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...
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 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...
Christianson PLLP Merges in DM Hoffbeck PLLC
Christianson, PLLP is excited to announce that they have merged in DM Hoffbeck PLLC effective January 1, 2023. This merger combines the best attributes of two firms here in West Central Minnesota to provide more quality services to our client base and more opportunities for our current and future team members. Joel Gratz, Managing Partner commented “The Partners of Christianson PLLP want to welcome Dennis Hoffbeck and his team from DM Hoffbeck PLLC into our family of service providers. This merger was a natural fit for both Firms and will broaden our service footprint in West Central Minnesota. Christianson PLLP has deep roots within the communities we serve, including our niche industries of agriculture and manufacturing that are the Read More...
2022 Tax Newsletter
You can view the Newsletter online here or click to download a PDF of the newsletter here. Read More...
Biogas Compliance 101
Biogas production has been used domestically for decades as a way to manage millions of tons of food, water, and animal waste. Biogas systems recycle waste and produce energy, preventing emissions from entering the atmosphere and nutrients from entering waterways, creating healthier soil, and providing renewable energy. The United States has over 2,000 biogas production sites spread across all 50 states, and several compliance programs provide incentives for renewable natural gas production due to its environmental and energy benefits. Christianson’s team of compliance experts provides verification for renewable natural gas under many of these programs. Continue reading to learn more about biogas and renewable natural gas and how Read More...
Meet Our Expert: Zach Hauser
Title: Compliance Supervisor How long have you worked at Christianson PLLP? I worked as an intern during the Spring of 2015 and started as a full-time staff accountant in December 2015. What are your areas of expertise? I started out working in the Compliance and Audit departments with a focus on the renewable fuels industry and over the years I have become specialized in the Renewable Fuels Standard RIN attest and the Low Carbon Fuels Standard verification work. What is your educational background? I graduated from Northern State University in Aberdeen, South Dakota with bachelor of science degrees in accounting and banking/finance. I also hold current credentials as a lead verifier under the Low Carbon Fuels Standard (CA), Read More...
DEED Announces $97M to Boost Small Business
The Minnesota Department of Employment and Economic Development (DEED) announced that the agency had secured $97 million in new funding to support small businesses. This second wave of funding aims to provide direct loans to newer businesses that are technologically innovative. DEED is now accepting applications, which can be found in their Small Business Hub. Per DEED, all “applicants must be seeking equity investments in a funding round that includes at least one venture capital fund or accredited investor.” The loans will be between $100,000 and $400,000. To be eligible, all participating businesses must meet a variety of criteria outlined in the application process including the primary business must include one or more of the Read More...
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