The sale runs today until 5, and Saturday, 8-12 noon, at 6941 Valley View Road in Edina. Contact Vicki Martini, 612.275.5394 with questions.

The Association of Certified Fraud Examiners (ACFE) just released its 2014 Report to the Nations on Occupational Fraud and Abuse. The 2014 edition is based on 1,483 cases of occupational fraud between January 2012 and December 2013 as reported by the certified fraud Examiner (CFEs) who investigated them. The analysis of these cases provides valuable lessons about how fraud is committed, how it is detected and how organizations can reduce their vulnerability to this risk. 

According to the 2014 edition, small businesses are both disproportionately victimized by fraud and notably under-protected by anti-fraud controls, a combination that makes them significantly vulnerable to this threat. While resources available for fraud prevention and detection measures are limited in many small companies, several anti-fraud controls - such as an anti-fraud policy, formal management review procedures and anti-fraud training for staff members - can be enacted with little direct financial outlay and thus provide a cost-effective investment for protecting these organizations from fraud.

The following is a link to the 2014 Report to the Nations on Occupational Fraud and Abuse: http://www.acfe.com/RTTN.aspx

The biggest change in revenue recognition standards in many years was released by the FASB and IASB this past week. This new standard applies to any entity that enters into contracts (defined as an agreement between two or more parties that creates enforceable rights and obligations) with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets.  

Under this new standard, companies would recognize revenue through a five-step process...

A supplemental tax bill was signed into law for Minnesota on May 20, 2014. There were a few main highlights to the bill being passed. Among the changes in the bill enacted was an increase to the Homestead Credit Refunds by 3% and Renter Property Tax Refunds by 6%. Also, Beginning in 2015, the definition of qualified small business for the Angel Investment Credit has been expanded.  

There was also additional clarification given to the additions and subtractions for individuals primarily related to the amounts required to be added back for purposes of the itemized deduction phaseout income thresholds.