- September 1, 2020
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.
Olsen Thielen Advisor Blog
- September 1, 2020
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.
- August 18, 2020
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.
- August 18, 2020
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
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.
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.
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.
- July 8, 2020
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”.
- July 8, 2020
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.
- June 29, 2020
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.
- June 29, 2020
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.
- 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.
- 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?
- 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.
- 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.