General Tax

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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.

Home Office Expenses

March 3, 2023

If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.

Heavy SUV Tax Break

March 2, 2023

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes.

M&A Tax Implications

February 20, 2023

If you’re considering buying or selling a business, it’s important to understand the M&A tax implications before moving ahead. After the transaction is complete, it may be too late to get the best tax results.

Business Tax Limit Increases

February 1, 2023

Business tax limit increases for 2023 have risen more than usual due to inflation. An array of tax-related limits that affect businesses are indexed annually and here are some that may be important to you and your business.

Local Sales Taxes

January 27, 2023

The Minnesota Department of Revenue administers many local sales taxes. Local sales taxes apply to the same items and services as the general state sales tax. Beginning April 1, 2023, fifteen Minnesota counties and cities are implementing new local taxes and two others are increasing their already enacted local taxes.

Employee Retention Credit Scams

January 24, 2023

Employee Retention Credit Scams (ERC) are on the rise. Determine if you are eligible for the ERC and be aware of the warning signs of a potential scam. Olsen Thielen can help assess if your company meets the qualifications to claim the ERC.

Understanding Tax Nexus

January 20, 2023

Understanding nexus is essential for determining a company's tax obligations. However, many businesses are unaware of what establishes nexus and thus are unaware of their tax obligations. Learn about tax nexus and how it may affect your company.

R&E Expenditure Under Section 174

January 18, 2023

The Tax Cuts and Jobs Act (TCJA) of 2017 brought about a number of Research and Experimentation (R&E) changes to how R&E expenses are treated under Section 174 of the Internal Revenue Code.

Bonus Depreciation Phase-Out

January 17, 2023

100% bonus depreciation is a tax provision that allows businesses to deduct the cost of certain qualifying property in the year it is placed in service rather than having to depreciate the cost over several years. Unfortunately, the 100% bonus depreciation deduction will begin to phase out after 2022.

Deducting Software Costs

January 9, 2023

The tax treatment and deducting of software costs can be more complicated than you might think, and the rules depend on whether the software is purchased, leased or developed by your business.

Sale of Business Property

January 5, 2023

Tax treatment of the sale of business assets is complex. And, there are many rules that potentially can apply to the sale of business property.