During these unprecedented times, we’ve seen businesses struggle with increased costs and the need to look at expenses with more granularity. Health insurance costs and employee benefits are no exception. Other challenges that have been highlighted during this challenging time include employee recruiting and retention. One thing that may help your business remain competitive in a job market where costs and turnover are high would be to look at the benefits you can offer your staff. Our experts may be able to help! At Christianson Insurance Agency, we leverage our extensive insurance advisory experience as well as our administrative capabilities to help business owners simplify their healthcare and benefit offerings. We take a Read More...
Farm Tax Notables
There has been a lot of changes when it comes to your taxes this year – How will you take advantage? These are some things you may want to consider as you schedule your 2020 farm tax planning meeting: Filing farm tax returns on or before April 15th is possible if you elect to make a tax deposit by January 15th This is a viable option when you have a number of tax documents that aren't received until the last week of February (right before the normal March 1st filing deadline) If farming as a C-corporation, the land rent paid to you does not qualify for the 199A deduction but would if you elected to be an S-corporation Utilizing commodity wage to pay employees will save payroll taxes for you and the employee If you Read More...
2020 Tax Planning – Keeping Records
How long do I have to keep these boxes of paper? The general recommendation is to keep tax records for 3 years from the date you filed your tax return. So for 2019 tax returns filed by July 15, 2020, the 3 year period expires on July 15, 2023. This is the timeframe that you have to amend a tax return or the IRS has to audit you. There are certain circumstances when the IRS can initiate an audit after the 3 year period, such as if a tax return was never filed, or if a fraudulent tax return was filed. In that case, the records should be retained forever. Keep copies of your filed returns. They are helpful in preparing the next year or amended returns. Generally you must keep your records that support an item of income, deduction or credit Read More...
2020 Tax Planning Considerations for Businesses
There has been a lot of changes when it comes to your taxes this year – How will you take advantage? These are some things you may want to consider as you schedule your 2020 business tax planning meeting: Like Kind exchange treatment no longer applies to any property except real property. Trades are taxable in the year of exchange. 20% 199A Business Deduction - Owners of sole proprietorships, S corporations, or partnerships can deduct up to 20% of net income (excluding investment income and wages/guaranteed payments paid to owners). The 20% deduction is in effect for tax years beginning after December 31, 2017 and before January 1, 2026 CARES Act and Paycheck Protection Payments Did your business sign-up for an Read More...
2020 Tax Planning Considerations for Individuals
How will you take advantage of all of your options during tax time this year? These are some things you may want to consider as you schedule your 2020 individual tax planning meeting: The IRS has launched an improved tool to help taxpayers check their withholding by doing a “Paycheck Checkup.” You will need your most recent paystubs and your most recent income tax return. Visit the IRS website to learn more. Maximize contributions to Health Savings Accounts. 2020 contribution limits are $3,550 for individuals and $7,100 for families. 2021 limits will be $3,600 for individuals and $7,200 for families. Individuals 55 and older can make an additional $1,000 catch up contribution. You can maximize your HSA contributions even if you did Read More...
Christianson PLLP Announces Managing Partner Transition
Announcement Dec. 1, 2020 -- Christianson PLLP was founded in 1987 and since then, has been blessed with client growth and expansion for which the team is grateful. With that growth comes new opportunities and the Partners at Christianson are proud to announce recent Firm leadership changes resulting from their annual Partner strategic planning session held this past summer. To continue this strategic growth of the Firm, John will be transitioning his Managing Partner responsibilities to Joel Gratz, CPA. This transition will take place January 1st, 2021 and will allow the leadership of the Firm to evolve. John has accepted additional leadership responsibilities in the agriculture and renewable fuels space including national efforts as Read More...
Will There be a Second Stimulus Check?
With the ongoing impact of COVID-19 and the financial impact it's imposing on businesses and individuals alike, we want to keep you in the loop with all current and potential financial relief options that may apply to you. That said, there's been talk for quite sometime that there may be a second round of stimulus checks on the horizon. As it stands, the time to make a decision this calendar year on the approval of a second relief package is running out. According to Nancy Vanden Houten, lead economist at Oxford Economics, she is "pessimistic about the prospect of any significant near-term fiscal relief, and fear several social safety-net programs may be allowed to expire, affecting millions of households across the country." If Congress Read More...
Guidance for PPP Loans and Expense Deductions
11/19/2020: U.S. Treasury and IRS issue Guidance for PPP Loans and Expense Deductions The U.S. Treasury and the Internal Revenue Service (IRS) released guidance yesterday, November 18th clarifying the deductibility of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year. PPP loan forgiveness will not be considered taxable income, so any expenses paid with PPP loan funds will not be deductible. The result is neither a tax benefit nor tax harm because the taxpayer has not paid the expenses out of pocket. If a business reasonably believes that a PPP loan will be forgiven (even if the forgiveness takes place in the next tax year and/or the business has not filed for loan forgiveness) the Read More...
GAAP Considerations During a Global Pandemic
As mentioned in our previous post on preparing for your year-end financial statement audit, this year’s audit may look a little different than it has in the past. Our team at Christianson encourages you to be aware of the following U.S. Generally Accepted Accounting Principles (GAAP) considerations as you prepare for your year-end audit. Accounting for PPP loans – know your options Current financial reporting guidance allows PPP loans to be recorded as a liability or recognized as income (subject to meeting certain forgiveness eligibility criteria prior to the legal release from the SBA). The expenses that were offset by your PPP loan will be recognized in the year incurred. Keep in mind the tax implications of PPP loans. Read More...
Employee Benefits – Retention During a Pandemic
During these unprecedented times, we’ve seen businesses struggle with increased costs and the need to look at expenses with more granularity. Health insurance costs and employee benefits are no exception. Other challenges that have been highlighted during this challenging time include employee recruiting and retention. One thing that may help your business remain competitive in a job market where costs and turnover are high would be to look at the benefits you can offer your staff. Our experts may be able to help! At Christianson Insurance Agency, we leverage our extensive insurance advisory experience as well as our administrative capabilities to help business owners simplify their healthcare and benefit offerings. We take a Read More...
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