerations that sole proprietors need to keep in mind.

Contributing to an HSA is a No Brainer

February 13, 2020

A Health Savings Account (HSA) is a financial tool used to hold funds for future qualified medical expenses. The purpose of the account is to provide a tax benefit to those individuals with high deductible health insurance plans.

Making Retirement Secure for Employees

January 20, 2020

A law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules.

Did You Repair or Improve Your Business Property?

January 19, 2020

Business owners may think that, if they repair a piece of tangible property, they’ll qualify for an immediate tax deduction. But the IRS may define that “repair” as an “improvement,” and require the costs to be depreciated over a much longer period.

How to Report Deceased Employee Wages

December 27, 2019

If an employee passes away during the year, you must report the accrued wages, vacation pay, and other compensation paid after the date of death. And, accrued wages paid in the same year as the employee’s death are reportable on Form W-2 and Form 1099-MISC.

Overtime Pay Rules Changes

December 3, 2019

The U.S. Department of Labor (DOL) approved changes to thresholds for overtime pay on September 24, 2019, under the Fair Labor Standards Act (FLSA). These changes are likely to impact approximately 1.3 million workers that may become eligible for overtime.

New Principals Elected

October 8, 2019

We are pleased to announce Matthew J. Klein and Nathaniel L. Nelson have been elected Principals of the firm, effective September 1, 2019. With their election, Olsen Thielen now has 21 Principals and over 86 staff.

Consistent IRS Reporting Reduces Chance for Audit

July 25, 2019

Whether you are selling or buying a business or in the process of a merger or acquisition, it is important that all parties be consistent when reporting the transaction to the IRS. Reporting discrepancies could increase your chance of being audited.

Social Security Phone Scam

June 4, 2019

Identify theft is a growing problem for consumers, and the latest tool in the scammers arsenal is the Social Security Phone Scam.

Entrepreneurs and Start-Up Expenses

April 23, 2019

For start-ups, before you even open the doors, you generally have to spend a lot of money to train workers and pay for rent, utilities, marketing and more. Entrepreneurs sometimes are surprised to find out that many expenses can’t be deducted right away.

Leasing or Buying Equipment

March 12, 2019

Have you ever wondered if leasing or buying equipment would be more tax efficient for your business? Recent changes to federal tax law and accounting rules could affect whether you make the decision to lease or buy equipment or other fixed assets.

Pass Through Entities: Beware of Ides of March

February 26, 2019

The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for "pass-through" entities such as calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes.

Like-Kind Exchanges of Real Property

February 19, 2019

Generally, if a taxpayer exchanges business or investment property solely for business or investment property of a like or similar kind, they don’t need to recognize a gain or loss.

Hennen Appointed Board Chair

August 10, 2018

Olsen Thielen is proud to announce Adam Hennen has been appointed Board Chair for the White Bear Area Chamber of Commerce.

Apartment Complex Property Manager – Employee or Independent Contractor?

July 11, 2018

The IRS recently won a tax court case that reclassified an apartment complex manager (who was being treated as an independent contractor) as an employee, subjecting the apartment building’s owner to employment taxes and penalties.