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Lucky for us, we often enjoy some of the best restaurants around town -- especially when they are our clients' establishments! This week found a couple folks at The Howe Daily Kitchen & Bar, over on Minnehaha Avenue, where they tout their broccoli & cheese tator tots. What could we do? We had to try them out, and can tell you they are fabulous! If you're in the neighborhood, we definitely recommend a visit. The dry rub wings are also excellent!
Attention Nonprofits
FASB changes rules for not-for-profit financial reporting
The Financial Accounting Standards Board issued new accounting rules Thursday that are intended to make not-for-profit financial statements easier for users to understand. These are the first significant changes that FASB has made to its not-for-profit financial reporting model since 1993. Contact your SDK representative or any member of the nonprofit group for more information.
Extensions 
Here are the due dates
Now that summer is coming to an end and the Minnesota State Fair is near, it's time to get back to thinking about tax returns.  Extensions are running out - here is the list of due dates, if your company or plan is running on a calendar year:
  • Form 1120 (Corporations)-September 15
  • Form 1120S (S Corporations)-September 15
  • Form 1065 (Partnerships)-September 15
  • Form 1041 (Trust/Estate)-September 15
  • Form 1040 (Personal)-October 17
  • Form 5500 (Employee Benefit Plans)-October 17
Speaking of fiduciary...
Drum roll, please
President Obama, back in 2010, requested the Department of Labor update the rules governing financial advisors, and what actually constitutes a "fiduciary." Six years and several hundred pages of legislation later, we finally have an answer! Basically, a fiduciary is anyone who is compensated for giving financial advice. 
 
According to the Employee Benefits Security Administration website:  "Today's proposal is the result of years of work and reflects feedback from a broad range of stakeholders-including industry, consumer advocates, Congress, retirement groups, academia, and the American public." The Department of Labor has an interactive website set up so you can determine what the rules are for you specifically and for those in close advising relation to you: 

Quickbooks --- Help!
End of summer means an eye on improvements
Along with the back-to-school pencil purchasing that comes every fall is a refreshed look at business practices and ways to maximize efficiencies. Perhaps more efficient bookkeeping is on your to-do list for the fall. If so, we can help.

Here at SDK we have Certified Quickbooks Advisors who have years of experience with all types of accounting practices in all types of businesses. We can assist in setting up your company file, training employees on the software, or troubleshooting issues as they arise. To find out more about our Quickbooks services contact Michele Jensrud, one of a handful of experts in the twin cities.
Fraud prevention and detection
Actions to take now
According to the Association of Certified Fraud Examiners (ACFE) most recent Report to the Nations on Occupational Fraud and Abuse, the typical organization loses 5 percent of its revenues to fraud each year. The median loss caused by fraud is $150,000. Lack of internal controls and overriding the existing controls were the top weaknesses that contributed to the fraud. 
Although no company is 100% fraud proof, there are policies and processes which, if adopted, help to decrease the risk.
  • Tone at the top
  • Strong Controls
  • Hotline
  • Surprise audits
  • Employee training 
Tips on dealing with an IRS notice
Take a breath, read the notice, call us if you have questions
Receiving a notice from the IRS is always a nerve-wracking event, especially for those who don't deal with the IRS on a regular basis. Having even the slightest idea of what the notice means will help put those nerves at ease. The IRS recently put together an article worth highlighting that provides great tips about dealing with IRS notices.

Things to consider if you receive a letter from the IRS:
  • If a response is required, the IRS will usually give you a time frame to do so in,  so don't ignore the notice
  • Don't panic. In many cases the notice can be dealt with fairly easily and can be handled without having to call or visit an IRS office
  • If you receive a correction notice, always compare it with the information on your original return
  • Don't assume the notice relates to the current, or most recent tax year
  • Not all IRS notices are bad
Seemingly more and more frequently we are hearing about popular scams of someone portraying themselves as the IRS. It is important to watch out for suspicious activity when it comes to an IRS notice, and contact from anyone claiming to be the IRS. The IRS is constantly updating their website to contain the most up to date information regarding these potential scams, and what action you should take.

Don't hesitate to contact a member of the SDK tax team if you have any questions or concerns regarding a tax notice. 
Happening at SDK
SDK's Golf Outing at Brookview - a great day!
Pictured: Ryan, Sam, Cassie, John, Jason, Bonnie, Amy, Zach, Nick, Dave, Michele, Emma.
Visit our facebook page to see all the teams
and the construction continues. . . 
Heading to a Vikings game? Beware of the Washington Avenue closures!!
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
Kyle Bergs, Audit
Cassandra Dulon, CPA, Accounting Services
Cassandra Elgersma, CPA/ABV/CFF, CFE, Forensic & Valuation Services
Beth Johnson, Marketing
Dave Marrinson, CPA, Tax
Matt Schreiner, CPA, Tax
Sue Westby, Employee Benefits
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