President Joe Biden today signed an executive order earlier today aimed at promoting competition and fairness throughout the economy. The order includes 72 directives that will be carried out by 12 federal agencies, many of which target the agricultural sector. For instance, it advises the U.S. Department of Agriculture (USDA) to offer livestock farmers greater recourse against corporations when they are treated unfairly, restructure the inequitable system that determines poultry growers' wages, and prevent corporations from retaliating against farmers who speak out about discriminatory conduct. It would also give farmers the right to repair their equipment – which many companies currently restrict – limit “Product of USA” labels Read More...
Single Audit Considerations: preparing for your post-pandemic federal compliance audit
Many organizations received significant funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, either directly from the U.S. Department of Treasury or through another entity, such as their state or county. In either case, the funds originate from the federal government, which means there are certain requirements that recipients must follow. Entities that expend $750,000 or more in federal funds in a given fiscal year are required to obtain a single audit, a type of audit governed by OMB through a set of rules known as “Uniform Guidance”. Because of the amount of federal grants available for pandemic relief in the past year, entities may require a single audit for the first time this year. Keep in mind that Read More...
The SECURE Act Brings Retirement Plan Changes
On December 20, 2019, President Trump signed a year-end spending package that included the long-awaited Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”), ushering in the most sweeping reform to retirement saving in the U.S. since the Pension Protection Act of 2006. The SECURE Act became effective on January 1, 2020, and it will inevitably affect many retirement savers, for better or worse. This act could have wide-ranging effects on the retirement planning landscape in the United States and here are a few of the most significant provisions that you should be aware of: Small Employer Credits to Expand Under the previous law, employers with 100 or fewer employees were entitled to an annual tax credit of up Read More...
More Pandemic Assistance for Dairy Farmers, Biofuel Producers, and Livestock Producers
The USDA is continuing its rollout of aid to segments of the agriculture industry impacted by the COVID-19 pandemic. Last month, Agriculture Secretary Tom Vilsack announced additional aid to agricultural producers and businesses as part of the USDA Pandemic Assistance for Producers initiative. Since January, USDA has allocated $11 billion to producers, as well as food and ag businesses. The USDA is committed to providing financial assistance to producers and critical agricultural businesses, especially those left out or underserved by previous COVID aid, this new round of funds will focus on several gaps and disparities in previous rounds of aid. These investments through USDA Pandemic Assistance will help our food, agriculture and Read More...
Child Tax Credit Monthly Payments Update
Update as of 7/1/2021 The IRS has updated the Child Tax Credit Portal and you are now able to add and update banking information. We have also been hearing feedback that creating an accounting within the Child Tax Credit Portal can be frustrating and time consuming. We recommend that you create an IRS account here and then access the Child Tax Credit Portal from that account. ________________________________________________________________________________________________ Recently, there were changes made to the child tax credit as part of the American Rescue Plan Act enacted in March 2021, that will benefit many taxpayers. You can read more about the specific changes and program qualifications in our previous article. Though Read More...
E15 is a Win-Win for Minnesota
While partisan divisions continue to dominate the debate about our nation’s energy future, legislators in St. Paul are considering a proposal that can unite our state behind a clean, homegrown energy opportunity. By incentivizing fuel stations to offer higher blends of biofuels and expanded E15 sales, Minnesota can fuel a more prosperous and sustainable future. When drivers fill their vehicles at the pump, they usually purchase 10 percent ethanol blends. By standardizing 15 percent blends, drivers can save three to ten cents more per gallon. At a time where our state’s economy will need recovery from the pandemic, Minnesotans are looking for relief wherever it may come. The money saved at the pump will help fuel other aspects of the Read More...
Announcing New Hires!
We are excited to announce multiple new hires to support our continued growth servicing local and national clients. Josh Eid-Ries, Lindsey Fischer, Jean Raatz, and Emily Summers have joined our award-winning firm to add more bandwidth to our growing team of professionals. The recent hires, appointed for their diverse skills and talents, will work remotely or in the firm's central office located in Willmar, Minnesota. Hired for his expertise in sustainability and business, Josh joined Christianson as a Compliance Auditor on the Compliance and Renewable Energy team. Josh volunteers for the Committee on the Environment for American Institute of Architects and is a founder of the volunteer-run innovation company Regenera, working to Read More...
American Family Plan Child Tax Credit Monthly Payments
There have been important changes to the Child Tax Credit that will help many families this summer. The American Rescue Plan ACT of 2021 expands the Child Tax Credit for tax year 2021 only, the legislation not only temporarily increases the amount each parent will receive, from $2,000 to $3,600 for children under 6 and $3,000 for children 6 and up, it also made the credit fully refundable and turned half of the credit into the advanced payments. The monthly direct payments will begin starting this upcoming July 15. These payments are not an extra monthly payment, but rather a reduction of how much child tax credit parents will receive when they file their 2021 tax return. This monthly payment is simply an “advance” on what you would Read More...
Interview Regarding Ethanol Infrastructure with Linder Farm Network
Listen as John Christianson joins Linda Brekke of the Linder Farm Network in a discussion regarding Biofuels in the state of Minnesota and the impact of implementing E15 as a base fuel as recommended by the Governor’s Council on Biofuels. Read More...
Do You Have the Right California Low Carbon Fuel Standards Team?
In the first quarter of 2021, the Compliance Department at Christianson saw a slew of new validations for the CA Low Carbon Fuel Standard (LCFS) come across our desks. We also heard from many existing LCFS participants who were unsure of their reporting requirements under the new LCFS regulation. Having the right team is crucial to successful compliance. Do you have your LCFS compliance requirements covered? This team roster will ensure you do. 1. Staff – the most successful participants have made LCFS compliance part of their company culture. Training is provided so staff know their respective roles and responsibilities. To manage this, a smart participant will have a manager/CFO to oversee the program and a technical Read More...
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