Olsen Thielen Advisor Blog

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New FCC Broadband Map Version 3 Released

The FCC has released the latest version of the Broadband Map showing a significant reduction in areas without high-speed broadband. Find out more about these changes and opportunities available for providers available through the BEAD program.
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Beneficial Ownership Reporting

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a final rule implementing a beneficial ownership information reporting requirement under the Corporate Transparency Act. Learn how and when this reporting requirement may affect your company or organization.
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Nursing Home Tax Breaks

When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several nursing home tax breaks may be available to help offset some of the costs.
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Irrevocable Life Insurance Trust

Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax.
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Tax Planning Strategies for the Next Year with Charlie Sparks

PODCAST: In our latest episode, our Tax Director, Charlie Sparks, shares his top tax planning strategies for the upcoming year. With just two months remaining in the current year, Charlie recommends that it's the perfect moment to kickstart your tax planning, especially if you're a business owner.
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Enterprise Minnesota: 2023 State of Manufacturing Results

Olsen Thielen is a proud Platinum Sponsor of Enterprise Minnesota and the State of Manufacturing Survey. Last night, Enterprise Minnesota held their annual State of Manufacturing rollout event to showcase important statistics regarding the Manufacturing Industry - one that Olsen Thielen is heavily involved with.
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Business Auto Tax Depreciation Rules

Business auto tax depreciation rules are complicated, and complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile. Special limitations apply to vehicles classified as a passenger auto (which could include many pickups and SUVs).
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Foundation or Donor-Advised Funds

Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds (DAF) are a popular alternative, but they also have potential drawbacks.
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The 2023-2024 Tax Planning Guide

Do your tax planning strategies need a refresh? Our 2023-2024 Tax Planning Guide will guide you on dealing with tax changes as your situation evolves, whether due to life events, economic developments or new tax laws.
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Deducting Employee Bonuses

Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that lets a business enjoy a tax deduction this year while its
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Exit Strategy Planning

Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help the owner plan for, and, in some cases, reduce, the tax impact.
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2024 Social Security Wage Base Increase

In a recent announcement, the Social Security Administration stated that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023).
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2024 Per Diem Rates as of October 1

The IRS recently announced the special “per diem” rates that became effective October 1, 2023. Here are the basics of these rates.
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Pay Transparency

Nonprofits whose states or municipalities have passed pay transparency laws must comply by, for example, revealing salary ranges in job postings. But even if you’re not required to, consider adopting these practices.
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M&A Transactions & Taxes

If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law.
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