In December 2022, the Secure Act 2.0 was passed. As we get farther into 2023 more conversations are developing around the topic, so we wanted to provide you with a reminder of some of the big takeaways. Required minimum distribution ages increased starting on 1/1/2023: Increased to 73 years old until 2032 Will be increased yet again to 75 on 1/1/2033 Changes to catch-up contributions: Anyone making over $145,000 will be taxed on their catch-up contributions in the year that they are contributed to the account (treated as ROTH) beginning in 2024. In 2025 the limit for catch-up contributions will be increased to $10,000 to 401(k) and SIMPLE plans for individuals ages 60, 61, 62, and 63. Automatic enrollment is Read More...
Christianson Paynesville Office has Relocated and Expanded!
We are proud to announce that we have moved our Paynesville office to 705 State Highway 55 Paynesville, MN effective June 1st, 2023. We were able to expand not only our office but also our Paynesville staff, in large part because of all the support from the Paynesville community since opening our doors 6 years ago. The office expansion is also aligned with our firm’s commitment to expand business opportunities and attract top talent to better serve our clients. “We are extremely happy and excited to relocate to our new office space in Paynesville, “said Chelsey Mueller, Tax Manager at Christianson. “The move represents our continued commitment to serving our clients at the highest levels and reaffirms our commitment to the Paynesville Read More...
Ask the Experts – Public Accounting as a Career
Ask The Experts Segment On April 7th, 2023, Joel Gratz, Managing Partner here at Christianson, and Sara De Roo, Partner joined Bill on KWLM during the "Ask the Experts" segment. This month, Joel, Sara, and Bill took a minute to chat a little about why they choose a career as public accountants, the challenges in the industry today, and why you might want to think about choosing to become a CPA yourself! Listen Here! Read More...
Why Should You File an Extension?
It's been a few months since the Internal Revenue Service (IRS) opened filing on- January 23, and the overwhelming majority of the more than 150 million tax returns for the 2023 tax season have been filed by now. Thanks to the Emancipation Day holiday in Washington, D.C., falling on April 17 this year, you have until Tuesday, April 18 to file your return and pay what you owe. If that still isn’t enough time, the IRS allows taxpayers to file for an extension if they need more time to prepare their tax return. You can obtain a tax extension for any reason; the IRS grants them automatically as long as you complete the proper form on time. Make sure to check your state tax laws; many states require you to file a separate state extension Read More...
Research & Development Credit Changes
The provision from the Tax Cuts & Jobs Act of 2017 which allowed direct expensing of research and development (R&D) costs expired a year ago on December 31, 2021. The Internal Revenue Code (IRC) now reverts back to §174, which requires the capitalization of all costs, direct and indirect, related to research, experimentation, and development, regardless of if the costs would normally qualify for the research and development tax credit under IRC §41. Any U.S. sourced costs capitalized may be amortization over a 5-year period (15-years for international sourced costs), with a half year of amortization taken in the year of capitalization. This has been an area of concern for numerous businesses, especially those in the Read More...
Christianson PLLP Quality Assurance Program (QAP) Protocol Accepted
Christianson PLLP is proud to announce that the U.S. Environmental Protection Agency (USEPA) has approved their Quality Assurance Program (QAP) protocol for Biodiesel and Renewable Diesel producers participating in the Renewable Fuel Standard (RFS). Christianson PLLP is now one of only 3 approved QAP providers in the world and the first QAP provider approved by the USEPA in the last 9 years. Producers who are already registered with an approved pathway can now generate QRINs under the newly approved Christianson protocols. Christianson’s detailed, hands-on protocol is supported by a team of highly trained compliance auditors and in-house experts. The Christianson team strives to help their clients protect investments, optimize the value Read More...
Washington Clean Fuel Standard Program
On January 1, 2023, the Washington Clean Fuel Standard (CFS) was implemented, and registration opened for the new Clean Fuels Standard. The goal of the initiative is to reduce the amount of carbon , greenhouses gas emissions and air pollutants within the state of Washington. The state is currently heavily dependent on petroleum-based fuels. The long-term goal of the program is to increase the use of renewable fuel sources, which will help reduce the carbon emissions and improve air quality, through the Climate Commitment Act. The CFS is designed to reduce carbon emissions of transportation fuels by 20%, by year 2034. The Washington CFP is modeled after the California LCFS and Oregon CFP programs. Washington’s program began accepting Read More...
Ask the Experts – Employee Retention Credits
Ask The Experts Segment On February 1st, 2023, Joel Gratz, Managing Partner here at Christianson, and Teresa Carlson, Partner joined Bill on KWLM during the "Ask the Experts" segment. This month, Joel, Teresa, and Bill took a minute to chat a little about how employee retention credits may affect your business. Listen Here! Read More...
Ethanol Denaturant Excise Taxes
Effective January 1, 2023, there are two new excise tax rates on natural gasoline that may apply to ethanol producers. IRA Update The Inflation Reduction Act of 2022 (IRA) amended the Hazardous Substance Superfund financing rate on domestic crude oil and imported petroleum products. Section 4611.Impostion of Tax under Title 26 Subchapter A - Tax on Petroleum imposes a two-part tax on petroleum with new rates effective January 1, 2023. The tax rate on domestic crude oil and imported petroleum products is the sum of the Oil Spill Liability Trust Fund financing rate (petroleum oil spill tax rate or OSLT) and the Hazardous Substance Superfund financing rate (petroleum superfund tax rate)(1). It is calculated per barrel of product. The Read More...
Teresa Carlson Announced as Christianson PLLPs Newest Partner
Christianson PLLP is pleased to announce the addition of Teresa Carlson to the Partner group as of January 1, 2023. Teresa Carlson, EA has been an employee of Christianson PLLP since 2005. She places high priority on her clientele, becoming a trusted advisor throughout Litchfield and Willmar. Her exceptional service and advanced knowledge across the industry makes her invaluable to our team. Teresa specializes in accounting, financial statement preparation, payroll, and tax for individual and business clients. She is the head of Christianson’s Client Advisory and Accounting Services department and manages the Litchfield office. “The Partners are very pleased to welcome Teresa into the Partnership,” commented Bradley Pederson, Read More...
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