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In This Issue
Important Dates
Fun Fact
Metrodome takedown
Payroll Tax Refund
Form W-2 Reporting of Employer Sponsored Health Coverage
Learning Curve
Minnesota Minimum Fee amounts
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Important Dates
March 8
*Daylight Savings 
 
March 17

*Forms 1120 (C Corp), 1120S (S Corp), 2553 (S Corp election) are due to the IRS

 

*St. Patrick's Day

 

April 1

*Deadline for taking 1st Required Minimum Distribution. 

April 23
*Networking event for parents of young children

April 24
*Event to celebrate Jason Besler's promotion to shareholder

Fun Fact: QuickenLoans Billion Bracket Challenge

 Quicken Loans along with Warren Buffett and his company, Berkshire Hathaway, will offer a $1 billion prize to the person who correctly calls the winners of all 63 games in this year's NCAA men's college basketball tournament.  

 

The odds of winning are one in 4,294,967,296.  In addition, the 20 most accurate "imperfect" brackets will win $100,000 each for use in buying, refinancing or remodeling a home.

 

Free registration starts March 3 and will run until March 19.  To receive more information, check out this link.

A good reference for ACA
We found this blog which provides a clear and comprehensive look at the Affordable Care Act.
 
Metrodome takedown 
Visit our facebook page for every-so-often photos from our office window
SDK CPA NEWS
March 2014

 

This month, we recognize two of our clients, YouthLink and Baldinger Bakeries, for their recognition at the 2014 BOLD Awards, hosted by the Association for Corporate Growth. SDKers John Lawson, Wendy Harden and Drew Seliger attended on behalf of the firm and were thrilled to see the winners.

 

As the description of the event states, this program celebrates BOLDness and honors the very best in corporate growth strategies. Leaders and their teams were recognized for imagination, innovation and extraordinary efforts to grow Minnesota. Congratulations to YouthLink and Baldinger Bakeries!

Could You Be Eligible for a Payroll Tax Refund on Severance Pay?

The Supreme Court has begun reviewing a case that will determine whether severance payments pursuant to involuntary layoffs are taxable for FICA purposes. 

 

The Supreme Court started reviewing the case in October of 2013 and the review is set to conclude in June of 2014. Depending on the outcome of the case, FICA tax payments may be refundable dating back to payments made for 2010 and going forward.

 

Click here to read the story.

Be proactive. Form W-2 Reporting of Employer Sponsored Health Coverage

A requirement of the Affordable Care Act is for employers to report the cost of coverage under an employer sponsored group health plan. The value of the health care, both the portion paid by the employer and the employee, should be reported in Box 12 with code DD of the Form W-2.

 

The reporting is for informational purposes and is not taxable.

 

Businesses filing 250 or more W-2s in the previous tax year are all ready required to comply with the W-2 reporting provision. The reporting requirement will be fully effective for 2015, but to prepare for the transition, employers are highly encouraged to comply with the reporting provisions for 2014.

 

To find out more information on this topic, visit the IRS website.

Learning Curve - March 26
Savvy Social Security Planning:

What baby boomers need to know to maximize retirement income

 

Baby Boomers are asking:

  • Will Social Security be there for me?
  • How much can I expect to receive?
  • When should I apply for Social Security?
  • How can I maximize my benefits?

The decisions you make today can have a tremendous bearing on the total amount of benefits you stand to receive over you lifetime. Don't miss this valuable workshop designed especially for baby boomers.

 

Presented by Joe Klinkhammer, CLU, ChFC; Zeb Klinkhammer, COO, Business Manager; Alex Klinkhammer, Financial Advisor, of Klinkhammer Financial.

 

Wednesday, March 26, 11-11:45
Minnesota Minimum Fee amounts have changed for 2013

As a part of the 2013 Omnibus Tax Bill, Minnesota has also changed the minimum fee bracket indexing the minimum fees for inflation. This will impact those who file Partnership, S Corporation and Corporate Franchise Tax returns with Minnesota. See the table below for the new minimum fees.

Contact your SDK tax advisor, or Abel Kleinschmidt for more information.
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