General Tax

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New Business and Taxes

July 25, 2023

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.

Managing Your Business Through Uncertainty

July 6, 2023

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

Family and Medical Leave Act

June 29, 2023

Do you know if your employees are covered by the Family and Medical Leave Act (FMLA)? In this article, get the details on employee thresholds and leave provisions.

Residential Energy Credits

June 29, 2023

Looking to invest in energy-saving measures? Find out how the Inflation Reduction Act of 2022 has increased tax credits for energy-efficient home improvements and residential clean energy property. Read more to find out the eligibility criteria and credit limitations.

Minnesota Bans Non-Compete Provisions

June 23, 2023

As of July 1, 2023, Minnesota will prohibit employers from requiring employees to sign non-compete agreements restricting their employment options upon termination.

First-Year Depreciation

June 22, 2023

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.

Business Travel Deductions

June 21, 2023

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.

Meal and Vehicle Expenses

June 21, 2023

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.

2023 Q3 Tax Deadlines

June 21, 2023

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.

Independent Contractors

June 13, 2023

These days, many businesses are filling vacant positions and saving money by using independent contractors. Here are the basic rules to help keep you out of trouble with the IRS.

“Reasonable” Compensation

June 12, 2023

C corporation owners: To keep your compensation tax deductible, you need to ensure it’s “reasonable.” Otherwise, it could be deemed a dividend. Here are four steps to take.

SECURE Act 2.0 – Individuals

May 17, 2023

The SECURE Act 2.0 was signed into law on December 29, 2022. It covers numerous changes to retirement provisions that affect individuals. The provisions are intended to increase retirement savings; facilitate access to retirement savings; and provide employees the opportunity to save more and longer for retirement, at a lower cost.

SECURE Act 2.0 – Employers

May 17, 2023

The SECURE Act 2.0 was signed into law on December 29, 2022 and covers numerous changes to retirement provisions that affect employers and lower their cost of offering and funding retirement savings plans.

2023 Q2 Tax Deadlines

May 10, 2023

Here are some of the key 2023 Q2 tax deadlines that apply to businesses and other employers during the second quarter of 2023.

Advertising and Marketing Expenses

May 8, 2023

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. However, the expenses must be “ordinary and necessary” to be deductible.