General Tax

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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.

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.

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.

South Dakota v. Wayfair Supreme Court Decision – How This Could Affect You

June 22, 2018

Prior to South Dakota v. Wayfair, businesses were not required to charge, collect, and remit state and local sales tax unless they had a physical presence in that state (employees, a store, a distribution center with inventory, etc.). However, our current Internet marketplace has dramatically changed our shopping habits. Customers

Michael Bromelkamp to Retire

June 19, 2018

Olsen Thielen Principal, Michael Bromelkamp, is in the process of transitioning from his many responsibilities at Olsen Thielen after 25 years with the Firm.

Lisa Dunnigan Named Finalist for ORBIE Awards

May 22, 2018

Lisa Dunnigan, Olsen Thielen CIO and Principal was named a finalist for the Twin Cities CIO of the Year ORBIE Awards. The Twin Cities CIO of the Year ORBIE Awards honor chief information officers who have demonstrated excellence in technology leadership.

Net Operating Loss Treatment

May 10, 2018

The Tax Cuts and Jobs Act (TCJA) made some significant changes in net operating loss treatment. A net operating loss (NOL) occurs when deductible expenses exceed income. While this is not usually the desired result, the NOL can result in tax benefits when used to offset other income.

Scott Hoyles Receives ABV Designation

February 9, 2017

Olsen Thielen is happy to announce that one of our Tax Principals, Scott Hoyles, has been awarded the Accredited in Business Valuation (ABV) designation from the American Institute of Certified Public Accountants (AICPA).