It's that time of year again where businesses are looking for a competitive plan to keep their employees covered while individuals are looking for their best option for ensuring coverage for their families. The options seem endless and the task of selecting healthcare plans may be overwhelming. At Christianson, we're here to help! When you are introduced to your healthcare plan, one of your first questions may be: what's the difference between HSA and FSA? You may know that they're both tax-free ways to save, but you may not know the other ways that these two plans differ. So today we will help you identify those differences. Health Savings Account (HSA) A Health Savings Account (HSA) is a way to save tax-free money if you have a Read More...
Minimum Wage is Increasing
We want to keep all of our local clients in the loop when it comes to news that impacts their businesses. That being said, did you know that Minnesota's minimum wage increases on January 1, 2018? The Minnesota minimum wage increase on January 1, 2018 is detailed below: LARGE EMPLOYER Any enterprise with an annual gross dollar volume of sales made or business done of $500,000 or more $9.65 SMALL EMPLOYER Any enterprise with an annual gross dollar volume of sales made or business done of less than $500,000 $7.87 TRAINING RATE May be paid to employees younger than 20 years of age for the first 90 consecutive days of employment $7.87 YOUTH RATE Paid to employees younger than 18 years of age who are not covered Read More...
Who has to Send in Form 1099-MISC?
We are Business Consultants At Christianson, we want to ensure that you are protected from liabilities with the IRS by giving you all the information you need to run your business in a legal and efficient manner. We want to help your business succeed! Today's tip is in relation to Form 1099-MISC and who is required to submit the form to the IRS. If, as part of your trade or business, you made any of the following types of payments of $600 or more to an unincorporated independent contractor, you will need to file Form 1099-MISC. Services performed (Box 7) Professional fees paid to attorneys, accountants, engineers, directors, speakers, etc Attorneys receive a Form 1099-MISC even if they are incorporated Installation Read More...
Microsoft Dynamics GP and Intellego Updates
Christianson PLLP’s Systems Solutions team is full of Microsoft Dynamics GPTM and Intellego experts! Our experts wanted to bring your attention to the latest updates relating to these two software programs. Microsoft Dynamics GPTM Payroll Year End Updates have been released for the following GP versions: GP 2013, GP 2015, and GP 2016. The 2017 Year-End Update Changes include: No W-2 or W-3 Form changes EFW2 changes (required) Product Quality Fixes around Payroll Year-End – fixes will be noted in blog when we release Affordable Care Act Updates - Form and Code changes Fixed Asset Luxury Auto Depreciation changes **No Payables form changes** Intellego Intellego 16sp2 and Cinch Document Exchange 16.1 are ready for Read More...
TAX TIME – Keeping Records
At Christianson, making sure you're prepared and never at risk is one of our top priorities. One of the most commonly asked questions is: "how long do I have to keep my tax records?". This is important for both individuals and for businesses. Here's what you need to know: [video_player type="youtube" style="8" dimensions="560x315" width="560" height="315" align="center" margin_top="0" margin_bottom="20" ipad_color="black"]aHR0cHM6Ly95b3V0dS5iZS80OGRkNDU0LURoYw==[/video_player] How Long Should I Keep Records? The general recommendation is to keep tax records for 3 years from the date you filed your tax return. So for 2016 tax returns filed by April 15, 2017, the 3 year period expires on April 15, 2020. This is the timeframe that you Read More...
Do I Have to Report a New Hire?
At Christianson, we are always looking out for small businesses and making sure they have all the information they need to keep their minds at ease. Lately, we have heard questions surrounding MN New Hire Reporting so we wanted to give you some tips! First, have you hired a new employee recently? Did you know you need to report the new hire with the State of Minnesota? The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 requires ALL employers to report newly hired or re-hired employees to a state directory within 20 days of their hire date. New hire reporting speeds up the child support income withholding order process and expedites the collection of child support. What new hire information needs to be Read More...
MNsure Open Enrollment
Open Enrollment Time is Here! In an effort to ensure our community is covered, we wanted to send out a reminder about MNsure Open Enrollment. The 2018 MNsure open enrollment period begins November 1 and ends January 14, 2018. To avoid the individual responsibility penalty, you must have coverage effective January 1, 2018. To meet this timeline, you must be enrolled by December 20, 2017. You can log on to the MNsure website at www.mnsure.org to compare plans, with enrollment starting at 8 am on Wednesday, November 1. Current enrollees can also check to see if their 2017 plan will be available in 2018. Please contact Sarah Snyder if you have questions on the individual penalty or Jenny Quale if you need help choosing the right Read More...
October is Financial Planning Month!
October is Financial Planning Month! Christianson wants to you to make sure you have the puzzle pieces to personal finance assembled to set yourself up for a successful future. What have you done to prepare for a sustainable financial future? Many people neglect to consider retirement until well past the time they are eligible to participate. For some, it’s back-of-mind because it’s so far into the future. For others, it’s a matter of feeling like the money is going away, instead of preserving it for their future, so it’s simply a misunderstanding of what financial planning entails. We want to ensure you are equipped with the knowledge necessary to have a successful retirement. Two of the primary ways your employer may assist you as Read More...
FAFSA – How Do I Fill Out the Form?
What is FAFSA? [video_player type="youtube" style="8" dimensions="560x315" width="560" height="315" align="center" margin_top="0" margin_bottom="20" ipad_color="black"]aHR0cHM6Ly95b3V0dS5iZS9xZjZmS1lybzZFdw==[/video_player] The Free Application for Federal Student Aid (FAFSA) for the 2018 – 2019 school year became available on October 1st. As a student, you may be wondering whose information needs to be included on the application. Can I report only my income if I am responsible for my college costs? Do I have to include my parents’ information? What if my parents are divorced? You will first need to determine if you are a dependent or independent student. If you answer no to all of the questions located at Read More...
Equifax Security Breach – What Now?
“What now?” This is the question that burdens many minds of those impacted by the Equifax breach in September. While it hasn’t impacted everyone, it’s leaving those not affected anxious and wanting to ensure their information remains safe. We posted previously about what to do if you were impacted and how you can protect yourself. Check it out here if you missed it! What might these scammers do? Unfortunately, the information they’ve gathered can do sizable damage. They have all the information they need to effectively be you. The most serious of these risks will occur around tax time. With the content obtained by these scammers, they are now equipped with the information they need to file taxes under your name. The Read More...
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