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...
FFCRA W2 Reporting Requirements Clarified
Did you have an employee who was unable to work or telework due to reasons related to COVID-19 and who received wages under the Families First Coronavirus Response Act (FFCRA)? If you answer yes, did you know that these wages need to be included on Form W2 in Box 14 in addition to being included with the employee’s other taxable income in Box 1, 3, 5, and 16? Per guidance issued by the Internal Revenue Service (IRS), employers must separately state the total amount of qualified sick leave wages and qualified family leave wages paid. There are three different categories to be used when determining COVID wages: National Paid Leave Employee: Your employee is sick and under quarantine with COVID-19. National Paid Leave Family: Your Read More...
Advanced Biofuel Payment Program Opens Tomorrow!
Sept 30, 2020 The USDA Advanced Biofuel Payment Program opens tomorrow for Fiscal Year 2021. Its goal is to increase US energy independence by increasing the supply of renewable energy in the public sector. The application window is open from Oct. 1 to Oct 30 so time is short! The USDA is strongly advising applicants to conduct research before submitting their applications. Christianson PLLP can assist all types of producers with their applications and requests for quarterly payments. Applications & Eligibility Any entity that produces and sells advanced biofuel is eligible to apply. An advanced biofuel producer can be an individual, corporation, company, foundation, association, labor organization, firm, partnership, society, Read More...
Coronavirus Food Assistance Program 2 (CFAP 2)
Coronavirus Food Assistance Program (CFAP 2) The Coronavirus Food Assistance Program will provide a second round of direct relief (CFAP 2) to producers who faced price declines and additional costs due to COVID-19. About the Coronavirus Food Assistance Program According to the USDA: President Donald J. Trump and U.S. Secretary of Agriculture Sonny Perdue announced on September 17 that USDA will implement an expansion of the Coronavirus Food Assistance Program. Coronavirus Food Assistance Program 2 (CFAP 2) will provide producers with financial assistance to help offset some of the increased costs associated with the COVID-19 pandemic. The CFAP 2 effective payment rate for crops will be multiplied by acreage and the APH yield. Here Read More...
AGRI Livestock Investment Grant
The Minnesota Department of Agriculture announced this month that there are funds available to update livestock operations. The AGRI Livestock Investment Grant provides up to 10% of project costs for livestock operation improvements, updates, or equipment, for projects during 2021 or 2022. This opportunity closes in a few short weeks, so apply now! AGRI Livestock Investment Grant Eligibility Minnesota livestock* farmers may apply. Applicants must be: in good standing with the state of Minnesota (no back taxes) a current Minnesota resident or a business entity that has authorization to farm in Minnesota the principal operator of the farm *"Livestock" is defined as: beef cattle, dairy cattle, swine, poultry, goats, mules, Read More...
Form W2 Must Include FFCRA Wages
Have you paid out any Families First Coronavirus Response Act (FFCRA) sick leave or expanded family leave wages in 2020? If so, you will need to report those amounts on the employee’s 2020 Form W2 in either Box 14 or on a separate statement that goes with the Form W2. The required reporting provides employees who are also self-employed with information necessary for properly claiming qualified sick leave equivalent or qualified family leave equivalent credits under the FFCRA. This additional reporting is intended to keep a taxpayer from receiving more than the maximum benefit amount for each type of sick and family leave as stated in the FFCRA. The FFCRA wages for sick and expanded family leave will be reported in Boxes 1, 3 (up to the Read More...
MN Employee Notice – Are You Still in Compliance?
Have you hired a new employee in 2020? Have you changed pay rates or paid time-off policies? If so, did you know that you are required to inform your employees in writing of those types of changes? In July 2019, Minnesota’s Wage Theft Law became effective and required MN employers to provide each employee with a written notice at the start of employment that included basic terms of employment and to keep a copy of the noticed signed by the employee on file. The Wage Theft Law also requires an employer to provide a written notice when any of the terms of their employment changes. When is a Change Notice Required? When information required on the notice changes, such as a pay rate, the employer must inform the employee in writing of Read More...
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