Olsen Thielen Advisor Blog

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A law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules.
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.
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.
After 40 years at Olsen Thielen, Andy Janneke is transitioning his responsibilities and will be retiring in December 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.
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.
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. 
Your organization's annual report is of particular interest to stakeholders such as donors, grant makers, clients, volunteers, watchdog groups and the government. 
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
If your not-for-profit organization conducts fundraising methods that cross state boundaries, you may need to register in multiple jurisdictions.
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. 
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.
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.
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.
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
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