Greetings!
Spring has sprung in Minnesota! If you have time between cleaning out the garden, Twins games and bike rides, we hope you'll take a minute to browse the articles below and give us a call with any questions or comments. And be sure to check out our facebook page for pictures of our busy season "stress buster," a firm-wide Minute to Win It contest.
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May and June deadlines are coming for filing information returns
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If you are a self-insured employer, applicable large employer or health coverage provider, don't forget about the 2016 deadline approaching for filing information returns with the IRS. The information returns should have already been sent to employees or responsible individuals in March, but are also required to be filed with the IRS.
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Get ready for the New Lease Standard
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Early adoption is allowed and encouraged
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Leasing has played a major role for companies by creating the possibility of renting and using assets to carry out business operations. Because leasing can greatly impact how businesses operates, the manner in which it is disclosed in the financial statements can be valuable information for users.
Last February, the Financial Accounting Standards Board (FASB) published a new lease accounting standard to help users of the financial statements better understand the amount, term, and impact of cash flows from leases the company may have. The standard will take into effect during the fiscal years after December 15, 2018 for all public entities and after December 15, 2019 for non-public and nonprofit entities. However, early adoption is allowed and encouraged.
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SDK's Quarterly Roundtable Series- Nonprofits
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| Lessons Learned. . .
A conversation with Chuck Selcer
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 Thursday, June 16, 20163:30-5:00 p.m.
Nicollet Island Inn
With over 35 years of experience advising nonprofit organizations, Chuck Selcer, managing shareholder at SDK, has many stories to share about the trials and tribulations, the successes and near misses and the heartwarming people who drive nonprofits focused on community and service. Join us for an informal presentation, followed by a question and answer session for you to bring those ideas you've had in your head for a time - find out if they are worth pursuing, or perhaps hear a few pros and cons. Chuck will also be joined by a couple of professional colleagues with similar bench strength in the nonprofit environment.
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New Filing Date for 1099-MISC
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| Web link provides more information |
 The Federal copy of Form 1099-MISC is now required to be filed on or before January 31, 2017, if you are reporting non-employee compensation payments in box 7. If you are reporting any other payments, such as rent in box 1, the IRS due date will remain as February 28, 2017, if you file by paper, or March 31, 2017, if you file electronically. Payee copies need to be distributed by January 31, 2017, as this due date has not changed. Please check your state's Department of Revenue website, as 1099 filing requirements vary by state.
In order to prepare for this quick deadline, remember to ask for all Form W-9s before year end. Visit the IRS website to view the 2016 instructions for Form 1099-MISC. If you have any additional questions, please contact Pam Brackeen at pbrackeen@sdkcpa.com or 612-332-9315.
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Two more licensed professionals at SDK
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 Congratulations to Cassandra Dulon and Matt Schreiner, 
whose names just got a little longer -- they both passed all the licensing requirements and are now certified public accountants. Cassandra works in the accounting services department and Matt is part of the tax department. |
CONSTRUCTION ALERT-WASHINGTON AVENUE WESTBOUND CLOSED
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 For those visiting SDK offices, please allow extra time to get up to our suite. In addition to building upgrades, the westbound lane on Washington Avenue will be closed between 2nd Ave S and Hennepin Avenue through late November. |
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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
Emily Engels, Accounting Services
Beth Johnson, Marketing
Kyle Bergs, Audit
John Lawson, CPA, Audit
Allison McCloskey, Tax
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