Olsen Thielen Advisor Blog

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Kelly M. Salwei, CPA, CMA, to Retire August 31

Kelly joined Olsen Thielen in 1985, after six years with a CPA firm in northern Minnesota. We thank Kelly for his leadership in our Eden Prairie office and offer him our best wishes as he transitions to his new role as a retiree.
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Hot Tax Topics

The Federal government has proposed legislation and the state of Minnesota has enacted legislation that may affect your tax situation.  This article highlights four hot tax topics to keep an eye on.
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Gifts to Employees and Customers May Provide a Tax Break

The holiday season will soon be here and after a year of avoiding social gatherings, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties.
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Your NonProfit Board Needs Certain Information

Your nonprofit’s board members need accurate financial and strategic information to make the best decisions for your organization.
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Establishing a Health Savings Account (HSA) for Your Employees

Establishing an employer-sponsored Health Savings Account (HSA) for your employees is a way to provide some tax-advantaged health care benefits. For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs.
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State of Manufacturing® 2021 Survey Released

Despite unprecedented uncertainties that continue to roil the COVID-era business economy, the 2021 edition of the State of Manufacturing® survey has revealed that Minnesota’s manufacturers are far more optimistic about their companies’ prospects than they were after they experienced the first wave of the pandemic.
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Olsen Thielen Advises on Telecom Merger

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.
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A Personal Request Could Equal Fundraising Success for Nonprofits

According to a recent survey conducted by fundraising platform FrontStream, the vast majority (87%) of Americans say they’re donating to charity in 2021.
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2022 Social Security Wage Base to Increase

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).
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New Per Diem Business Travel Rates Effective October 1

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.
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Minnesota Standard Deduction Correction – Tax Notice Could Follow

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.
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Business Vehicle Tax Depreciation Rules

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.
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Plan Carefully for Nonprofit Board Meetings

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.
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Victim of Embezzlement? How to Claim a Theft Loss Deduction

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.
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What the IRS Examiner Knows About Your Industry

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).”
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