White Paper
- September 22, 2021
Whether your not-for-profit continues to hold videoconference board meetings or is back to in-person gatherings, you don’t want to waste members’ time. The key is good planning.
- September 7, 2021
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases, it does, but you’ll have to substantiate the loss.
- September 7, 2021
While preparing for a business audit, an IRS examiner generally researches the specific industry and the taxpayer’s return issues. In addition, examiners may use IRS “Audit Techniques Guides (ATGs).”
- September 7, 2021
According to the Association of Certified Fraud Examiners, the typical defrauded not-for-profit loses on average $75,000 per fraud incident. And that amount doesn’t account for the negative publicity and subsequent lost donations and support that often follow fraud.
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.
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.
- August 1, 2021
Like most business owners, you’ve probably heard about 100% bonus depreciation. It’s available for a wide range of qualifying asset purchases. But there are many important details to keep straight. Here are five key points about this powerful tax-saving tool.
- August 1, 2021
There’s a reason that physicians typically don’t have MBAs. For most physicians, business is far from your primary function — healing is your business. But whether you’re obtaining loans to expand your practice or simply setting up operations, generating a business plan makes sense.
Late 2020 saw the enactment of a massive new federal spending law. The Consolidated Appropriations Act (CAA) also includes some tax-related provisions of particular interest to real estate owners and developers. Here are some tax law changes you should know about.
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.
- 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.
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.
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.
- July 12, 2021
Minnesota lawmakers passed an omnibus tax bill (H.F. 9) in the wee hours of July 1, 2021, finally giving guidance to Minnesotan taxpayers who were financially impacted by the pandemic.