Olsen Thielen Advisor Blog
- January 19, 2020
Business owners may think that, if they repair a piece of tangible property, they’ll qualify for an immediate tax deduction. But the IRS may define that “repair” as an “improvement,” and require the costs to be depreciated over a much longer period.
- December 27, 2019
If an employee passes away during the year, you must report the accrued wages, vacation pay, and other compensation paid after the date of death. And, accrued wages paid in the same year as the employee’s death are reportable on Form W-2 and Form 1099-MISC.
- December 10, 2019
After 40 years at Olsen Thielen, Andy Janneke is transitioning his responsibilities and will be retiring in December 2019.
- December 9, 2019
Commercial database hackings are in the news and may seem commonplace. But while many of these stories focus on hacked bank and credit card accounts, 401(k) plan sponsors and participants probably don’t realize that their plan assets also are at risk.
- December 3, 2019
There's some new ways for you to reduce your nonprofit's filing burden if you are thinking about merging or otherwise restructuring. Recently, the IRS made the process easier for some organizations.
- December 3, 2019
The U.S. Department of Labor (DOL) approved changes to thresholds for overtime pay on September 24, 2019, under the Fair Labor Standards Act (FLSA). These changes are likely to impact approximately 1.3 million workers that may become eligible for overtime.
- November 11, 2019
Your organization's annual report is of particular interest to stakeholders such as donors, grant makers, clients, volunteers, watchdog groups and the government.
- November 6, 2019
Many business decisions may offer an advantage to your nonprofit organization but on the flip side many times carries risk. For instance, if your not-for-profit owns its own facility, most likely you have more control over your work space than if you lease. However, ownership carries risks and leasing can provide
- November 6, 2019
If your not-for-profit organization conducts fundraising methods that cross state boundaries, you may need to register in multiple jurisdictions.
- November 5, 2019
The executive director and managers of not-for-profit organizations need to ensure that their board receives the information they need to fulfill their fiduciary duties.
- October 23, 2019
One of the worst things that can happen to a 501(c)(3) not-for-profit organization is to have its tax-exempt status revoked. Among other consequences, the nonprofit may lose credibility with supporters and the public, and donors will no longer be able to make tax-deductible contributions.
- October 21, 2019
Borrowing isn’t just for businesses. Many not-for-profits borrow money for major capital purchases, new program funding and even to manage current cash flow. But if you’re hoping to borrow, it’s important to understand that there are likely to be obstacles ahead, including finding a lender that offers reasonable rates.
- October 18, 2019
When you receive a personal gift from a friend or family member — even if it’s not something you particularly want — you accept the gift and thank the person. The same isn’t always true of gifts given to your not-for-profit. Gifts should be examined, and, possibly, refused.
- October 9, 2019
Most likely your organization has grown and evolved since it was founded. Do you know if you are keeping pace with your not-for-profit's bylaws? Bylaws are the rules and principles that define your organization — and, if you haven’t revisited them recently, they may not be as effective as they