Here at Christianson PLLP, we have been notified that some of our clients are receiving 2015 refund checks from the MN Department of Revenue. Do not throw these checks away, they are real! These refunds relate back to retroactive legislation signed into law in early January 2017. The MN Department of Revenue reviewed 2015 Minnesota income tax returns to determine those that were affected by the changes made to the 2015 tax code and are in the process of mailing out refunds to affected individuals. If you receive a letter and/or refund related to this, please keep the information with your 2017 tax papers and bring in to your tax preparer when you come in for your tax appointment. If you have additional questions or are still Read More...
Tax day is quickly approaching. Are you ready?
Time for Taxes! Tax time has arrived. The final day to file without extension on income earned in 2016 and pay your taxes is April 18th. If you haven’t filed yet, forgot to file, or simply haven’t had time, you can file an extension without penalty on or before April 18th. This extension allows you to extend your filing (not the estimated payment) to October 16th, 2017. Note that this option extends the time to file your tax return, but does not extend the requirement to pay the taxes. If you don’t pay an estimate of your tax owed, you will owe penalty and interest. Tax Extension Filing Process There are three ways to request an automatic extension of time to file a U.S. individual income tax return. You can pay all or part of Read More...
MNsure Announces One-Week Special Enrollment Period to Help Minnesotans Take Advantage of Recently Enacted Premium Relief
MNsure is allowing a one-week special enrollment period (SEP) to allow Minnesotans additional time to purchase health insurance. This period runs February 1st and ends February 8th. This extension period will also allow enrollees to benefit from the state’s new law providing a 25 percent reduction in health insurance premiums. This 25 percent discount applies automatically; enrollees do not need to take additional action to receive the discount. Individuals who already receive advanced premium tax credits are not eligible for the 25 percent discount. You can get more news on this and other MN Health Coverage information by going to the MNsure website, https://www.mnsure.org/. Contact us today toll-free at 888-852-5937 or 320-235-5937 Read More...
MN State Tax Changes: Governor Dayton Signs Federal Tax Conformity Legislation
Minnesota Governor Mark Dayton signed a "tax conformity" bill last week in order to align MN tax law with changes in federal tax law. The legislation was approved January 13, 2017 retroactively conforming the state’s corporate franchise and personal income tax to most federal changes enacted since December 31, 2014, for tax year 2015 and following years. No changes were made to bonus and Sec 179 expensing amounts. Will these changes affect you? Here are the most notable changes: Deduction for up to $4,000 of qualified tuition and related expenses. Exclusion for discharge of indebtedness income on principal residence. Itemized deduction for mortgage insurance premiums on a principal residence. Deduction in adjusted gross Read More...
2016 Income Tax Filing Opening and Potential Delays
January 1st doesn’t just mean a new year; it also means a new tax season. This coming tax season comes with a few changes taxpayers should know. The 2017 individual income tax filing season for 2016 opens January 23, 2017. While you can file your taxes before this date, the IRS won’t accept or start processing the return until their systems open on Jan. 23rd. However, you will have a few extra days to file your 2016 return. This year’s filing deadline is April 18, 2017. Changes to this year’s tax season also include potential delays in tax return processing. New identity theft and fraud safeguards put in place by Congress means those claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) may face Read More...
Federal Judge Blocks Overtime Rule
Federal Judge Blocks Overtime Rule An employee’s exempt status is based on duties performed, not wages paid. A U.S. District Judge issued a nationwide injunction stopping implementation of the Department of Labor’s rule on overtime pay for exempt employees. It was set to take effect on December 1. According to the Washington Times, the judge ruled: “Congress defined the … exemption with regard to duties, which does not include a minimum salary level,” Judge Mazzant wrote. “The Department’s role is to carry out Congress’s intent. If Congress intended the salary requirement to supplant the duties test, then Congress, and not the Department, should make that change.” The full ruling is 20 pages, but this paragraph captures the essence Read More...
Tax Newsletter 8/1/2016
About Your IRS Notice or Letter The IRS normally sends correspondence in the mail and they mail millions of letters to taxpayers every year. This is a follow up to last week’s newsletter with some points to keep in mind if you, or your client, get a letter or notice. Don’t ignore it. Most notices can be responded to quickly and easily. Follow instructions. Read the notice carefully. It will tell you if you need to take any action. Follow the instructions. The letter will have contact information if you have questions. Focus on the issue. IRS notices usually deal with a specific issue about the tax return or tax account. The notice or letter will explain the reason for the contact and give instructions on how to handle the Read More...