The Tax Reform bill has been the topic of conversation at Christianson for the last several months and now that the bill has been signed, analyzing the changes and determining the impact on our clients is the focus of our experts. The Tax Cuts and Jobs Act repealed the Domestic Production Activities Deduction in Section 199 as of December 31, 2017 and created a new deduction under Section 199A which is effective January 1, 2018. The purpose here is to outline the provisions in Section 199A that are specifically related to cooperatives and the impact of cooperative dividends to farmers. We have received numerous questions related to this, and with the limited guidance available, this is our effort to provide clarification. The Read More...
Tier 3 Sulfur Reporting Requirements for Ethanol
Happy New Year from the Christianson Team! As we welcome the New Year, we also welcome additional reporting requirements for the Ethanol industry and we here at Christianson wanted to remind you of these new requirements and provide some helpful information. The Tier III Sulfur program was effective for 2017 and with the close of the initial compliance year comes new reporting requirements. The first Gasoline Sulfur and Benzene Annual Report for Tier III will be due March 31, 2018. The report uses the existing Unified Report Form Template that you currently use for RFS RIN reporting and you can find the instructions for the new report (GSF0402) here. Upon completion of the GSF0402 report, you will need to submit it through the Read More...
Document Requirements for Not-For-Profit Entities
At Christianson, the businesses we serve range in industry and business-type. The focus today is on Not-For-Profit entities. As a not-for-profit organization you may be wondering what documents you are required to distribute to your donors per the IRS. What are the disclosure rules for charitable contributions? The IRS imposes record keeping and substantiation rules on donors for their contributions. Charitable organizations are required to provide a written disclosure to a donor who receives goods or services in exchange for a single payment in excess of $75. Recordkeeping If your donor makes a contribution from a payroll deduction as a single contribution and the contribution amount is at or in excess of $250, your Read More...
FSA vs. HSA – What’s the Difference?
It's that time of year again where businesses are looking for a competitive plan to keep their employees covered while individuals are looking for their best option for ensuring coverage for their families. The options seem endless and the task of selecting healthcare plans may be overwhelming. At Christianson, we're here to help! When you are introduced to your healthcare plan, one of your first questions may be: what's the difference between HSA and FSA? You may know that they're both tax-free ways to save, but you may not know the other ways that these two plans differ. So today we will help you identify those differences. Health Savings Account (HSA) A Health Savings Account (HSA) is a way to save tax-free money if you have a Read More...
Minimum Wage is Increasing
We want to keep all of our local clients in the loop when it comes to news that impacts their businesses. That being said, did you know that Minnesota's minimum wage increases on January 1, 2018? The Minnesota minimum wage increase on January 1, 2018 is detailed below: LARGE EMPLOYER Any enterprise with an annual gross dollar volume of sales made or business done of $500,000 or more $9.65 SMALL EMPLOYER Any enterprise with an annual gross dollar volume of sales made or business done of less than $500,000 $7.87 TRAINING RATE May be paid to employees younger than 20 years of age for the first 90 consecutive days of employment $7.87 YOUTH RATE Paid to employees younger than 18 years of age who are not covered Read More...
Who has to Send in Form 1099-MISC?
We are Business Consultants At Christianson, we want to ensure that you are protected from liabilities with the IRS by giving you all the information you need to run your business in a legal and efficient manner. We want to help your business succeed! Today's tip is in relation to Form 1099-MISC and who is required to submit the form to the IRS. If, as part of your trade or business, you made any of the following types of payments of $600 or more to an unincorporated independent contractor, you will need to file Form 1099-MISC. Services performed (Box 7) Professional fees paid to attorneys, accountants, engineers, directors, speakers, etc Attorneys receive a Form 1099-MISC even if they are incorporated Installation Read More...
Microsoft Dynamics GP and Intellego Updates
Christianson PLLP’s Systems Solutions team is full of Microsoft Dynamics GPTM and Intellego experts! Our experts wanted to bring your attention to the latest updates relating to these two software programs. Microsoft Dynamics GPTM Payroll Year End Updates have been released for the following GP versions: GP 2013, GP 2015, and GP 2016. The 2017 Year-End Update Changes include: No W-2 or W-3 Form changes EFW2 changes (required) Product Quality Fixes around Payroll Year-End – fixes will be noted in blog when we release Affordable Care Act Updates - Form and Code changes Fixed Asset Luxury Auto Depreciation changes **No Payables form changes** Intellego Intellego 16sp2 and Cinch Document Exchange 16.1 are ready for Read More...
TAX TIME – Keeping Records
At Christianson, making sure you're prepared and never at risk is one of our top priorities. One of the most commonly asked questions is: "how long do I have to keep my tax records?". This is important for both individuals and for businesses. Here's what you need to know: [video_player type="youtube" style="8" dimensions="560x315" width="560" height="315" align="center" margin_top="0" margin_bottom="20" ipad_color="black"]aHR0cHM6Ly95b3V0dS5iZS80OGRkNDU0LURoYw==[/video_player] How Long Should I Keep Records? The general recommendation is to keep tax records for 3 years from the date you filed your tax return. So for 2016 tax returns filed by April 15, 2017, the 3 year period expires on April 15, 2020. This is the timeframe that you Read More...
Do I Have to Report a New Hire?
At Christianson, we are always looking out for small businesses and making sure they have all the information they need to keep their minds at ease. Lately, we have heard questions surrounding MN New Hire Reporting so we wanted to give you some tips! First, have you hired a new employee recently? Did you know you need to report the new hire with the State of Minnesota? The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 requires ALL employers to report newly hired or re-hired employees to a state directory within 20 days of their hire date. New hire reporting speeds up the child support income withholding order process and expedites the collection of child support. What new hire information needs to be Read More...
MNsure Open Enrollment
Open Enrollment Time is Here! In an effort to ensure our community is covered, we wanted to send out a reminder about MNsure Open Enrollment. The 2018 MNsure open enrollment period begins November 1 and ends January 14, 2018. To avoid the individual responsibility penalty, you must have coverage effective January 1, 2018. To meet this timeline, you must be enrolled by December 20, 2017. You can log on to the MNsure website at www.mnsure.org to compare plans, with enrollment starting at 8 am on Wednesday, November 1. Current enrollees can also check to see if their 2017 plan will be available in 2018. Please contact Sarah Snyder if you have questions on the individual penalty or Jenny Quale if you need help choosing the right Read More...
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