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In This Issue
New Tax App = Identity Theft?
Other Apps from Uncle Sam
SDK's Annual Tax Update
Article Headline
Expiring Provisions
Promotions and Team Additions
List of Strange Tax Deductions
Single-Audit Threshold Increases
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Could a New Tax App Result in Identity Theft?

To ease the burden of requesting paper copies of prior year tax filings, the IRS has created an online tool that lets taxpayers download transcripts of past tax filings.  Although this sounds like an efficient alternative to paper, there has been some concern that this new tool could become a target for identity theft.  To read more visit this website. 

Other Apps from Uncle Sam

  • Alternative Fueling - helps the public find fueling stations that offer electricity, natural gas, biodiesel, E85, propane or hydrogen.
  • Ladder Safety - focuses on the safety of extension - ladder users
  • Currency Identifier - designed for people with vision problems to identify a bill's denomination

For more information on these and other apps, please visit this website.

How do you rate?

Need to figure out your Sales Tax Rate? Use this Sales Tax Rate Calculator to help you determine your sales tax rate. All you need is your 9 digit zip code.

Jennifer Schiefert, CPA/ABV/CFF receives CFE credential
Jennifer Schiefert, a member of the forensic accounting and valuation services area at Schechter Dokken Kanter CPAs, has met the requirements to receive the credential of Certified Fraud Examiner. 

 

Valentine's Day by the Numbers
  • $116.21 - amount the average consumer spends on Valentine's Day
  • 47.5% - percent of candy given as a gift
  • 180 Million - number of Valentine's Day cards exchanged annually
  • 196 Million - average number of roses produced for Valentine's Day
  • 14% - percent of women who send themselves flowers on Valentine's Day

For more Valentine's Day statistics, visit this website.
SDK CPA NEWS
February 2014

 

Greetings on this Valentine Friday! The tax professionals are well into busy season, ready to take your calls and documents!  

Not sure who to call? Visit the tax team page on our website.

 

Pictured above, Jenn Stavish and Jessie Dahl prepare for the internal training. Also pictured is intern, Jim Geissler. 

 

Did you know... red flags of fraud 

 Most occupational fraudsters' crimes are motivated at least in part by some kind of financial pressure. In addition, while committing a fraud, an individual will frequently display certain behavioral traits associated with stress or a fear of being caught. These behavioral red flags can often be a warning sign that fraud is occurring. According to the Association of Certified Fraud Examiners' 2012 Report to the Nations, the following are the ten most common behavioral red flags of perpetrators of occupational fraud:

  1. Living Beyond Means
  2. Financial Difficulties
  3. Unusually Close Association with Vendor/Customer
  4. Control Issues, Unwillingness to Share Duties
  5. Divorce/Family Problems
  6. Wheeler-Dealer Attitude
  7. Irritability, Suspiciousness or Defensiveness
  8. Addiction Problems
  9. Past Employment-Related Problems
  10. Complained About Inadequate Pay

Contact Jennifer Schiefert, CPA/ABV/CFF, CFE with questions about fraud and how our forensic accounting and valuation services team can assist your business.

Promotions and Team Additions
2014 brought new team members and a promotion to SDK.

On January 1, we welcomed Rick Tollefson, CPA, to the tax department. Click here to visit his bio page.

Also in January, the shareholders welcomed an addition to their team. Jason Besler, a member of the audit department and chair of the gaming niche, was promoted to shareholder. Visit his bio page here.

HR director Bonnie Lillemoen introduced four interns joining us for busy season. Hailing from UMD, Gustavus and LaCrosse, they are adding great effort and enthusiasm to the firm.
Our busy season interns, from left to right: Jim Geissler- LaCrosse, Emma All Runner-Gustavus, Alex Scheinost-UMD, and Nick Held-UMD. 
2013 List of Strange Tax Deductions

As great as it feels to be able to get those tax deductions, not all expenses you wish you could claim are qualified (that family vacation, a day at the spa...)  For the fourth year, the MNCPA surveyed members about the most creative (however, not deductible!) tax deductions proposed by clients:

 

- A fur coat worn to promote a cleaning business

-A wedding ring

-101 dog deductions (no, you cannot claim your dog as a dependent)

-An ATV as a medical deduction for stress relief

-Placing a business sign on a personal automobile and writing off the car as an advertising expense

-A family vacation

-A $1 million deduction for a contribution of land without an appraisal

-Infant "employee"

-A large charitable deduction for a gift not given

-School lunches as a business expense

- A home theater as "video conferencing equipment"

-BOTOX® and tanning

Tis the season -- tax tips

Are you confused about Sales and Use Tax? Watch this informative video  from the MN Department of Revenue to help you understand Sales and Use Tax and how it affects your business.

Sales and Use Tax: How it Affects Your Business
Sales and Use Tax: How it Affects Your Business
 
We welcome your comments and feedback, and will do our best to answer your questions. Contact your SDK representative or send a note to one of us and we'll be sure to get the right person to assist you.

 

Sincerely,

 

SDK's Editorial Board

Abel Kleinschmidt, CPA, Tax
Jennifer Schiefert, CPA/ABV/CFF, CFE, Forensic & Valuation Services

Beth Johnson, Marketing
Valorie Mussehl, CPA, Employee Benefits
Amanda Nelson, CPA, Accounting Services

Taylor Mackin, CPA, Audit

 

     

www.sdkcpa.com