How will you take advantage of all of your options during tax time this year? These are some things you may want to consider as you schedule your 2020 individual tax planning meeting: The IRS has launched an improved tool to help taxpayers check their withholding by doing a “Paycheck Checkup.” You will need your most recent paystubs and your most recent income tax return. Visit the IRS website to learn more. Maximize contributions to Health Savings Accounts. 2020 contribution limits are $3,550 for individuals and $7,100 for families. 2021 limits will be $3,600 for individuals and $7,200 for families. Individuals 55 and older can make an additional $1,000 catch up contribution. You can maximize your HSA contributions even if you did Read More...
Christianson PLLP Announces Managing Partner Transition
Announcement Dec. 1, 2020 -- Christianson PLLP was founded in 1987 and since then, has been blessed with client growth and expansion for which the team is grateful. With that growth comes new opportunities and the Partners at Christianson are proud to announce recent Firm leadership changes resulting from their annual Partner strategic planning session held this past summer. To continue this strategic growth of the Firm, John will be transitioning his Managing Partner responsibilities to Joel Gratz, CPA. This transition will take place January 1st, 2021 and will allow the leadership of the Firm to evolve. John has accepted additional leadership responsibilities in the agriculture and renewable fuels space including national efforts as Read More...
Will There be a Second Stimulus Check?
With the ongoing impact of COVID-19 and the financial impact it's imposing on businesses and individuals alike, we want to keep you in the loop with all current and potential financial relief options that may apply to you. That said, there's been talk for quite sometime that there may be a second round of stimulus checks on the horizon. As it stands, the time to make a decision this calendar year on the approval of a second relief package is running out. According to Nancy Vanden Houten, lead economist at Oxford Economics, she is "pessimistic about the prospect of any significant near-term fiscal relief, and fear several social safety-net programs may be allowed to expire, affecting millions of households across the country." If Congress Read More...
Guidance for PPP Loans and Expense Deductions
11/19/2020: U.S. Treasury and IRS issue Guidance for PPP Loans and Expense Deductions The U.S. Treasury and the Internal Revenue Service (IRS) released guidance yesterday, November 18th clarifying the deductibility of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year. PPP loan forgiveness will not be considered taxable income, so any expenses paid with PPP loan funds will not be deductible. The result is neither a tax benefit nor tax harm because the taxpayer has not paid the expenses out of pocket. If a business reasonably believes that a PPP loan will be forgiven (even if the forgiveness takes place in the next tax year and/or the business has not filed for loan forgiveness) the Read More...
GAAP Considerations During a Global Pandemic
As mentioned in our previous post on preparing for your year-end financial statement audit, this year’s audit may look a little different than it has in the past. Our team at Christianson encourages you to be aware of the following U.S. Generally Accepted Accounting Principles (GAAP) considerations as you prepare for your year-end audit. Accounting for PPP loans – know your options Current financial reporting guidance allows PPP loans to be recorded as a liability or recognized as income (subject to meeting certain forgiveness eligibility criteria prior to the legal release from the SBA). The expenses that were offset by your PPP loan will be recognized in the year incurred. Keep in mind the tax implications of PPP loans. Read More...
Employee Benefits – Retention During a Pandemic
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...
Minnesota Conforms to Federal Section 179 Rules – Big Section 179 changes coming for Minnesota!
10/27/2020: The $1.36 billion bonding and tax bill signed by Gov Walz on October 21st includes full section 179 expensing conformity to the federal tax law as well as a provision to retroactively fix tax increases for like-kind exchanges in tax years 2018 and 2019. The Tax Cuts and Jobs Act (TCJA) signed into law in December 2017 was the most sweeping tax legislation since 1986. The law included the ability to expense up to $1 million with an investment limit of $2.5 million (adjusted each year for inflation). The law also eliminated the ability to utilize the like kind-exchange rules for equipment thus requiring a taxpayer to add to taxable income the gain from a trade of equipment. The taxpayer could then offset the gain by utilizing Read More...
Announced Today – HBIIP Grants Awarded
U.S. Secretary of Agriculture Sonny Perdue announced in a press conference today in Albert Lea, MN, the awarding of a series of grants as part of the HBIIP (Higher Blends Infrastructure Incentive Program). Retailers recently applied for up to $100 million through the USDA for higher blend renewable fuel infrastructure. Christianson PLLP, working with the Renewable Fuels Association (RFA) in tandem with local retailers was an integral part of the application process for over $31 million dollars in HBIIP funding to facilitate increased sales of ethanol and biodiesel. The HBIIP grant program is intended to make available up to $100 million in competitive grants for activities designed to increase the sales and use of higher blends of Read More...
IRS Rules on Business Meals and Entertainment
10/7/2020 - Our experts here at Christianson know how important it is to be on top of the latest news that may impact your business. We want you to be aware that late last week, the Internal Revenue Service (IRS) announced updated guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). In 2017, when the TCJA was released, these expenses which were incurred for events that could be considered entertainment, amusement, or recreation would no longer be deductible. The latest regulations from the IRS outline the following: Taxpayers may continue to deduct 50 percent of the cost of business meals if the taxpayer (or an employee of the taxpayer) is present and the Read More...
Financial Audit During a Global Pandemic
2020 has thrown us some major curveballs. Despite the many disruptions of this global pandemic, the team at Christianson wants you to remember that your annual financial statement audit must go on. It may look a little different than it has in the past, so we encourage you to consider the following as you prepare for your year-end audit. Prepare for remote inventory observation and audit fieldwork Government restrictions and/or company policies may limit your auditor’s ability to travel this year. At Christianson, we’ve been performing remote inventory observations and remote audit fieldwork for over a decade in order to serve our clients across the nation. We’ve developed a streamlined process to perform your audit efficiently Read More...
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