How BOI Reporting will impact your business and what your next steps could be We have been closely monitoring updates regarding The Corporate Transparency Act (CTA). There are recent crucial developments that businesses should be aware of. Christianson has compiled a list of our most frequently asked questions and what’s required to maintain compliance. What is CTA? CTA is a 2021 bill that looked to combat illicit financial activities. This legislation aims to curb money laundering through shell companies by creating transparency of owners as it relates to national security. This introduces Beneficial Ownership Information (BOI) Reporting. What is (BOI) Reporting? BOI reporting mandates businesses to disclose information Read More...
This Week In Tax – 1/10/2024
We have the most recent headlines and updates on tax developments for businesses, individuals, and the renewable fuel sector. This is a valuable resource to stay informed and ahead of the curve. Taxpayers have one year left to gift up to $13.61M without paying taxes. Come 2026 that amount drops to $5M per individual. 12/29/23: MN released their child tax credits and phaseout ($35,000 MFJ, $29,500 Others): 1 Child: $925 2 Children: $2,100 3 or more: $2,500 12/26/23: MN released their Nonresident filing Requirements: Gross Income over $13,825 File a federal joint return with spouse residing in MN MI & ND residents can exclude MN wages when determining gross income in MN Quarterly estimates required Read More...
This Week In Tax – 12/20/2023
Renewable Fuels, Individual Tax, and Business Tax Tax laws and regulations are subject to change. Information presented here reflects our current understanding at time of post. For additional information and inquiries, please contact us. We are available to provide assistance! Developments in Renewable Fuels 12/15/2023: Sustainable Aviation Fuel (SAF) guidance was issued. This is a $1.25 / gal credit for SAF produced, sold, and used in the US through December 31, 2024. Developments in Individual Tax IRS will resume collection notices from tax years 2020 and on beginning January 2023. Although these were previously paused due to the backlog of paper returns, interest and penalties continued to accrue. Some relief Read More...
This Week In Tax – 12/6/2023
Renewable Fuels, Individual Tax, and Business Tax Tax laws and regulations are subject to change. Information presented here reflects our current understanding at time of post. For additional information and inquiries, please contact us. We are available to provide assistance! Developments in Renewable Fuels SB Energy Global is first solar company to achieve the domestic content bonus of the ITC, by sourcing all it’s components from US based suppliers. Flex Fuel Fairness Act was introduced in the Senate November 29, 2023. This is in response to the EPA’s tailpipe standards applicable for model year vehicles 2027 – 2032, which assume zero-emissions for EV vehicles ignoring their manufacturing components. Flex Fuel Vehicles (FFVs) Read More...
This Week In Tax – 11/29/2023
Renewable Fuels, Individual Tax, and Business Tax Tax laws and regulations are subject to change. Information presented here reflects our current understanding at time of post. For additional information and inquiries, please contact us. We are available to provide assistance! Developments in Renewable Fuels MN Sustainable Aviation Fuel Credit (SAF) guidance was released on November 22, 2023. The credit is $1.50 per gallon of SAF -- available for fuel sold and used between June 30, 2024, and July 1, 2030. To qualify, the fuel must be produced or blended in Minnesota and used as fuel in an aircraft departing from a Minnesota airport. The taxpayer claiming the credit must be the producer or blender of the fuel. According to the Read More...
Christianson Response to Challenges in CO2 Carbon Capture Industry
The recent cancellation of Heartland Greenway CO2 pipeline by Navigator CO2 Ventures demonstrates the current challenges the carbon capture sequestration (CCS) industry faces. Permit denials in South Dakota and Iowa, as well as resident pushback are just a few of the barriers the CCS industry has encountered. Christianson PLLP has assembled a team of knowledgeable professionals who can assist ethanol plants in navigating this difficult environment. Our team can create a plan to prepare for the challenges the CCS industry faces, along with providing plants with key insight into complex regulatory rules and language. Strategies we help craft include understanding and proper utilization of the Inflation Reduction Act (IRA) tax credit and Read More...
Secure 2.0 Act in Omnibus Bill
In December 2022, the Secure Act 2.0 was passed. As we get farther into 2023 more conversations are developing around the topic, so we wanted to provide you with a reminder of some of the big takeaways. Required minimum distribution ages increased starting on 1/1/2023: Increased to 73 years old until 2032 Will be increased yet again to 75 on 1/1/2033 Changes to catch-up contributions: Anyone making over $145,000 will be taxed on their catch-up contributions in the year that they are contributed to the account (treated as ROTH) beginning in 2024. In 2025 the limit for catch-up contributions will be increased to $10,000 to 401(k) and SIMPLE plans for individuals ages 60, 61, 62, and 63. Automatic enrollment is Read More...
Why Should You File an Extension?
It's been a few months since the Internal Revenue Service (IRS) opened filing on- January 23, and the overwhelming majority of the more than 150 million tax returns for the 2023 tax season have been filed by now. Thanks to the Emancipation Day holiday in Washington, D.C., falling on April 17 this year, you have until Tuesday, April 18 to file your return and pay what you owe. If that still isn’t enough time, the IRS allows taxpayers to file for an extension if they need more time to prepare their tax return. You can obtain a tax extension for any reason; the IRS grants them automatically as long as you complete the proper form on time. Make sure to check your state tax laws; many states require you to file a separate state extension Read More...
Research & Development Credit Changes
The provision from the Tax Cuts & Jobs Act of 2017 which allowed direct expensing of research and development (R&D) costs expired a year ago on December 31, 2021. The Internal Revenue Code (IRC) now reverts back to §174, which requires the capitalization of all costs, direct and indirect, related to research, experimentation, and development, regardless of if the costs would normally qualify for the research and development tax credit under IRC §41. Any U.S. sourced costs capitalized may be amortization over a 5-year period (15-years for international sourced costs), with a half year of amortization taken in the year of capitalization. This has been an area of concern for numerous businesses, especially those in the Read More...
John Christianson speaks on E15 availability with Linder Farm Network
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...
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