Manufacturing and Distribution

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Minnesota’s New “Right to Repair” Law

March 21, 2024

This article by Fafinski Mark & Johnson, P.A. details MN's new Digital Fair Repair Act that goes into effect July 1. The law requires manufacturers of any products sold in MN & use electronic elements, to provide parts, information, & tools for diagnosis, maintenance, & repair of the product on “fair and reasonable” terms.

WOTC for Manufacturers

March 13, 2024

The quest for skilled laborers in the manufacturing sector continues. Where can manufacturers turn to fill open positions? One option can also provide substantial tax savings: Hire workers that qualify for the Work Opportunity Tax Credit (WOTC).

Maximize the QBI Deduction

March 11, 2024

The qualified business income, QBI deduction, is available to eligible businesses through 2025. After that, it’s scheduled to disappear unless Congress acts to extend it. So make the most of the tax break while it’s still on the books.

R&D Credit for Small Businesses

March 7, 2024

Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing R&D activities. This tax break got better under the Inflation Reduction Act.

Tax-Saving Opportunities for Manufacturers in 2024

March 1, 2024

For manufacturers, as certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors Act, have begun to kick in.

Labor Shortages in Manufacturing

February 27, 2024

Your employee value proposition (EVP), refers to everything employees appreciate about the company. Survey your workers to learn what they value the most to help retain and attract employees and address labor shortages.

Cash and Accrual Accounting Methods

February 19, 2024

Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes.

Identity Theft Scams – Protect Yourself

February 16, 2024

Identity theft occurs when someone wrongfully obtains and uses another person's personal information, such as their name, Social Security number, credit card accounts, or other confidential data, and uses it to commit financial fraud or engage in other criminal activities while impersonating the victim.

Manufacturing Section 179 Tax Breaks

February 14, 2024

In 2024, manufacturers purchasing equipment and other tangible property may be able to save taxes by claiming Section 179 expensing and first-year bonus depreciation.

Company Car and Taxes

January 5, 2024

For many employees, the use of a company car is a cherished perk. But before you hand over the keys, make sure you understand the rules that apply to a company car and taxes.

2024 Inflation-Adjusted Rates

January 4, 2024

The IRS has announced various federal inflation-adjusted rates. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners.

2024 Q1 Tax Deadlines

January 3, 2024

In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligations.

Cost Segregation Study

January 2, 2024

A cost segregation study might allow you to accelerate depreciation deductions on certain items, reducing taxes and boosting cash flow. Under current law, the potential benefits of a cost segregation study are now even more significant than they were a few years ago.

Enterprise Minnesota: 2023 State of Manufacturing Results

November 10, 2023

Olsen Thielen is a proud Platinum Sponsor of Enterprise Minnesota and the State of Manufacturing Survey. Last night, Enterprise Minnesota held their annual State of Manufacturing rollout event to showcase important statistics regarding the Manufacturing Industry - one that Olsen Thielen is heavily involved with.

M&A Transactions & Taxes

October 18, 2023

If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law.