At Christianson, the businesses we serve range in industry and business-type. The focus today is on Not-For-Profit entities. As a not-for-profit organization you may be wondering what documents you are required to distribute to your donors per the IRS. What are the disclosure rules for charitable contributions? The IRS imposes record keeping and substantiation rules on donors for their contributions. Charitable organizations are required to provide a written disclosure to a donor who receives goods or services in exchange for a single payment in excess of $75. Recordkeeping If your donor makes a contribution from a payroll deduction as a single contribution and the contribution amount is at or in excess of $250, your Read More...
Archives for December 2017
FSA vs. HSA – What’s the Difference?
It's that time of year again where businesses are looking for a competitive plan to keep their employees covered while individuals are looking for their best option for ensuring coverage for their families. The options seem endless and the task of selecting healthcare plans may be overwhelming. At Christianson, we're here to help! When you are introduced to your healthcare plan, one of your first questions may be: what's the difference between HSA and FSA? You may know that they're both tax-free ways to save, but you may not know the other ways that these two plans differ. So today we will help you identify those differences. Health Savings Account (HSA) A Health Savings Account (HSA) is a way to save tax-free money if you have a Read More...
Minimum Wage is Increasing
We want to keep all of our local clients in the loop when it comes to news that impacts their businesses. That being said, did you know that Minnesota's minimum wage increases on January 1, 2018? The Minnesota minimum wage increase on January 1, 2018 is detailed below: LARGE EMPLOYER Any enterprise with an annual gross dollar volume of sales made or business done of $500,000 or more $9.65 SMALL EMPLOYER Any enterprise with an annual gross dollar volume of sales made or business done of less than $500,000 $7.87 TRAINING RATE May be paid to employees younger than 20 years of age for the first 90 consecutive days of employment $7.87 YOUTH RATE Paid to employees younger than 18 years of age who are not covered Read More...