Olsen Thielen Advisor Blog

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Minnesota’s New “Right to Repair” Law

March 21, 2024

This article by Fafinski Mark & Johnson, P.A. details MN's new Digital Fair Repair Act that goes into effect July 1. The law requires manufacturers of any products sold in MN & use electronic elements, to provide parts, information, & tools for diagnosis, maintenance, & repair of the product on “fair and reasonable” terms.

Nonprofit Tax Credits

March 20, 2024

The Inflation Reduction has several provisions that benefit nonprofits with credits or cash payments. Read more for details on the provisions to determine if your nonprofit qualifies.

Bartering Goods or Services

March 19, 2024

If your small business would like to exchange goods and services without exchanging money, you may be able to barter. The internet makes it easier to engage with other businesses. But if you barter, be aware of the tax consequences.

WOTC for Manufacturers

March 13, 2024

The quest for skilled laborers in the manufacturing sector continues. Where can manufacturers turn to fill open positions? One option can also provide substantial tax savings: Hire workers that qualify for the Work Opportunity Tax Credit (WOTC).

Maximize the QBI Deduction

March 11, 2024

The qualified business income, QBI deduction, is available to eligible businesses through 2025. After that, it’s scheduled to disappear unless Congress acts to extend it. So make the most of the tax break while it’s still on the books.

R&D Credit for Small Businesses

March 7, 2024

Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing R&D activities. This tax break got better under the Inflation Reduction Act.

Expense Reimbursement for Nonprofits

March 4, 2024

Even if your not-for-profit rarely needs to reimburse staffers, board members or volunteers, an expense reimbursement policy will make the reimbursement process easier and reduce the risk of any disagreements.

Tax-Saving Opportunities for Manufacturers in 2024

March 1, 2024

For manufacturers, as certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors Act, have begun to kick in.

New Upcoming Tax Legislation & Impacts to Taxpayers

February 27, 2024

What do you need to know about the new upcoming tax legislation in the Tax Relief for American Families and Workers Act of 2024 bill? This bill is currently with the Senate to approve and includes many significant changes that impact taxpayers.

Labor Shortages in Manufacturing

February 27, 2024

Your employee value proposition (EVP), refers to everything employees appreciate about the company. Survey your workers to learn what they value the most to help retain and attract employees and address labor shortages.

Managing a Financial Windfall

February 24, 2024

A financial windfall presents both an opportunity and a challenge. While it’s a chance to boost your financial health, it also demands savvy strategic planning to minimize taxes and maximize returns.

Board Meeting Minutes

February 21, 2024

Nonprofit board meeting minutes could become critical documents in an IRS review or legal proceeding. It is important to capture the right information.

New DOL Guidance on Employee Classification

February 20, 2024

The U.S. DOL has issued new guidance on employee classification. This article provides an overview of the rule, its implications, and the steps employers must take to ensure their employee classifications are under the updated guidelines.

Cash and Accrual Accounting Methods

February 19, 2024

Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes.

Identity Theft Scams – Protect Yourself

February 16, 2024

Identity theft occurs when someone wrongfully obtains and uses another person's personal information, such as their name, Social Security number, credit card accounts, or other confidential data, and uses it to commit financial fraud or engage in other criminal activities while impersonating the victim.