General Tax

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Gig Economy Income Must be Reported

In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes.
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Tax Implications of Buying or Selling a Business

If you are considering buying or selling another business, it’s important to understand the tax implications.
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Linda M. Nelson to Retire December 31, 2020

After a long and remarkable career, Linda Nelson has decided that effective December 31, 2020, she will be retiring from Olsen Thielen.  We want to thank Linda for her knowledge, dedication, and everything she did for clients and colleagues.
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How Nonprofits Should Acknowledge Donor Gifts

Charitable giving is typically more common during the holidays.  Holiday-inspired generosity and the desire to reduce tax liability makes the end of the year a busy time for charitable giving.
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Importance of S Corporation Basis and Distribution Elections

S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses.
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Health Savings Accounts for Your Small Business

Employee health care benefit costs keep increasing. As a result, your small business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA).
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Now May Be the Time to Use Your Gift and Estate Tax Exemption

The federal gift and estate tax exemption was enacted in 1916, and right now, it is at the highest it has ever been.  This means that you can pass more to your heirs today, without paying any federal gift or estate tax, than ever in the past century.
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Passive Activity Loss Rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in?
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Adam P. Thielen Elected Principal

We are pleased to announce that Adam P. Thielen, CPA, was elected Principal, effective September 1, 2020.
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College Savings Showdown: 529 Plans vs. Roth IRAs

Many people assume that a 529 plan is the ideal college savings tool, but other vehicles can help parents save for college expenses, too. Take the Roth IRA, for example.
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Survive an IRS Audit by Getting Ready in Advance

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should do well.
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Key Bonus Depreciation Points to Remember

You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool.
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Defer or Not to Defer?

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic.
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Exit – Stage Left…Out the Door

As we all progress in life stages, the time will come for many to turn our eyes toward greener pastures. Recently, we had the good fortune to advise a long time client  (20+ years), who was the founder of a multi-owner dental group, on the planning and execution of the
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Why do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.
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