USDA is providing additional time for livestock and poultry producers to apply for the Pandemic Livestock Indemnity Program (PLIP). The deadline has been extended from Sept. 17 to Oct. 12. Producers who suffered losses during the pandemic due to insufficient access to processing may now apply for assistance for those losses and the cost of depopulation and disposal of the animals through Oct. 12, according to USDA's Farm Service Agency (FSA). In a recent FSA release, they stated that livestock and poultry producers were among the hardest hit by the pandemic. They want to ensure that all eligible producers have the opportunity to apply for this critical assistance. The October 12 deadline also aligns with the Coronavirus Food Read More...
Minnesota Department of Revenue Set to Begin Processing Unemployment Insurance and Paycheck Protection Program Refunds
Earlier this month Minnesota Department of Revenue announced that the processing of returns impacted by tax law changes made to the treatment of Unemployment Insurance compensation and Paycheck Protection Program loan forgiveness will begin the week of September 13. “We know these refunds are important to those taxpayers who have experienced hardships over the last year and a half,” said Revenue Commissioner Robert Doty. “We made the decision to adjust nearly all of these returns on our end so that impacted taxpayers would not need to take the time and resources to file an amended return, which would further delay the refund they’re due.” Revenue and MNIT staff have been working through the summer and early fall to update 2020 tax Read More...
Eligible Businesses: Claim The Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and retain employees during the pandemic. At that time, the ERTC applied to wages paid after March 12, 2020, and before January 1, 2021. However, Congress later modified and extended the ERTC to apply to wages paid before July 1, 2021. The ARPA again extended and modified the ERTC to apply to wages paid after June 30, 2021, and before January 1, 2022. Thus, an eligible employer can claim the refundable ERTC against “applicable Read More...
SBA PPP Direct Forgiveness Portal has Opened
As of today, August 4, 2021, the Small Business Administration (SBA) has opened its SBA PPP Direct Forgiveness Portal. The portal will allow borrowers to apply for forgiveness on loans of $150,000 or less directly through the SBA as opposed to applying through their lender, provided that the lender has opted into the program. Click here to visit the portal and register: https://directforgiveness.sba.gov/ Click here to download the SBA’s user guide: https://sba-forgiveness-docs.s3-us-gov-west-1.amazonaws.com/SBA-PPP-DF-User-Guide.pdf If you have further questions about the SBA PPP Direct Forgiveness Portal, please contact us, and be sure to visit our COVID-19 Resource Center for additional resources and regular updates. Read More...
Executive Order on Promoting Competition in the American Economy Summary
President Joe Biden today signed an executive order earlier today aimed at promoting competition and fairness throughout the economy. The order includes 72 directives that will be carried out by 12 federal agencies, many of which target the agricultural sector. For instance, it advises the U.S. Department of Agriculture (USDA) to offer livestock farmers greater recourse against corporations when they are treated unfairly, restructure the inequitable system that determines poultry growers' wages, and prevent corporations from retaliating against farmers who speak out about discriminatory conduct. It would also give farmers the right to repair their equipment – which many companies currently restrict – limit “Product of USA” labels Read More...
Single Audit Considerations: preparing for your post-pandemic federal compliance audit
Many organizations received significant funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, either directly from the U.S. Department of Treasury or through another entity, such as their state or county. In either case, the funds originate from the federal government, which means there are certain requirements that recipients must follow. Entities that expend $750,000 or more in federal funds in a given fiscal year are required to obtain a single audit, a type of audit governed by OMB through a set of rules known as “Uniform Guidance”. Because of the amount of federal grants available for pandemic relief in the past year, entities may require a single audit for the first time this year. Keep in mind that Read More...
The SECURE Act Brings Retirement Plan Changes
On December 20, 2019, President Trump signed a year-end spending package that included the long-awaited Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”), ushering in the most sweeping reform to retirement saving in the U.S. since the Pension Protection Act of 2006. The SECURE Act became effective on January 1, 2020, and it will inevitably affect many retirement savers, for better or worse. This act could have wide-ranging effects on the retirement planning landscape in the United States and here are a few of the most significant provisions that you should be aware of: Small Employer Credits to Expand Under the previous law, employers with 100 or fewer employees were entitled to an annual tax credit of up Read More...
More Pandemic Assistance for Dairy Farmers, Biofuel Producers, and Livestock Producers
The USDA is continuing its rollout of aid to segments of the agriculture industry impacted by the COVID-19 pandemic. Last month, Agriculture Secretary Tom Vilsack announced additional aid to agricultural producers and businesses as part of the USDA Pandemic Assistance for Producers initiative. Since January, USDA has allocated $11 billion to producers, as well as food and ag businesses. The USDA is committed to providing financial assistance to producers and critical agricultural businesses, especially those left out or underserved by previous COVID aid, this new round of funds will focus on several gaps and disparities in previous rounds of aid. These investments through USDA Pandemic Assistance will help our food, agriculture and Read More...
Child Tax Credit Monthly Payments Update
Update as of 7/1/2021 The IRS has updated the Child Tax Credit Portal and you are now able to add and update banking information. We have also been hearing feedback that creating an accounting within the Child Tax Credit Portal can be frustrating and time consuming. We recommend that you create an IRS account here and then access the Child Tax Credit Portal from that account. ________________________________________________________________________________________________ Recently, there were changes made to the child tax credit as part of the American Rescue Plan Act enacted in March 2021, that will benefit many taxpayers. You can read more about the specific changes and program qualifications in our previous article. Though Read More...
E15 is a Win-Win for Minnesota
While partisan divisions continue to dominate the debate about our nation’s energy future, legislators in St. Paul are considering a proposal that can unite our state behind a clean, homegrown energy opportunity. By incentivizing fuel stations to offer higher blends of biofuels and expanded E15 sales, Minnesota can fuel a more prosperous and sustainable future. When drivers fill their vehicles at the pump, they usually purchase 10 percent ethanol blends. By standardizing 15 percent blends, drivers can save three to ten cents more per gallon. At a time where our state’s economy will need recovery from the pandemic, Minnesotans are looking for relief wherever it may come. The money saved at the pump will help fuel other aspects of the Read More...
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