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Karli Olsen, CPA is a proactive leader in tax and accounting advisory to create efficiencies, profitability, and optimized tax structure for businesses.
Recent Insights
Buying or Selling: What Happens to Your BOLI?
Reading Time: 2 minutesBank-owned life insurance (BOLI) has been a widely-used investment and employee benefit for community banks. But, what happens to this insurance in a bank sale? This has been a common question we’ve seen with bank mergers and acquisitions, and in some cases, has had a significant impact on how the …
Examiner Expectations with CECL
Reading Time: 2 minutesThe topic on everyone’s to-do list as of late has been to start thinking about the looming changes that will be here before we know it…the new Current and Expected Credit Losses (CECL) model for the allowance for loan & lease losses (ALLL). I recently attended the AICPA’s conference for …
Look Before You Leap on Tax Conversions
Reading Time: < 1 minuteThe flashy headlines around the lower tax rates as part of the new tax code are not always cut-and-dry, and businesses need to take a deep-dive look at the long-term impact these tax conversions might have on their ability to minimize taxes. “We understand why at first glance a lower, …
Determining Sales & Use Tax – What Manufacturers Need to Know
Reading Time: 2 minutesEarlier this summer, the U.S. Supreme Court issued its opinion in South Dakota v. Wayfair, stating that a physical presence is no longer required to establish substantial nexus in the collection of sales and use tax. Now, it’s an “economic nexus” that establishes the need to collect sales tax. This …
Read moreDetermining Sales & Use Tax – What Manufacturers Need to Know
Tax Update: Entertainment Deduction Clarified
Reading Time: < 1 minuteThe most current information for 2021 meal and entertainment deduction for tax returns is available here. On October 3, the IRS issued a new guidance that will allow a deduction for 50% of meals while entertaining clients/customers. This decision was made following confusion over the wording in the tax law …
How Safe is Your Financial Data?
Reading Time: 2 minutesRecent national cybercrime headlines: “Cybercriminals Obtain Employee Credentials to Conduct Payroll Diversion” “Business Email Compromises Business Data” “Increase in W-2 Phishing Campaigns” Imagine if you lost access to a year’s worth of financial information – accounting records, tax returns, audit trails – that could either never be fully recovered, or …
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