Manufacturers should consider conducting a reverse sales & use audit (the opposite of a government audit that seeks to collect tax underpayments) to ensure they are taking full advantage of sales & use tax exemptions.
Olsen Thielen Advisor Blog
- May 15, 2024
Many natural disaster relief charities are gearing up for a potentially busy tornado and hurricane season. Before an emergency hits, make sure you know IRS rules for providing aid to victims.
- May 14, 2024
A new FTC ruling has made noncompete agreements unenforceable for most employees, with the aim of fostering competition and job mobility. Learn about the ruling and its potential impact on your business in this article.
- May 13, 2024
The IRS's latest notice suspends RMDs for some inherited IRAs in 2024, offering beneficiaries a financial breather. Find out if you qualify for this waiver and how it affects your tax obligations.
Unsure whether to set up voluntary withholding for your social security payments? Read more to see how voluntary withholding can help spread your tax liability over the year and make budgeting simpler.
- May 7, 2024
The Department of Labor has announced new regulations for overtime exemptions under the FLSA. These go into effect July 1, 2024.
- May 7, 2024
Downsizing in retirement isn't just about reducing living expenses—it can also be a strategic move toward financial security. Understand how your home's appreciation impacts your taxes and discover strategies to reduce your tax burden.
- May 2, 2024
Business owners should take advantage of the Visa and Mastercard Settlement and submit claims before the August 30, 2024 deadline.
Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.
- April 29, 2024
If you operate a business, or you’re starting a new one, carefully recording legitimate business expenses is important to be able to claim all the tax deductions to which you’re entitled.
- April 25, 2024
Conduct a financial reset using the SMART framework to prepare financially for the future. Learn about strategies for debt repayment, evaluating your emergency fund, and early tax planning.
- April 25, 2024
If you’re a business owner without a retirement plan, establishing one is simpler than you may think. And there still may be time to set up a tax-favored retirement plan for LAST year, depending on your situation.
- April 23, 2024
Most manufacturers issue companywide income statements. But have you considered digging deeper into your numbers with a segmented income statement? It can highlight key performance drivers and possible improvement strategies for your company.
- April 23, 2024
Prospective nonprofit board members commonly cite time constraints as a reason not to join. Using board committees to lighten the load may make it easier for nonprofits to recruit qualified individuals.