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...
SBA Announces PPP Requirement Change to Help Underserved Borrowers
Wednesday, February 24, 2021: Does your small business need a PPP loan? The SBA has announced that there is now a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. Small businesses have dedicated time to work with their lenders and community partners to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021. SBA also announced four additional changes to open the PPP to more underserved small businesses than ever before. While these changes are being implemented, SBA will work with community partners to improve the emergency relief “digital front Read More...
1099-G Scammers Are Out Again – Are You Safe From Tax Fraud?
It's tax time! This means it's time to meet with your tax preparer, but it also means that scammers are on the prowl and at Christianson, we want to give you the information you need to protect yourself. According to the Minnesota Department of Revenue, scammers have started filing fraudulent claims for unemployment compensation using stolen personal information with respect to 1099-G. In the event that you get an incorrect Form 1099-G from the Minnesota Department of Employment and Economic Development for unemployment benefits you did not receive, you should: Contact Minnesota Unemployment to report possible unemployment insurance fraud Request a revised 1099-G showing you did not receive unemployment benefits Keep the Read More...
QAFVR and Electric Vehicle Charging Stations
If you are in the business of selling fuels, transportation infrastructure, or use fuel, you may qualify for another benefit. In mid-January, the IRS announced that The Taxpayer Certainty and Disaster Tax Relief Act of 2020 extended the alternative fuel vehicle refueling property credit to cover refueling property placed in service in 2021. It was also announced that electric vehicle charging stations now qualify for the Qualified Alternative Fuel Vehicle Refueling (QAFVR) credit which was extended to January 1, 2021. This credit equates to 30 percent of the cost of placing each piece of qualifying alternative fuel vehicle refueling property into service. If you are an individual who installed and is utilizing the charging station for Read More...
You May Qualify for Both PPP Loans and the ERC
There's additional funding available and the eligibility requirements for previously established funding opportunities have changed! At Christianson PLLP, we want you to be aware of opportunities for funding during this difficult time. According to the Consolidated Appropriations Act, 2021, you may be able to take advantage of both Paycheck Protection Program (PPP and PPP2) loans as well as the Employee Retention Credit (ERC). The ERC is a refundable credit against payroll for "qualified wages" that were paid by employers who were hurt by coronavirus but retained their employees. There have been several changes relating to the ERC which can provide your business additional opportunity for relief and these include: Extension Read More...
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