Don’t let an IRS audit interrupt your day-to-day responsibilities. By taking a meticulous, proactive approach to how you track, document and file your company’s tax-related information, you’ll make an audit much less painful and even decrease the chances that one happens in the first place.
Olsen Thielen Advisor Blog
- May 16, 2017
With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines.
- May 10, 2017
Do you ever feel like you just never seem to have any cash on hand? Is your cash leaving the business as quickly as it comes in? Take a few minutes to get a better understanding of your cash flow and review the controls you have in place over cash.
- May 9, 2017
How management monitors employee expenses whether using reimbursement method or company credit cards is a key internal control of the business. There are some pros and cons for both options and they have slightly different nuances when it comes to monitoring the controls over these expenditures.
Many businesses use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense.
- April 27, 2017
Is your not-for-profit association offering enough (or the right) programs to keep members active and engaged? New programs require time, effort and money. So when you commit to developing one, you want to get the biggest bang for your buck.
- April 14, 2017
To err is human, but your not-for-profit’s supporters, not to mention the IRS, may be less than forgiving if errors affect your financial books. Even the smallest nonprofit should set formal, documented and detailed procedures for managing financial and bookkeeping chores.
According to Credit.com, 73% of people had outstanding debt at their death. These people carried an average debt balance of $61,554, which includes mortgage debt. Without the mortgage debt, the average balance was $12,875.
- April 6, 2017
What would happen if one of your not-for-profit’s key people suddenly quit or had to go on long-term disability? Would you be able to conduct business as usual? To prevent a critical function from possibly coming to a standstill, consider cross-training staff.
- March 29, 2017
Declining donations, dues, grants or sponsorship funds may lead to not-for-profit budget deficits. But you can reduce the risk of cash flow crunches by making relatively minor changes to your cash management practices.
- March 23, 2017
Your not-for-profit can’t generally reimburse employees for business expenses tax-free just because staffers submit expense records. However, you can if you have a properly executed accountable plan. Under such a plan, reimbursement payments will be free from federal income and employment taxes for recipient employees and not subject to withholding
- March 21, 2017
Most not-for-profits are intensely focused on present needs — not the possibility that disaster will strike sometime in the distant future. Yet it’s critical that all organizations have a formal continuity plan to guide them should a natural or manmade disaster disrupt operations.
- March 20, 2017
If you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at all in the eyes of the
- March 10, 2017
If your not-for-profit solicits funds online or uses other fundraising methods that cross state boundaries, it may need to register in multiple jurisdictions.
- February 9, 2017
Olsen Thielen is happy to announce that one of our Tax Principals, Scott Hoyles, has been awarded the Accredited in Business Valuation (ABV) designation from the American Institute of Certified Public Accountants (AICPA).