In an effort to keep all of our clients aware of variables that may impact them, we want to update you with information as it becomes available. As of January 7th, 2019, the Internal Revenue Service (IRS) has stated that tax returns will be processed beginning January 28, 2019 and taxpayers will be provided refunds as scheduled (despite the government shutdown). “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig. The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, Read More...
Required Retirement Plan Distributions Deadline Approaching!
The IRS is reminding retirees born before July 1, 1948, that they must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who reached age 70½ during 2018 are covered by a special rule that allows them to wait until April 1, 2019, to take their first RMDs. This means that those born after June 30, 1947, and before July 1, 1948, are eligible for this special rule for 2018. If they wait until early 2019 to take that first RMD (up until April 1, 2019), it can be counted toward their 2018 RMD, but is still taxable in 2019. The special April 1 deadline only applies to Read More...
Mileage Rates Experience Significant Increase
A big change was announced by the IRS on Friday for the optional standard mileage rates for business use of a vehicle. This rate will increase significantly in 2019, after increasing only slightly last year. For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile, up from 54.5 cents per mile in 2018. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. Because the Tax Cuts and Jobs Act suspended the miscellaneous itemized deduction for unreimbursed employee business expenses from 2018 to 2025, the notice explains that the standard mileage rate can't be used to claim a deduction for those expenses during that period. However, Read More...
MNsure’s Deadline for 2019 Health Coverage
Don't Delay to Get 2019 Health Coverage! For health coverage that starts January 1, you need to enroll by Saturday, December 15. Open enrollment goes through January 13, but why wait to get covered for 2019? We encourage you not to wait until the last minute! Premiums are going down anywhere from 7% to 27% what they were in 2018, and some plans may have changed, so be sure to take a good look at all of your health insurance options for 2019. We are staffed with experts who can effectively help you compare plans to make it easier to make decisions that are best for you! We are here to help Contact our experts for any help you may need while enrolling, including: Free MNSure Consulting for in-person help Expert help with Read More...
Medicare Supplement – What YOU Need to Know
A Medicare Supplement Plan is something everyone age 65 and older will need unless you are still working and are still on a group coverage plan that is offered through your employer. In some cases, a Medicare plan may be a better option even if you have access to group coverage. This year, Medicare Supplements will be changing greatly and there are some things you and/or your eligible family members should know: Open enrollment happens every year from October 15th to December 7th. This is when you can either enroll in a Medicare Supplement Insurance Plan or change your existing plan. There are many different Supplement Plan options and just as much confusion about those plan options this year. By now, most people have Read More...
Microsoft Dynamics GP Fiscal Year End Close
As Fiscal Year Ends are approaching, Christianson’s System Solutions Team often gets questions related to closing the year in Microsoft Dynamics GP. Do we have to wait to close the year until we get final audit adjusting entries entered? No – Depending on your Financial Series setups, you can still go back to the last period of the FY to make final adjusting entries and GP will automatically update the Retained Earnings and BBF as needed. Should we create a 13th period to identify audit adjustments? No – creating a 13th period is not a recommended process in GP, as it can cause issues with Fixed Assets and some Financial Statement reporting. A better option would be to create additional Source Documents for journal Read More...
Successful Business Series
Join us for the Successful Business Series which is an educational series based on feedback from a survey conducted in early 2017 by the Willmar Lakes Area Chamber of Commerce. This survey asked Chamber members: What part of your business offers the most challenges and what can we do to help? Through those responses and a partnership between Christianson, the MinnWest Technology Campus, and the Willmar Lakes Area Chamber of Commerce, this Successful Business educational Series was born. Who Should Attend This Series Business Owners Business Enthusiasts Learn More To learn more about these sessions (venue, speakers, panel topics, etc...), click on the links below: Session 1: Finding the RIGHT People for Your Read More...
Wayfair Decision & Sales Tax Update
On June 21, 2018, the U.S. Supreme court ruled that physical presence is not required for sellers to be responsible for sales tax collection. Previously, businesses were only required to collect sales tax in states where they operate physically. Each state determines their own threshold and transaction amounts at which a collection requirement applies. Beginning October 1st (monthly and quarterly filers) or January 1, 2019 (annual filers) Minnesota will require all Minnesota sellers, regardless of their location, to collect local sales taxes based on the location of their customer. Local sales taxes must be collected on all sales made in a local taxing area that are subject to Minnesota state sales tax. Sellers should charge sales tax Read More...
There’s a New Employer Tax Credit for Paid Family and Medical Leave
There's a New Employer Tax Credit for Paid Family and Medical Leave Available for 2018 and 2019. The IRS announced today that they have published detailed guidance regarding the new Employer Credit for Paid Family and Medical Leave for tax years 2018 and 2019 enacted by the 2017 Tax Cuts and Jobs Act. Eligible employers who provide paid family and medical leave to their employees may qualify for the credit. In addition, eligible employers who set up a qualifying paid family leave program or amend an existing program by December 31, 2018 will be eligible to claim the credit retroactive to the beginning of the employer’s 2018 tax year for qualifying leave already provided. Wages paid by third party payers such as insurance companies Read More...
National Biodiesel Board and the Producer’s Credit
National Biodiesel Board and the Producer’s Credit June 21, 2018 - The National Biodiesel Board – the biggest U.S. biodiesel lobbying group – has decided to no longer push to convert a $1 per gallon tax credit available to biofuel blenders into one for producers. The National Biodiesel Board had previously made efforts to change the credit to benefit the biodiesel producers it represents, their reasoning that the credit was originally intended to support the domestic industry, and some blenders benefitting from the credit were importing millions of dollars of foreign biodiesel. A recent successful trade case versus Indonesia and Argentina has helped to stop biodiesel imports being sold below fair market value and the change recognizes Read More...
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