Renewable Fuels, Individual Tax, and Business Tax Tax laws and regulations are subject to change. Information presented here reflects our current understanding at time of post. For additional information and inquiries, please contact us. We are available to provide assistance! Developments in Renewable Fuels MN Sustainable Aviation Fuel Credit (SAF) guidance was released on November 22, 2023. The credit is $1.50 per gallon of SAF -- available for fuel sold and used between June 30, 2024, and July 1, 2030. To qualify, the fuel must be produced or blended in Minnesota and used as fuel in an aircraft departing from a Minnesota airport. The taxpayer claiming the credit must be the producer or blender of the fuel. According to the Read More...
2023 Minnesota Tax Tips and Tricks
Christianson's annual newsletter returns to mailboxes and inboxes - your source for 2023 Minnesota tax tips and tricks. This is your one source of knowledge to reference as you discuss your tax options with your Christianson representative. We highlight key information to help you as you prepare for the 2023 tax season this spring! Some of the items we discuss in the 2023 Fall Tax Newsletter: Download your copy by filling out the form below: Read More...
Minnesota Earned Sick and Safe Time (ESST) law
What is the Minnesota Earned Sick and Safe Time (ESST) law? Minnesota Earned Sick and Safe Time (ESST) is paid leave employers must provide to employees in Minnesota that can be used for certain reasons, including when an employee or family member is sick, an employee’s or family member’s mental or physical illness, the closure of family member’s school or care facility due to weather, or to seek assistance if an employee or their family member has experienced domestic abuse. ESST is paid at the same hourly rate as the employee earns from employment, but cannot be less than the local or state minimum wage. There is no small employer exemption, and all employees are eligible (full-time, part-time, temporary, seasonal, etc.) if they meet Read More...
Christianson Response to Challenges in CO2 Carbon Capture Industry
The recent cancellation of Heartland Greenway CO2 pipeline by Navigator CO2 Ventures demonstrates the current challenges the carbon capture sequestration (CCS) industry faces. Permit denials in South Dakota and Iowa, as well as resident pushback are just a few of the barriers the CCS industry has encountered. Christianson PLLP has assembled a team of knowledgeable professionals who can assist ethanol plants in navigating this difficult environment. Our team can create a plan to prepare for the challenges the CCS industry faces, along with providing plants with key insight into complex regulatory rules and language. Strategies we help craft include understanding and proper utilization of the Inflation Reduction Act (IRA) tax credit and Read More...
Secure 2.0 Act in Omnibus Bill
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...
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