News & Events

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...

For the latest information that you need to be aware of to avoid potential penalties, our experts at Christianson PLLP have assembled an exhaustive list of tax, payroll, and, compliance deadlines for this calendar year. Tax Deadlines Farmer and Fisherman income tax returns: Anyone with income from a farming or fishing business can avoid making any estimated tax payments by filing and paying their entire tax due on or before March 1, 2021.  Individual and sole proprietor income tax returns (IRS Form 1040/1040-ES): the filing deadline for 2020 individual tax returns is April 15, 2021. A six-month extension which will adjust your deadline to October 15, 2021 can be requested using the IRS Form 4868. June 15, 2021: Read More...

Wednesday, February 24, 2021: Does your small business need a PPP loan? The SBA has announced that there is now a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. Small businesses have dedicated time to work with their lenders and community partners to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021. SBA also announced four additional changes to open the PPP to more underserved small businesses than ever before. While these changes are being implemented, SBA will work with community partners to improve the emergency relief “digital front Read More...

It's tax time! This means it's time to meet with your tax preparer, but it also means that scammers are on the prowl and at Christianson, we want to give you  the information you need to protect yourself.  According to the Minnesota Department of Revenue, scammers have started filing fraudulent claims for unemployment compensation using stolen personal information with respect to 1099-G. In the event that you get an incorrect Form 1099-G from the Minnesota Department of Employment and Economic Development for unemployment benefits you did not receive, you should: Contact Minnesota Unemployment to report possible unemployment insurance fraud Request a revised 1099-G showing you did not receive unemployment benefits Keep the Read More...

If you are in the business of selling fuels, transportation infrastructure, or use fuel, you may qualify for another benefit. In mid-January, the IRS announced that The Taxpayer Certainty and Disaster Tax Relief Act of 2020 extended the alternative fuel vehicle refueling property credit to cover refueling property placed in service in 2021. It was also announced that electric vehicle charging stations now qualify for the  Qualified Alternative Fuel Vehicle Refueling (QAFVR) credit which was extended to January 1, 2021. This credit equates to 30 percent of the cost of placing each piece of qualifying alternative fuel vehicle refueling property into service. If you are an individual who installed and is utilizing the charging station for Read More...

There's additional funding available and the eligibility requirements for previously established funding opportunities have changed! At Christianson PLLP, we want you to be aware of opportunities for funding during this difficult time.  According to the Consolidated Appropriations Act, 2021, you may be able to take advantage of both Paycheck Protection Program (PPP and PPP2) loans as well as the Employee Retention Credit (ERC). The ERC is a refundable credit against payroll for "qualified wages" that were paid by employers who were hurt by coronavirus but retained their employees. There have been several changes relating to the ERC which can provide your business additional opportunity for relief and these include: Extension Read More...

Under the latest pandemic relief program that was agreed upon by Republicans and Democrats at the final hour in late December, the focus for many was on the $600 stimulus checks that individuals would soon be seeing and the $300 per week from the federal government in unemployment benefits that many would be eligible for. But what changed for employers who were waiting for information relating to sunsetting programs (that were set to expire at the end of 2020)? What do employers need to know? Extension of Paid Sick and Family Leave Credits - The provision extends the refundable payroll tax credits for paid sick and family leave, enacted in the Families First Coronavirus Response Act, through March 31, 2021. Please note that this Read More...