Ask The Experts Segment Recorded on July 13, 2023 Joel Gratz, Managing Partner and CPA, takes the show with Bill Dean on KWLM's talk show by sharing what you need to know about estate planning. Estate planning is a very individualized process and no two situations are ever the same. Hear a story of estate planning within one of his client experiences and decide if your final wishes are in line today. It's a great reminder to have important money conversations with your loved ones and check on your beneficiaries! Listen Here! Read More...
Ask the Experts – Recent Laws In Legislature
Ask The Experts Segment Recorded on June 7th, 2023 Joel Gratz, Managing Partner and CPA, along with Teresa Carlson, Partner and leader of our Client Accounting and Advisory Services team up with Bill Dean on KWLM with discussion and timelines on the latest legislation and changes coming for both employers and employees. The Sick n Safe Act, also known as sick and safe time, along with the Minnesota Paid Family & Medical Leave Act is going to change natural time off procedures of all employers and employees. They include a description of each, as well as the date they will be effective. Listen to what they must say & gain insight into these two different acts! Listen Here! Read More...
Ask the Experts – Employee Theft
Ask The Experts Segment Recorded on May 5th, 2023 Bradley Pederson, Partner and CFO, takes the show this month with Bill Dean on KWLM and informs listeners on employee theft and the fraud triangles that can occur. 1 in 5 businesses have been impacted, so it's a common issue. Business owners need to be on the lookout and even employees can be stolen from since theft can happen at any paygrade level. Hear his own story of a client and dear friend who was impacted and learn tips to lessen your exposure. Listen Here! Read More...
Paynesville Open House, July 27th!
Thursday, July 27th marks our Paynesville move in celebration! We've gone from renting a one-room office to purchasing and renovating a building into a space ready for our expanding team. Our employees are moving into their new environment and gone are the days of rotating the office between us! Join us for an open house with refreshments and tours as we become a bigger part of the community with you! July 27th, 4 -6 pm 705 Hwy 55, Paynesville, MN Read More...
Restaurant Revitalization Funding
Restaurants (and Bars) Rejoice! Our friends in food service have gotten nimble over this past year. Now there's forgivable funding for those forging forward. The SBA announced that registration will open through their portal beginning Friday, April 30, 2021. Applications can be submitted starting Monday, May 3, 2021, although there will be approval priority given to businesses of certain qualifications. Once the funds run out, the program is over - so don't wait to enter your application. “This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are Read More...
COBRA and the New Subsidy
COBRA Premiums Now Being Paid by Employers Are you aware of the COBRA rules we now live in under the Federal American Rescue Plan Act (ARPA)? From April 1st to September 30th, 2021, employers are required to pay COBRA premiums for employees who were involuntarily separated or had a reduction in hours. Under this federally subsidized program, the government will reimburse employers dollar for dollar against their quarterly payroll tax obligations. How Does it Work? As a standard, employers are already required to offer COBRA coverage for 18 months after the involuntary termination and some states have implemented continuation plans. But under the new subsidy, employees and their qualifying dependents can be covered at no cost for Read More...
Daycare Tax Savings
Are You Making the Right Election? While many parents are still shoring up their 2020 tax filing, they are probably passing up major savings in 2021 that will need a decision now before it's too late. Not only did the pre-tax maximum Dependent Care Flex amount increase from $5,000 to $10,500 for 2021 (if employers choose to participate), but as of this March's tax reform, there's an adjusted Dependent Care Credit that might outweigh flexing this year. By potentially forgoing the pre-tax flex option, families could qualify for up to an $8,000 refundable credit on their tax return. But you cannot do both. There are a variety of factors that go into the calculation, which will be unique to each taxpayer, including income level and Read More...
Federal Tax Deadline Extended
Breaking News: The Internal Revenue Service (IRS) said Wednesday that the 2021 Federal tax-filing deadline would be extended from April 15 to May 17. With the challenges of the pandemic, and the multiple COVID relief bills, an extra month is being provided to help taxpayers have the time necessary to file an accurate tax return. The extended deadline applies only to federal income returns and taxes, meaning that taxpayers will need to check to see if due dates for state taxes have been changed. Not all states follow the same filing deadline as the federal government. Estimated quarterly payments are still due on April 15. At this time, Minnesota state taxes have not extended, and are still due April 15th. For this reason we encourage Read More...
New Flexibility for Health FSAs and Dependent Care Assistance
February 18, 2021: NEW! Flexibility for health FSAs and dependent care assistance programs for your business! Due to the Coronavirus pandemic, the IRS announced that they will be introducing new flexibility. Notice 2021-15 responds to unanticipated changes in the availability of certain medical care and dependent care. Due to COVID-19 and the inability to find dependent care, many participating employees are likely to have unused health FSA amounts or dependent care assistance program amounts at the end of 2020 and 2021. Generally, under these plans, an employer allows its employees to set aside a certain amount of pre-tax wages to pay for medical care and dependent care expenses. Amounts spent by the employee are then reimbursed at Read More...
Tax, Payroll, and Compliance Deadlines 2021
For the latest information that you need to be aware of to avoid potential penalties, our experts at Christianson PLLP have assembled an exhaustive list of tax, payroll, and, compliance deadlines for this calendar year. Tax Deadlines Farmer and Fisherman income tax returns: Anyone with income from a farming or fishing business can avoid making any estimated tax payments by filing and paying their entire tax due on or before March 1, 2021. Individual and sole proprietor income tax returns (IRS Form 1040/1040-ES): the filing deadline for 2020 individual tax returns is April 15, 2021. A six-month extension which will adjust your deadline to October 15, 2021 can be requested using the IRS Form 4868. June 15, 2021: Read More...
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