We are excited to announce multiple new hires to support our continued growth servicing local and national clients. Josh Eid-Ries, Lindsey Fischer, Jean Raatz, and Emily Summers have joined our award-winning firm to add more bandwidth to our growing team of professionals. The recent hires, appointed for their diverse skills and talents, will work remotely or in the firm's central office located in Willmar, Minnesota. Hired for his expertise in sustainability and business, Josh joined Christianson as a Compliance Auditor on the Compliance and Renewable Energy team. Josh volunteers for the Committee on the Environment for American Institute of Architects and is a founder of the volunteer-run innovation company Regenera, working to Read More...
American Family Plan Child Tax Credit Monthly Payments
There have been important changes to the Child Tax Credit that will help many families this summer. The American Rescue Plan ACT of 2021 expands the Child Tax Credit for tax year 2021 only, the legislation not only temporarily increases the amount each parent will receive, from $2,000 to $3,600 for children under 6 and $3,000 for children 6 and up, it also made the credit fully refundable and turned half of the credit into the advanced payments. The monthly direct payments will begin starting this upcoming July 15. These payments are not an extra monthly payment, but rather a reduction of how much child tax credit parents will receive when they file their 2021 tax return. This monthly payment is simply an “advance” on what you would Read More...
Interview Regarding Ethanol Infrastructure with Linder Farm Network
Listen as John Christianson joins Linda Brekke of the Linder Farm Network in a discussion regarding Biofuels in the state of Minnesota and the impact of implementing E15 as a base fuel as recommended by the Governor’s Council on Biofuels. Read More...
Restaurant Revitalization Funding
Restaurants (and Bars) Rejoice! Our friends in food service have gotten nimble over this past year. Now there's forgivable funding for those forging forward. The SBA announced that registration will open through their portal beginning Friday, April 30, 2021. Applications can be submitted starting Monday, May 3, 2021, although there will be approval priority given to businesses of certain qualifications. Once the funds run out, the program is over - so don't wait to enter your application. “This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are Read More...
COBRA and the New Subsidy
COBRA Premiums Now Being Paid by Employers Are you aware of the COBRA rules we now live in under the Federal American Rescue Plan Act (ARPA)? From April 1st to September 30th, 2021, employers are required to pay COBRA premiums for employees who were involuntarily separated or had a reduction in hours. Under this federally subsidized program, the government will reimburse employers dollar for dollar against their quarterly payroll tax obligations. How Does it Work? As a standard, employers are already required to offer COBRA coverage for 18 months after the involuntary termination and some states have implemented continuation plans. But under the new subsidy, employees and their qualifying dependents can be covered at no cost for Read More...
Do You Have the Right California Low Carbon Fuel Standards Team?
In the first quarter of 2021, the Compliance Department at Christianson saw a slew of new validations for the CA Low Carbon Fuel Standard (LCFS) come across our desks. We also heard from many existing LCFS participants who were unsure of their reporting requirements under the new LCFS regulation. Having the right team is crucial to successful compliance. Do you have your LCFS compliance requirements covered? This team roster will ensure you do. 1. Staff – the most successful participants have made LCFS compliance part of their company culture. Training is provided so staff know their respective roles and responsibilities. To manage this, a smart participant will have a manager/CFO to oversee the program and a technical Read More...
Daycare Tax Savings
Are You Making the Right Election? While many parents are still shoring up their 2020 tax filing, they are probably passing up major savings in 2021 that will need a decision now before it's too late. Not only did the pre-tax maximum Dependent Care Flex amount increase from $5,000 to $10,500 for 2021 (if employers choose to participate), but as of this March's tax reform, there's an adjusted Dependent Care Credit that might outweigh flexing this year. By potentially forgoing the pre-tax flex option, families could qualify for up to an $8,000 refundable credit on their tax return. But you cannot do both. There are a variety of factors that go into the calculation, which will be unique to each taxpayer, including income level and Read More...
RFS Compliance and Attestation Reporting Deadlines Reminder
In January, Christianson sent out a summary of the US EPA’s proposed compliance deadline extensions for the Renewable Fuels Standard. The final rule was released on April 1. While EPA decided to extend the deadlines for obligated parties and small refineries, it declined to move the deadlines for RIN producers and RIN owners. If you are registered as a RIN producer or owner it will be business as usual with your Q4 quarterly report submissions (which were due Mar. 31, 2021) and annual attest reports due June 1, 2021. Please reach out to our experts if you have further questions or if you need to engage us for your 2020 attest. For more information visit the EPA’s RFS Deadline Extensions webpage. Start planning for your three-year RFS Read More...
Federal Tax Deadline Extended
Breaking News: The Internal Revenue Service (IRS) said Wednesday that the 2021 Federal tax-filing deadline would be extended from April 15 to May 17. With the challenges of the pandemic, and the multiple COVID relief bills, an extra month is being provided to help taxpayers have the time necessary to file an accurate tax return. The extended deadline applies only to federal income returns and taxes, meaning that taxpayers will need to check to see if due dates for state taxes have been changed. Not all states follow the same filing deadline as the federal government. Estimated quarterly payments are still due on April 15. At this time, Minnesota state taxes have not extended, and are still due April 15th. For this reason we encourage Read More...
New Flexibility for Health FSAs and Dependent Care Assistance
February 18, 2021: NEW! Flexibility for health FSAs and dependent care assistance programs for your business! Due to the Coronavirus pandemic, the IRS announced that they will be introducing new flexibility. Notice 2021-15 responds to unanticipated changes in the availability of certain medical care and dependent care. Due to COVID-19 and the inability to find dependent care, many participating employees are likely to have unused health FSA amounts or dependent care assistance program amounts at the end of 2020 and 2021. Generally, under these plans, an employer allows its employees to set aside a certain amount of pre-tax wages to pay for medical care and dependent care expenses. Amounts spent by the employee are then reimbursed at Read More...
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