Olsen Thielen Advisor Blog

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Do You Have a Security Plan for Your Business?

August 8, 2016

Reports of security breaches occur on a daily basis, and no company wants to see their name in the headlines as a result. Are you prepared in the event that it happens to you? A security plan will help to mitigate some of the risks and protect your assets, and

Utilizing Nonprofit Boards to Fullest Potential

July 7, 2016

It’s no secret that a major key to success for nonprofit organizations lies with the strength of its volunteer board of directors. Board engagement is a practice that many nonprofit entities both strive for and struggle to maintain.

Contracts and SOC Reporting

June 27, 2016

We see many organizations requesting SOC reports from their business partners due to a corporate compliance mandate. It appears to be a default company request even though the business relationship may not fit the purpose and scope of a SOC report.

A Story of Commitment

June 21, 2016

Olsen Thielen was founded on the belief that personal attention, trusted advice, and quality service are the key elements to helping our clients succeed. Time and again, business owners and individuals have taken Olsen Thielen professionals into their confidence – to gain insight on business challenges beyond just tax returns

“What’s My Business Worth?” Understanding Your Options

June 21, 2016

Would you buy a new car if the only vehicle on the market was a BMW? How often would you go out to eat if the only menu item available was filet mignon?

Data Security for Not-for-Profit Organizations

November 19, 2015

If you are a not-for-profit organization you may be wondering what is the big deal surrounding data security? Aren’t data breaches confined to the big companies like Target, Home Depot, and Sony? Why would our mission-oriented not-for-profit that helps others be a target of an attack? The reason not-for-profits are

Have You Prepared for an Untimely Disability or Death?

November 5, 2015

It can be easy for us to put off key estate planning issues but often waiting until an unforeseen event like a family death or sickness can prove too late. Estate planning helps to preserve the assets you worked hard to accumulate during your life and make sure they go

Should You Consider a Trust?

November 5, 2015

A trust can help you pass wealth efficiently and privately to your heirs. Perhaps the most powerful way to use a trust is to ensure that your heirs have timely access to your assets. When you transfer your assets to your beneficiaries through a Will, your estate is settled through

Information Technology – Commodity or Strategy?

October 14, 2015

Small businesses are always on the lookout for what can differentiate them in the marketplace, but are they overlooking a common business tool? Information technology (IT) is often thought of as the tool used for general back office functions and office employee productivity. Without these basic functions, businesses would come

The Top 10 Things Every CEO Needs to Do

October 5, 2015

There are ten fundamental information security practices that should be followed in every organization: Think Right, Get Help, Get Involved, Lead, Plan, Set Goals, Measure, Seek, Encourage and Prepare. Some of these things you can delegate to others, and some of these thing you can’t. As CEO you need to

Tips for Writing a Company Security Policy

October 5, 2015

Every day there are tens of thousands of new threats created, and most of them will be delivered to your employees in the form of an innocent looking email, a shared file, or an infected website. A simple click of their mouse will invite it in to your network. So

Prepare Your Business For Sale

August 17, 2015

As economic conditions have improved and the number of baby-boomers ready for retirement has grown, we have seen a dramatic increase in the sale of private companies here in Minnesota and in the United States.

Tax Scams Do Not End With the Tax Season

June 20, 2015

Once the tax filing season is over doesn't mean that tax scams have ended. Taxpayers face the threat of tax scams at any time because it is highly profitable for fraudsters year round. IRS phone scams, in particular, can be carried out any time of the year.

Dual Signatures

June 20, 2015

An important internal control related to cash disbursements can include requiring two authorized signatures on all company checks generally over a specific amount that has been set by management or the board directors. By requiring two signatures, the company is verifying that both signers agree that the payment is proper

Why is IRS Form 990 so Important?

February 9, 2015

Form 990 is the annual information return filed by tax-exempt organizations with the Internal Revenue Service, and provides a wealth of information to the IRS and to readers of the return. Form 990 is a public document, meaning anyone can ask to see your association’s 990, and you are required