News & Events

Under the latest pandemic relief program that was agreed upon by Republicans and Democrats at the final hour in late December, the focus for many was on the $600 stimulus checks that individuals would soon be seeing and the $300 per week from the federal government in unemployment benefits that many would be eligible for. But what changed for employers who were waiting for information relating to sunsetting programs (that were set to expire at the end of 2020)? What do employers need to know? Extension of Paid Sick and Family Leave Credits - The provision extends the refundable payroll tax credits for paid sick and family leave, enacted in the Families First Coronavirus Response Act, through March 31, 2021. Please note that this Read More...

On December 15th, Minnesota state legislature approved a second round of funding intended to provide financial aid to businesses and nonprofits that have been impacted by an executive order related to COVID-19 that either forced businesses to shut down, or to modify their ability to generate revenue. Below you will find a high-level summary of the bill however it's recommended that you contact the MN DOR or your accounting professional to learn more about how this bill impacts you. The bill can be found on the Minnesota Legislature website, but is described as:  economic relief provided for businesses adversely affected by the pandemic, business relief payments authorized, regulatory fee waivers provided, additional unemployment Read More...

As mentioned here, more than $284 billion has been allocated to the U.S. Small Business Association (SBA) for first and second PPP forgivable small business loans known as PPP2. Christianson was an integral part of the application process of over 4 million dollars in the first round of funding and now because of the continued strain on small businesses due to COVID-19, owners can apply for a second round. This program is only open until March 31, 2021. Here are the highlights of PPP2: PPP2 Eligibility PPP2 loans will be available to first-time qualified borrowers as well as businesses that previously received a PPP loan. For those PPP loan recipients from the first round, you may apply for another loan of up to $2 million if you: Read More...

Late in December, lawmakers voted on a $900 billion COVID-19 Relief Package that will have large impact on individuals and business owners alike. Here's what's included in this bill: Individual Relief Impact Stimulus Checks For individuals making less than $75,000 a year or couples making less than $150,000, you will each see a $600 check. Like the CARES Act, this benefit will phase out for individuals making between $75,000 and $100,000 and anyone (individual) making $100,000 or more will not receive a check at all. Again, similar to the original CARES act, parents with dependent children will also see a check, but this time instead of being $500 per dependent, it will be $600. Unemployment Insurance This new bill will add 11 weeks to Read More...

During these unprecedented times, we’ve seen businesses struggle with increased costs and the need to look at expenses with more granularity. Health insurance costs and employee benefits are no exception. Other challenges that have been highlighted during this challenging time include employee recruiting and retention. One thing that may help your business remain competitive in a job market where costs and turnover are high would be to look at the benefits you can offer your staff. Our experts may be able to help! At Christianson Insurance Agency, we leverage our extensive insurance advisory experience as well as our administrative capabilities to help business owners simplify their healthcare and benefit offerings. We take a Read More...

How long do I have to keep these boxes of paper? The general recommendation is to keep tax records for 3 years from the date you filed your tax return. So for 2019 tax returns filed by July 15, 2020, the 3 year period expires on July 15, 2023. This is the timeframe that you have to amend a tax return or the IRS has to audit you. There are certain circumstances when the IRS can initiate an audit after the 3 year period, such as if a tax return was never filed, or if a fraudulent tax return was filed. In that case, the records should be retained forever. Keep copies of your filed returns. They are helpful in preparing the next year or amended returns. Generally you must keep your records that support an item of income, deduction or credit Read More...