Olsen Thielen Advisor Blog

Categories

Good Records = Tax Deductions & Trouble-Free IRS Audits

June 19, 2020

If you operate a small business or starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled.

Rebuilding Your Nonprofit’s Board

June 11, 2020

In times of turmoil, including the challenges of the Covid-19 pandemic, your board of directors should be your not-for-profit’s rock-solid foundation. But what if your board is understaffed or simply doesn’t provide the leadership your nonprofit requires?

Rioting Damage and Casualty Loss Deductions

June 8, 2020

The recent riots around the country have resulted in many storefronts, office buildings and business properties being damaged or destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property.

Nonprofit Fraud is Here

June 8, 2020

Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud.

Quid Pro Quo Contribution

May 21, 2020

A quid pro quo contribution occurs when a nonprofit receives a payment that includes a contribution and the nonprofit provides the donor with goods or services valued for less than the total payment.

NonProfits: Is Your Tap Running Dry?

May 15, 2020

If cash flow has dried up, your organization may need to do more than trim expenses. Here’s how to assess your financial condition and take appropriate action.

Review and Replace Ineffective Programs at Your Nonprofit

April 3, 2020

It’s all too easy to let ineffective not-for-profit continue, even as they consume budget resources. To help ensure your resources are being deployed efficiently and effectively, consider using the tradition of spring cleaning to review and, potentially, replace ineffective programs.

Business Strategies for Manufacturers in Uncertain Times

April 2, 2020

COVID-19 has surely brought uncertain times to all of us. It has also brought business planning strategies to the forefront of positioning and maintaining a business. On top of the day-to-day demands, management has several other critical areas of the company to tighten down. Here are some ideas to think about.

Can Your Board See the Red Flags?

March 27, 2020

A key fiduciary duty of your not-for-profit’s board of directors is to oversee and monitor the organization’s financial health. Some financial warning signs — such as the loss of a major funder — may jump out immediately. But other red flags can be more subtle. Here are some of them.

Matching Gift Program Boosts Impact of Donor Gifts

March 26, 2020

Many large U.S. companies offer their employees a matching gift program which helps boost the impact of their employees’ charitable gifts. Double the Donation estimates that $2 to $3 billion is donated through matching gift programs every year.

NonProfit Executive Search Plan

March 18, 2020

Every nonprofit should have an executive search plan. Even if you aren’t facing an imminent vacancy, your organization is smart to prepare for what can be a long process. Executive searches generally take several months — even if you end up hiring someone already known to your nonprofit.

Thinking of Opening Your Own Business?

February 26, 2020

Have you ever thought about opening your own business? If so, you will join the group of people who launch small businesses and start out as sole proprietors. Here are nine important tax rules and considerations that sole proprietors need to keep in mind.

Contributing to an HSA is a No Brainer

February 13, 2020

A Health Savings Account (HSA) is a financial tool used to hold funds for future qualified medical expenses. The purpose of the account is to provide a tax benefit to those individuals with high deductible health insurance plans.

Accounting for Contributions and Grants is Now Easier

February 11, 2020

Accounting for contributions and grants has often proven complicated for not-for-profits, especially when they come with donor-imposed conditions. But 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification of earlier instructions.

Give Your Nonprofit’s Board the Right Information

February 11, 2020

To properly fulfill their fiduciary duties, your nonprofit’s board needs certain information. And it’s up to the executive director and managers to ensure they have it.