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Olsen Thielen Advises on Telecom Merger

October 29, 2021

Olsen Thielen CPAs & Advisors (OT) is pleased to announce it has advised on the successful three-way telecom merger between Fiber Minnesota LLC (FM), a spin-off of fiber network operator Cooperative Network Services (CNS), and two other transport carriers: Broadband Visions and Southern Minnesota Broadband.

A Personal Request Could Equal Fundraising Success for Nonprofits

October 29, 2021

According to a recent survey conducted by fundraising platform FrontStream, the vast majority (87%) of Americans say they’re donating to charity in 2021.

2022 Social Security Wage Base to Increase

October 26, 2021

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021).

New Per Diem Business Travel Rates Effective October 1

October 12, 2021

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021.

Minnesota Standard Deduction Correction – Tax Notice Could Follow

September 30, 2021

On September 24, 2021, the Minnesota Department of Revenue announced that their worksheet for calculating the Minnesota standard deduction limitation had been incorrect in their Instruction Booklet for both tax years 2019 and 2020.

Business Vehicle Tax Depreciation Rules

September 22, 2021

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger automobiles can result in it taking longer than expected to depreciate a vehicle fully.

Plan Carefully for Nonprofit Board Meetings

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.

Victim of Embezzlement? How to Claim a Theft Loss Deduction

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.

What the IRS Examiner Knows About Your Industry

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).”

Does Your Nonprofit Have an Internal Controls Gap?

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.

Large Cash Transactions for Businesses Must be Reported to the IRS

August 9, 2021

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.

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.

Five Key Points About Bonus Depreciation

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.

A Good Business Plan Can Help Your Medical Practice Thrive

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.

Consolidated Appropriations Act – Three Provisions for the Real Estate World

August 1, 2021

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.