Olsen Thielen Advisor Blog

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Collective Impact Initiatives

Collective impact initiatives are growing among not-for-profits. Such initiatives are about more than collaboration. They represent the commitment of a group of organizations to a common agenda for solving a specific social problem.
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Nonprofits–What to do When the Audit Ends

Financial audits conducted by outside experts are among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately.
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How Nonprofits Should Classify Workers for Tax Purposes

Employee or independent contractor? It’s not only for-profit companies that struggle with the question of how to classify workers for federal tax purposes.
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Nonprofit Financial Dashboards Can Steer to Success

 Not-for-profits increasingly are adopting a corporate world tool: financial dashboards. A dashboard is a summary of an organization’s progress toward a specific goal over time — or a snapshot of its current situation.
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Should Your Nonprofit Accept Every Grant?

Current financial pressures mean that your not-for-profit probably can’t afford to pass up offers of support. Yet you need to be careful about blindly accepting grants.
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Key Bonus Depreciation Points to Remember

You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool.
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Defer or Not to Defer?

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic.
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Exit – Stage Left…Out the Door

As we all progress in life stages, the time will come for many to turn our eyes toward greener pastures. Recently, we had the good fortune to advise a long time client  (20+ years), who was the founder of a multi-owner dental group, on the planning and execution of the
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Why do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.
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Should You Elect the Alternate Valuation Date for Estate Tax?

Taxes on the transfer of wealth upon death can be substantial. The tax burden, which is typically based on the value of the estate assets on the date of death, can be additionally painful if the value of the transferred assets declines in value after the date of death.
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Use an Advisory Board to Complement Your Nonprofit’s Board

Setting up an advisory board could be a valuable asset to your nonprofit.  You may be thinking--"we already have a board of directors — so why would we need an additional advisory board?"  There are a few reasons.
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Beware of the Trust Fund Recovery Penalty

Business owners are required to withhold Social Security and income taxes from their employees' wages.  The funds have to be turned over to the government and if you, as the employer, do not comply, you could be at risk for a severe tax penalty called the “Trust Fund Recovery Penalty”.
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Appealing to Next Generation of Supporters

Factors such as wealth level, education, and even whether people volunteer, probably will tell you more about potential donors than their generation. But some broad generalizations about age can help nonprofit organizations target particular groups for support.
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Nonprofits: Carefully Navigate the Upcoming Election

The 2020 presidential election is fast approaching and your not-for-profit has a stake in its outcome. But that doesn’t mean your organization is free to participate in campaign activities.
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Regaining Tax-Exempt Status From Failure to File 990s

The most common reason nonprofits lose their status is the failure to file an annual Form 990 or 990-N for three consecutive years. If your organization has landed on the IRS’s revocation list for this reason, don’t panic.
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