At Christianson we want you to be aware of industry-related legislative changes that may impact your biofuels business. There has been a change to drawback regulations that may qualify your exports for a refund of similar product import tariffs. Here’s how it may impact you: Duty Drawback Simplification Are you currently importing and/or exporting goods as a regular part of business? If so, you could be eligible for a reimbursement of certain duties, internal revenue taxes, and fees collected on the importation of goods. These refunds are allowed upon the subsequent exportation or destruction of goods. The Trade Facilitation and Trade Enforcement Act of 2015 recently underwent an expansion and simplification that allows for increased Read More...
2015 Minnesota Refunds
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...