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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.

Business Meal and Vehicle Expenses Get Extra Scrutiny from the IRS

August 1, 2021

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.

Wisconsin Biennial Budget Bill Updates

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.

Minnesota’s New Passthrough Entity Tax Could Cut Your Federal Tax Bill

July 30, 2021

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.

Who in a Small Business Can be Hit with the “Trust Fund Recovery Penalty?”

July 12, 2021

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.

Minnesota Passes Tax Bill Including PPP Conformity

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.

Eligible Businesses and the Employee Retention Tax Credit

July 1, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break extended and modified by the American Rescue Plan Act (ARPA). Here’s a rundown of the rules.

Traveling Again? Know What is Deductible

July 1, 2021

As the COVID-19 pandemic starts to subside, you may be traveling again for business. Under tax law, there are some rules for deducting the cost of your out-of-town business travel within the United States.

Fiduciary Duties for Nonprofit Board Members

June 9, 2021

It takes more than dedication and enthusiasm for your not-for-profit’s cause and programs to make a good board member. The most critical duty for all board members is being a fiduciary.

Do’s & Don’ts of Recordkeeping for Business Meal & Vehicle Expenses

June 8, 2021

If you’re claiming deductions for business meals or auto expenses, expect the IRS to review them closely. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law