“What now?” This is the question that burdens many minds of those impacted by the Equifax breach in September. While it hasn’t impacted everyone, it’s leaving those not affected anxious and wanting to ensure their information remains safe. We posted previously about what to do if you were impacted and how you can protect yourself. Check it out here if you missed it! What might these scammers do? Unfortunately, the information they’ve gathered can do sizable damage. They have all the information they need to effectively be you. The most serious of these risks will occur around tax time. With the content obtained by these scammers, they are now equipped with the information they need to file taxes under your name. The Read More...
Duty Drawback Refunds – Could This Benefit You?
At Christianson we want you to be aware of industry-related legislative changes that may impact your biofuels business. There has been a change to drawback regulations that may qualify your exports for a refund of similar product import tariffs. Here’s how it may impact you: Duty Drawback Simplification Are you currently importing and/or exporting goods as a regular part of business? If so, you could be eligible for a reimbursement of certain duties, internal revenue taxes, and fees collected on the importation of goods. These refunds are allowed upon the subsequent exportation or destruction of goods. The Trade Facilitation and Trade Enforcement Act of 2015 recently underwent an expansion and simplification that allows for increased Read More...
Equifax Data Security Breach and How it Impacts You
It was announced recently that Equifax Credit Bureau has suffered a massive data security breach. This is one of the most significant data breaches in history and it requires affected individuals to be proactive in ensuring their personal information is protected. We want to help by providing you as much information as possible. What Data was Breached? The information that has been compromised includes social security numbers (of 143 million consumers), names, birth dates, addresses, and some driver’s licenses. In some cases, some credit card numbers were also compromised. This information will allow the hackers to do significant damage to the people the breach impacts. What Should I do? First, you should look into whether or not your Read More...
Department of Labor Overtime Rule
At Christianson, we do everything we can to keep our individual and business clients in the know when it comes to legislative changes and updates. On August 31, 2017, the final ruling related to the new Department of Labor (DOL) overtime rule was issued which officially struck down the Obama-era rule. U.S. District Judge Amos Mazzant is saying that the Department of Labor (DOL) set excessively high salary thresholds which were proposed to go from $23,660 to $47,476 annually. Twenty-one states and many business organizations also argued that the salary limit and three year raises were not the intent of Congress. It doesn't look like the Trump administration will appeal this ruling but may decide on a middle ground salary in the Read More...
Scammers Continue To Target Taxpayers
Even with the tax filing season over for most, the IRS urges taxpayers to stay alert to new schemes involving the tax system. A new scam is linked to the Electronic Federal Tax Payment System (EFTPS). In this case, con artists call to demand immediate tax payment. The caller claims to be from the IRS and says that two certified letters have been return as undeliverable. The scammer threatens arrest if a payment is not made immediately by a specific prepaid debit card. Victims are told the debit card is linked to EFTPS, when in reality it is controlled by the scammer. Another type of scam is a prerecorded, urgent message asking for a call back. The IRS will not initiate contact via phone! In this tactic, the scammers tell victims Read More...
2015 Minnesota Refunds
Here at Christianson PLLP, we have been notified that some of our clients are receiving 2015 refund checks from the MN Department of Revenue. Do not throw these checks away, they are real! These refunds relate back to retroactive legislation signed into law in early January 2017. The MN Department of Revenue reviewed 2015 Minnesota income tax returns to determine those that were affected by the changes made to the 2015 tax code and are in the process of mailing out refunds to affected individuals. If you receive a letter and/or refund related to this, please keep the information with your 2017 tax papers and bring in to your tax preparer when you come in for your tax appointment. If you have additional questions or are still Read More...
Biofuels Financial Conference – 2017 Agenda Announced
Christianson PLLP is hosting its 13th annual Biofuels Financial Conference September 27-28, 2017 at the Radisson Blu Minneapolis Downtown, Minneapolis, MN. We know how important it is for you, as biofuels professionals, to stay on the cutting edge of industry developments, so once again, we’ve teamed up with BBI International to ensure the best possible conference experience. For this year's conference, we are taking a deeper look into the concept of “Futurism” which encompasses speed, technology, advancement, and progress. Biofuels continues to develop at a rapid pace, with many changes occurring quickly. However, other technologies – the proliferation electric vehicles and the development of other fuels types –as well numerous Read More...
Qualified Small Employer Health Reimbursement Arrangements (HRA)
Christianson PLLP is on a mission to ensure all employers of small businesses are aware of a recent change regarding Health Reimbursement Arrangements (HRA). What has Changed? As part of the Affordable Care Act (ACA), employers were no longer allowed to have a stand-alone HRA (outside of a group plan) or they would be subject to a $100/day/employee penalty. In December 2016, a bill was passed that included a provision that would exempt small employer HRAs from the ACA’s group plan rules. Now, relief is provided to small employers for plan years beginning on or after January 1, 2017. Eligible employers that do not offer group health insurance coverage to any of their employees can offer a qualified small employer health reimbursement Read More...
Beginning Farmer Tax Credit
On Tuesday May 30th, Minnesota's Governor Mark Dayton signed a bill authored by Rep. Nels Pierson (R-Rochester) and Sen. Mike Goggin (R-Redwing) that supports the transition of land to young and beginning farmers through a new tax credit inventive. Through the bill, landowners receive a state income tax credit when they sell or rent land or agricultural assets to a beginning farmer. The credit equals five percent of the sale price or ten percent of the cash rent, or fifteen percent for a cash share agreement. In turn, the beginning farmer must take a farm management course to qualify for the tax incentive and would be eligible for a tax credit covering the full cost of training. The tax credit is effective in the 2018 tax year and is Read More...
Business Day at the Capitol
How will changes in the Affordable Care Act (ACA) impact you? On March 8th, 2017, Christianson’s Sara DeRoo, Partner, went to the Minnesota State Capitol for Business Day at the Capitol with the Willmar Lakes Area Chamber of Commerce. At this event, businesses were given the opportunity to participate in the discussion regarding the bills that will soon be brought to the Governor. Here’s what Sara had to say about the legislative priorities: “Both our business and individual clients have been impacted by changes in the Affordable Care Act (ACA) over the past several years. With substantial changes potentially coming related to the ACA, our firm is committed to stay on top of these updates and how this may impact our clients. We Read More...
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