Listen as John Christianson joins Linda Brekke of the Linder Farm Network in a discussion regarding President's Biden announcement that allows E15 to be sold during the summer months. Read More...
Ask the Experts – Low Carbon Markets
Ask The Experts Segment On March 2nd, 2022, Joel Gratz, Managing Partner here at Christianson, and Kari Buttenhoff, Partner, joined Bill Dean on KWLM during the "Ask the Experts" segment. This month, Joel, Kari, and Bill took a minute to chat a little about Low Carbon Markets. Listen Here! Read More...
Ask the Experts – Data Analytics
Ask The Experts Segment On April 7th, 2022, Joel Gratz, Managing Partner here at Christianson, and Dustin Kotrba, Partner, joined Bill Dean on KWLM during the "Ask the Experts" segment. This month, Joel, Dustin, and Bill took a minute to chat a little about data analytics. Listen Here! Read More...
Tips to Make Succession Planning a Success
What is succession planning? Succession planning is a process that involves careful replacement planning and strategy to pass on important leadership roles and responsibilities. Businesses often perform this succession planning function for their key management personnel. It is used to identify and develop new potential leaders who can fill those “big shoes” when the leadership role becomes available. Many have the notion that succession planning is only for large companies that have CEO, CFO, COO, and CTO titles. This can be applied to various businesses of all sizes, including small family businesses, including farming and agriculture, where this is used to transition ownership and responsibilities to the next generation. Here are some Read More...
2021 Tax Newsletter
You can view the Newsletter online here or click to download a PDF of the newsletter here. 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...
There’s Currently a “Stepped-Up Basis” If You Inherit Property — But Will It Last??
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, for example, if your grandmother bought stock in 1935 for $500 and it’s worth $1 million at her death, the basis is stepped up to $1 million in the hands of your grandmother’s heirs — and all of that gain escapes federal income tax. The fair market value basis rules apply to inherited property that’s includible in the deceased’s gross estate, and those rules also apply to property inherited from foreign Read More...
IRS Audits May Be Increasing, So Be Prepared
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.5% of individual tax returns were audited in 2020. However, as in the past, those with higher incomes were audited at higher rates. For example, in 2020, 2.2% of taxpayers with adjusted gross incomes (AGIs) of between $1 million and $5 million were audited. Among the richest taxpayers, those with AGIs of $10 million and more, 7% of returns were audited in 2020. These are among the lowest percentages of audits 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...
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