Olsen Thielen Advisor Blog

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Fundraising Commitment

If your not-for-profit focuses the majority of its fundraising energy on the holiday season and year-end period, you may risk cash-flow problems. A solid fundraising commitment plan can help you make fundraising an ongoing process.
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Spouse-Run Business

Do you and your spouse operate a profitable unincorporated small business? If so, a spouse-run business is generally classified as a partnership and can face some challenging tax issues.
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2023 Depreciation Adjustments

Inflation has some beneficial side effects for business owners. One is that the 2023 depreciation adjustment amounts increases the possible tax breaks your business.
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Nonprofit Disaster Plan

Almost no region of the United States has escaped natural disasters recently, so if your organization doesn’t have a NFP disaster plan, it needs to put one in place immediately.
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Getting a Divorce?

If you’re getting a divorce, you know it’s a stressful time. But if you’re a business owner, tax issues can cause more stress. We can help you plan for the best post-divorce tax outcome.
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Preparation for NFP Audit

Don’t let the preparation for your NFPs annual audit become a last-minute sprint. Plan early so you’ll have the right records ready for review.
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Sec. 199A Deduction

The Sec. 199A deduction is a potentially valuable tax break if your manufacturing company operates under one of the applicable pass-through entity types such as an S corporation, partnership or limited liability company, and you meet certain eligibility requirements.
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Guaranteeing a Loan

If you are guaranteeing a loan to your corporation and it goes into default, there may be tax consequences. You don’t want to be caught unaware.
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Exit Strategy Planning for Manufacturers

It’s smart for manufacturing business owners to have a well-planned exit strategy. Do you know what your plan should cover?
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Private Foundations Conflict of Interest

Private foundations must adhere to strict conflict-of-interest rules. Transactions with “disqualified persons,” including substantial contributors, managers, officers, directors and trustees and their families generally are off-limits. . Selling or leasing property to or from your foundation and making loans or providing goods to it are prohibited. If the IRS determines
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2023 Q4 Tax Deadlines

The 2023 Q4 tax deadlines are coming up fast. And, it’s also time to start thinking about year-end tax strategies.
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Minnesota Metro Sales Tax Increase

On October 1, 2023, a metro sales tax increase will affect seven metro counties in Minnesota. The counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington will need to collect a new 1% local sales tax that will be used to fund transportation and housing projects.
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Tax Reporting for Special Events

For nonprofits, tax reporting for special events can be complicated. But careful tracking of revenues and expenses and retaining related documentation now will help facilitate the reporting process later.
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Emergency Savings Accounts

In 2024, new provisions of the Secure Act 2.0 may allow businesses to help non-highly compensated employees in financial emergencies to take a withdrawal from their 401(k), 403(b) or 457(b) plan using emergency savings accounts that are linked to the plan.
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Cryptocurrency Donations

Most nonprofits benefit when they accept donations from supporters in whatever form they want. So if you don’t yet accept cryptocurrency donations, here are some ideas on why you may want to start.
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