National Biodiesel Board and the Producer’s Credit June 21, 2018 - The National Biodiesel Board – the biggest U.S. biodiesel lobbying group – has decided to no longer push to convert a $1 per gallon tax credit available to biofuel blenders into one for producers. The National Biodiesel Board had previously made efforts to change the credit to benefit the biodiesel producers it represents, their reasoning that the credit was originally intended to support the domestic industry, and some blenders benefitting from the credit were importing millions of dollars of foreign biodiesel. A recent successful trade case versus Indonesia and Argentina has helped to stop biodiesel imports being sold below fair market value and the change recognizes Read More...
RIN Attest Deadline Modified per EPA
RIN Attest Deadline Modified per EPA May 23, 2018 - At Christianson, we want to keep you in the loop with all of the required information you should know to ensure you remain compliant. We received word this weekend from the Environmental Protection Agency (EPA) that their Central Data Exchange (CDX) (the Agency's electronic reporting system) will be down on June 1 (the RIN Deadline) starting at 9pm EST and will remain down throughout the weekend. This is important because rather than having until midnight on June 1 to complete your RIN attest, Q1 quarterly reporting and producers’ RFS0901 report, ALL will have to be done and submitted by 9pm EST. This is a big change that impacts many of our clients, and every one of the RIN attest Read More...
Tax Newsletter 8/1/2016
About Your IRS Notice or Letter The IRS normally sends correspondence in the mail and they mail millions of letters to taxpayers every year. This is a follow up to last week’s newsletter with some points to keep in mind if you, or your client, get a letter or notice. Don’t ignore it. Most notices can be responded to quickly and easily. Follow instructions. Read the notice carefully. It will tell you if you need to take any action. Follow the instructions. The letter will have contact information if you have questions. Focus on the issue. IRS notices usually deal with a specific issue about the tax return or tax account. The notice or letter will explain the reason for the contact and give instructions on how to handle the Read More...
5 Signs Your cGMPs are Ready for FSMA
The Food Safety Modernization Act (FSMA) covers the operation of a facility that manufactures, processes, packs, or holds animal food for sale in the United States. Renewable fuels facilities producing feed co-products are no exception. In fact, if you are a biofuels producer that sells co-products later used as an ingredient in animal feed (ex. distillers grains, corn oil, glycerin), FSMA is a multi-faceted regulatory program with which you will soon become quite familiar. Phase 1 Requirements The first phase of FSMA compliance requires implementation of “Current Good Manufacturing Processes” listed in Subpart B of the Code of Federal Regulations (21 CFR 507). cGMPs help establish the basic environmental and operating conditions Read More...
MN Minimum Wage Increase 2016
Effective August 1, 2016, the minimum wage in Minnesota will increase. The increase will impact all businesses, including agri-businesses. Hourly Rate Overview Below is a brief overview of the new minimum wage rates for hours worked beginning August 1, 2016. LARGE EMPLOYER Any enterprise with an annual gross dollar volume of sales made or business done of $500,000 or more $9.50 SMALL EMPLOYER Any enterprise with an annual gross dollar volume of sales made or business done of less than $500,000 $7.75 TRAINING RATE May be paid to employees younger than 20 years of age for the first 90 consecutive days of employment $7.75 YOUTH RATE Paid to employees younger than 18 years of age who are not covered under Read More...
Ask the Experts – Presidential Tax Policies
Tax Policy Highlights of the 2016 Presidential Candidates As featured on KWLM 1340 Newstalk with Todd Bergeth, Joel Gratz and Bradley Pederson from Christianson & Associates discuss the tax policies of the 2016 presidential candidates and their impact on you. You can also listen to our latest radio ad focusing on how our certified public accountants assist ag producers with farm equity preservation, cash flow management, and debt coverage analysis. Read More...
Come visit us at FEW 2016
Christianson & Associates is featured at the Fuel Ethanol Workshop in Milwaukee, Wisconsin. Come see our experts present at the 2016 FEW and visit our booth, #1134. Track 2: Leadership and Financial Management Didn’t See that Coming: Best Practices for Being Ready for Unforeseen Weather Events, Inspections, Legal Events and other Uncommon Occurrences Phil Cleary, Technical Research Consultant, Christianson & Associates PLLP Ethanol and the Oil Spill Tax Download Presentation: Ethanol and the Oil Spill Tax (OSLT) Track 2: Leadership and Financial Management It’s the Margin that Matters: Positioning Your Plant for the Best Possible Financial Results John Christianson, Principal Partner, Read More...
Documentation, Preparation For The FSMA Ride
Buckle up for FSMA The threat of getting a ticket isn’t the only reason I take my safety seriously; I wore a seatbelt long before the advent of primary seatbelt laws. That’s why I often feel frustrated with the proliferation of laws designed to protect me from myself, like “Click it or Ticket.” Likewise, I’m certain you have been taking the safety of your ethanol plant’s distillers’ grains seriously long before Congress started talking about the Food Safety Modernization Act (FSMA). Your commitment to produce safe and nutritious animal feed products, regardless of what the government prescribes as a consequence for doing otherwise, is part of why your ethanol plant is still in the business of selling them. Despite that reality, Read More...
ACA Tax Update
Affordable Care Act (ACA) Tax Update There was a change to the due dates of the 2015 ACA reporting requirements for Forms 1095/1094‐C and 1095/1094‐B. The furnishing of the 1095’s to the individual employees has been extended from 2/1/16 to 3/31/16. The filing of the 1094’s and 1095’s with the IRS has been extended from: 2/29/16 to 5/31/16, if not filing electronically, and 3/31/16 to 6/30/16 if filing electronically. For individuals to complete their tax return without these documents, for 2015 only, they can rely upon other information received from employers about their offers of coverage for purposes of determining eligibility for the premium tax credit as well as to confirm they had minimum Read More...
2015 Biodiesel and Alternative Fuel Claims
The IRS recently issued Notice 2016-05 which provides rules claimants must follow to make a one-time claim for payment of the credits and payments allowable under Sec. 6426(c), 6426(d), and 6427(e) of the Internal Revenue Code for biodiesel mixtures and alternative fuels sold or used during calendar year 2015. The notice also provided instructions for how a claimant may offset its Sec. 4081 liability with the Sec. 6426(e) alternative fuel mixture credit for 2015, and provides instructions for how a claimant may make certain income tax claims for biodiesel, second generation biofuel, and alternative fuel. Claimants that filed “protective” or anticipatory claims during 2015 for biodiesel and alternative fuel incentives should refile Read More...