Mark D Olson CPA Ltd

Mark D Olson CPA Ltd Certified Public Accountant Mark graduated from Northern Illinois University in 1995 and became a certified public accountant in 1996. Olson CPA Ltd.

Upon graduation from NIU, Mark started his career at BDO Seidman, LLP in Rockford, Illinois. Mark was promoted to manager in 2001 and left the firm in 2004 to accept a position as senior manager at Virchow Krause (now Baker Tilly). In 2005, Mark opened Mark D. Where we provide audit, review and compilation services as well as consulting and tax prepararation and planning services for businesses an

d individuals. We also have extensive knowledge in governmental auditing standards, yellow book auditing standards and various grant reporting requirements.

When you’re busy running a business, it’s easy to overlook or dismiss the warning signs of financial distress. Rising em...
06/03/2026

When you’re busy running a business, it’s easy to overlook or dismiss the warning signs of financial distress. Rising employee turnover can signal internal strain. Cash flow issues may indicate slow collections or weak working capital practices. And sudden external shifts — such as interest rate volatility, cost increases or supply chain disruptions — can take a toll on otherwise healthy businesses. Supplementing your company’s year-end financial statements with interim reports or targeted agreed-upon procedures can help you spot problems early and take prompt corrective action. Contact us at (815) 988-9851 to learn more.

If you own foreign assets and fail to properly address them in your estate plan, unexpected tax outcomes can result. For...
06/02/2026

If you own foreign assets and fail to properly address them in your estate plan, unexpected tax outcomes can result. For example, if you’re a U.S. citizen, your worldwide assets are potentially subject to federal gift and estate taxes, regardless of where you live or where the assets are located. So, if you own assets in other countries and the assets are subject to estate, inheritance or other death taxes in those countries, there’s a risk of double taxation. Call us at (815) 988-9851 to learn more about how to properly account for foreign assets in your estate plan.

Are you behind on federal tax payments or worried about defaulting on an IRS installment agreement? You might have more ...
06/01/2026

Are you behind on federal tax payments or worried about defaulting on an IRS installment agreement? You might have more options than you realize. If your finances have changed, the IRS may let you adjust your payment plan to lower monthly payments or a new schedule. If your agreement is terminated, you can request reinstatement. You can also consider an offer in compromise, which may allow you to settle for less than you owe. If you’re facing serious financial trouble and can provide evidence of undue hardship, the IRS sometimes allows up to six months to pay. It helps to act early. Call us at (815) 988-9851 with questions.

Does your business provide complimentary on-site food and beverages for employees? The rules for deducting certain busin...
05/29/2026

Does your business provide complimentary on-site food and beverages for employees? The rules for deducting certain business meals have changed. Beginning in 2026, employers generally can’t deduct 1) meals treated as de minimis fringe benefits, or 2) employer-provided meals that are excludable from an employee’s income and provided for the employer’s convenience on business premises. For the 2025 tax year, generally the former were 100% deductible and the latter were 50% deductible. Contact us at (815) 988-9851 to discuss whether this change will affect your company and how to plan accordingly.

Beginning July 4, 2026, parents, grandparents and others can contribute to Trump Accounts (TAs) for the benefit of eligi...
05/27/2026

Beginning July 4, 2026, parents, grandparents and others can contribute to Trump Accounts (TAs) for the benefit of eligible children. Certain children born 2025–2028 may also qualify for a $1,000 starter deposit from the federal government. TA contributions are generally limited to $5,000 per year (not counting the government deposit) and aren’t tax deductible. But earnings grow tax-deferred. At age 18, the TA will become a traditional IRA. For education goals, options like 529 plans may be better, because qualified education withdrawals are tax-free. Contact us at (815) 988-9851 to discuss what fits your family.

The stepped-up basis rules can reduce capital gains tax for family members who inherit your assets. Under these rules, w...
05/26/2026

The stepped-up basis rules can reduce capital gains tax for family members who inherit your assets. Under these rules, when your loved one inherits an asset, its tax basis is “stepped up” to its fair market value at the time of your death. If the heir later sells the asset, he or she will owe capital gains tax only on any appreciation after your date of death, rather than on the entire gain since you acquired it. Investment accounts, business interests, real estate and personal property are among the assets affected by the stepped-up basis rules. Call us at (815) 988-9851 for details.

An IRS levy is a legal action that allows the agency to seize your property to pay a tax debt. This can include taking f...
05/25/2026

An IRS levy is a legal action that allows the agency to seize your property to pay a tax debt. This can include taking funds from your bank accounts, garnishing your wages or claiming other assets, such as your car or house, to cover your tax balance. Levies don’t happen without warning. They generally happen after multiple notices and missed deadlines. Additionally, the IRS must send you a Final Notice of Intent to Levy and give you the right to request a hearing. If you receive notice of a levy, don’t ignore it! Acting quickly may help you prevent or release a levy. We’re here to help. Call us at (815) 988-9851.

In today’s uncertain markets, maintaining an adequate cash reserve provides much-needed financial stability for your bus...
05/20/2026

In today’s uncertain markets, maintaining an adequate cash reserve provides much-needed financial stability for your business. You can access these funds to meet seasonal needs, cover equipment breakdowns and other expenditures, and pursue growth opportunities. But excessive “rainy day” funds could be an inefficient use of capital. After determining your company’s optimal cash balance, consider repurposing any surplus. For example, you might use the excess funds to invest in short-term marketable securities or repay high-interest debt. We can help evaluate your working capital needs and strengthen your balance sheet. Call us at [%Phone] to discuss.

If the IRS audits your income tax return, you may need to produce documentation. In general, the IRS has three years to ...
05/19/2026

If the IRS audits your income tax return, you may need to produce documentation. In general, the IRS has three years to assess additional tax, starting from the date the return was filed or due, whichever is later. For example, if you filed your 2022 return by the April 18 deadline in 2023, the IRS generally has until April 18, 2026, to assess a tax deficiency. So you potentially can discard records related to that return after April 2026. But records should be held longer in certain situations. And you should keep copies of your returns forever. Call us at (815) 988-9851 with questions.

Do you dream of retiring early? As in, really early? So do adherents of FIRE (Financial Independence, Retire Early). Man...
05/18/2026

Do you dream of retiring early? As in, really early? So do adherents of FIRE (Financial Independence, Retire Early). Many FIRE followers aim to retire in their 40s or even 30s! They make it happen by saving at least 50% of their current income, which some maximize by working second jobs. Obviously, this requires discipline and planning. But if early retirement is a priority, call us {Phone%} so we can help you make it happen.

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Rockford, IL
61115

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Monday 8:30am - 5pm
Tuesday 8:30am - 5pm
Wednesday 8:30am - 5pm
Thursday 8:30am - 5pm
Friday 8:30am - 5pm

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