Olsen Thielen Advisor Blog

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Employee Benefit Plan Audit

January 26, 2023

An employee benefit plan audit is a periodic and independent examination of a company’s benefit plans that are subject to ERISA. If your company currently offers or plans to offer an employee benefit plan, read this article to learn about audit requirements.

Employee Retention Credit Scams

January 24, 2023

Employee Retention Credit Scams (ERC) are on the rise. Determine if you are eligible for the ERC and be aware of the warning signs of a potential scam. Olsen Thielen can help assess if your company meets the qualifications to claim the ERC.

Buy-Sell Agreements

January 24, 2023

Buy-sell agreements are an essential tool for businesses with more than one owner. This type of agreement defines what will happen to the departing owner's share of the business if they leave. Learn about the benefits, key components, and important considerations of a buy-sell agreement for your business.

Benefits of a SOC Report

January 23, 2023

As outsourcing of services becomes more prevalent among organizations, it’s important for a company to ensure that its vendors enforce the same level of controls and protections that they do. A SOC evaluation is conducted by an independent CPA and provides validation and trust.

Understanding Tax Nexus

January 20, 2023

Understanding nexus is essential for determining a company's tax obligations. However, many businesses are unaware of what establishes nexus and thus are unaware of their tax obligations. Learn about tax nexus and how it may affect your company.

R&E Expenditure Under Section 174

January 18, 2023

The Tax Cuts and Jobs Act (TCJA) of 2017 brought about a number of Research and Experimentation (R&E) changes to how R&E expenses are treated under Section 174 of the Internal Revenue Code.

Bonus Depreciation Phase-Out

January 17, 2023

100% bonus depreciation is a tax provision that allows businesses to deduct the cost of certain qualifying property in the year it is placed in service rather than having to depreciate the cost over several years. Unfortunately, the 100% bonus depreciation deduction will begin to phase out after 2022.

Learn to Love Delegation

January 13, 2023

To best serve your nonprofit and its constituents, you must practice the art of delegation and even perfectionists can learn to love delegation.

Deducting Software Costs

January 9, 2023

The tax treatment and deducting of software costs can be more complicated than you might think, and the rules depend on whether the software is purchased, leased or developed by your business.

2023 HSA Limits

January 5, 2023

HSAs have complex rules, but offer a flexible option for providing health care coverage and they may be an attractive benefit for your business.

Sale of Business Property

January 5, 2023

Tax treatment of the sale of business assets is complex. And, there are many rules that potentially can apply to the sale of business property.

2023 Q1 Tax Deadlines

January 5, 2023

Tax deadlines can be hard to keep on your radar. To help you meet fulfill your filing requirements, here are some of the key tax-related 2023 Q1 tax deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply.

Manufacturing Tax Laws in Limbo

January 5, 2023

Barring further legislation, certain manufacturing tax laws are in limbo, as key provisions have expired or have begun to phase out. Here are three that could have a significant impact on your company.

2023 Standard Mileage Rate

January 5, 2023

The IRS recently announced that the 2023 standard business mileage rate for the business use of a car, van, pickup, or panel truck. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

LIFO Inventory Method for S Corporations

January 5, 2023

Converting from C corporation to S corporation status could trigger an unexpected tax bill if you use the last in, first out "LIFO" inventory method. Is there anything you can do to lessen the tax?