Manufacturing and Distribution

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City of Roseville Congratulates Olsen Thielen on 100th Anniversary

August 3, 2021

An anniversary celebration is often an exercise in internal reflection. For Roseville-based Olsen Thielen & Co., LTD, celebrating its 100th anniversary later this fall is more about those external entities who have made its century of existence possible.

Business Meal and Vehicle Expenses Get Extra Scrutiny from the IRS

August 1, 2021

Deductions for business meals and/or vehicle expenses receive extra scrutiny from the IRS, so expect that they will be reviewed closely. Unfortunately, in some cases, taxpayers have incomplete documentation or try to create records months (or years) later.

Wisconsin Biennial Budget Bill Updates

July 30, 2021

The Wisconsin governor signed the 2021-2023 biennial budget bill that makes some changes to personal income tax, corporate income tax, partnership changes, sales tax, and property tax.

Minnesota’s New Passthrough Entity Tax Could Cut Your Federal Tax Bill

July 30, 2021

The state of Minnesota has enacted a new Passthrough Entity (PTE) tax as part of its recently signed omnibus tax bill. It could dramatically reduce Federal tax liabilities for Minnesota business owners.

Who in a Small Business Can be Hit with the “Trust Fund Recovery Penalty?”

July 12, 2021

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty,” which applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.

Do’s & Don’ts of Recordkeeping for Business Meal & Vehicle Expenses

June 8, 2021

If you’re claiming deductions for business meals or auto expenses, expect the IRS to review them closely. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law

An S-Corp Could Cut Self-Employment Tax

May 26, 2021

If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax.

2022 Health Saving Accounts Amounts

May 26, 2021

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs).

Business Energy Credit for Alternative Energy

April 28, 2021

If you are interested in alternative energy technologies to help manage your business energy costs, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.

Reasonable Compensation for a Corporate Business Owner

April 21, 2021

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends.

Olsen Thielen Celebrates 100 Years

March 9, 2021

Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains. commitment to their clients and their community.

Key Bonus Depreciation Points to Remember

September 1, 2020

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.

Business Strategies for Manufacturers in Uncertain Times

April 2, 2020

COVID-19 has surely brought uncertain times to all of us. It has also brought business planning strategies to the forefront of positioning and maintaining a business. On top of the day-to-day demands, management has several other critical areas of the company to tighten down. Here are some ideas to think about.

Thinking of Opening Your Own Business?

February 26, 2020

Have you ever thought about opening your own business? If so, you will join the group of people who launch small businesses and start out as sole proprietors. Here are nine important tax rules and considerations that sole proprietors need to keep in mind.

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.