In This Issue
Minimum Internal Control Standards

Audit team member Jason Schanno  wrote an article for the March issue of Indian Gaming magazine. Click here to read the article.
It's a boy!

Ryan, Paulette and Adalyn Churness are pleased to announce the birth of Landon Jon

Born 3/31/14

Congratulations!

Update from March enews:
Payroll tax refund on severance pay 

The Supreme Court ruled in favor of the IRS in United States vs. Quality Stores, Inc. The ruling was unanimous and overturned the ruling of a lower court that would have forced the IRS to refund more than $1 Billion. 

 

The ruling of the Supreme Court establishes that severance pay for employees that are laid off is subject to Social Security and Medicare Taxes under the FICA act. 

SDK office closed April 16
As is the tradition at SDK, our office will be closed on Wednesday, April 16, the day after the tax deadline.
Busy Season stress busters
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SDK's April Newsletter

We start off this newsletter with non-tax information, but very important news. For those who own computers with Windows XP - 

Technical and security support for Windows XP, Microsoft's second most popular operating system, is coming to an end on April 8, 2014
 

What does this mean for you and your business?  Security updates will no longer be available for Windows XP after this date, leaving the operating system vulnerable to hackers and viruses.  It is thought that computers running WinXP could be attacked within 10 minutes of the deadline. Click here for more information.

 

Minnesota individual taxpayers can now file their tax returns
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As of April 2nd, the Minnesota Department of Revenue officials informed taxpayers to start filing their tax returns as the updates to the forms have been completed to now include the new tax legislation that passed on March 21st.

 

The MNDOR suspects that approximately 300,000 taxpayers will qualify for the new 2013 middle class tax breaks. Click here  to view the list of the tax benefits. 

April Learning Curve
Investing in the an Uncertain World - Misperceptions and Opportunities

Wednesday, April 23, 2014  11:00-11:45

Please join us for this discussion on some of the widely held misperceptions that all too frequently have compromised the financial goals of individual investors. 

 

Our guest speaker will be Robert Britton, a portfolio manager at the Minneapolis Portfolio Management Group.  

Click for more information

Non-Profit overhead myth 

The leaders of the country's three leading sources of information on nonprofits - GuideStar, Charity Navigator and BBB Wise Giving Alliance - have composed a letter to all donors in the US, denouncing the "overhead ratio" as a valid indicator of nonprofit performance. 

 

The goal of the letter is to debunk the misconception that the percentage of a charity's expenses that go to administrative and fundraising costs is, on its own, an appropriate metric to evaluate when assessing a charity's worthiness and efficiency. Click the link to read this letter which also includes research and statistics.  overheadmyth.com

SDK's Practical Parenting for Professionals April meeting 

Wednesday, April 30, 11:00-1:00

 

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Tired of feeling cooped up with the kids during the winter? Join our networking group for professionals who are parents of young children. (formerly known as Burp)
 

Lunch will be provided. No cost to attend, but please RSVP

Did you know?
SDK has CPAs with specialized training and experience to guide clients through the process of making an insurance claim. 

 

While some claims can be as simple as replacing a machine and submitting an invoice, other incidents can hurt your company's ability to make profit for days, weeks, or even months! How does a company begin to quantify all those lost sales, upset customers, and other damaging effects?

 

Our litigation services team specializes in determining lost business income and can help you gather and provide the best information and analysis needed to compile a well-supported claim and make your company whole again.  

 

Contact Cassandra Elgersma, CPA/ABV/CFF, CFE, 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 find the right person to assist you.

 

SDK's Editorial Board

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

Beth Johnson, Marketing

Ron Kelner, CPA, Tax
Valorie Mussehl, CPA, Employee Benefits
Amanda Nelson, CPA, Accounting Services

Taylor Mackin, CPA, Audit


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