November/December 2011 Newsletter
Olsen Thielen Sends Holiday Wishes
Written by Newsletter Editor on December 8, 2011
All of Us at Olsen Thielen Join in
Saying Thank You and
Wishing You a
Happy Holiday and a
Prosperous New Year
Watch Out For Gift Card Fraud
Written by Adam Hennen, CPA, CFE on December 8, 2011
With the upcoming holiday season, the opportunity for fraud is abundant, and will likely have an impact on both retailers and consumers.
One of the easiest forms of retail fraud is gift card stripping. Gift cards are an easy target for fraudsters because the cards have no customer information, making them almost as liquid as cash. The scam starts with a fraudster taking numerous gift cards from the rack, walking to an area less visible and capturing the identifying information contained on the gift cards. All of this can be done without ever stepping foot outside of the store. Read the rest of this entry »
Retirement Plan Limits for 2012
Written by Tia Elliott, CPA on December 8, 2011
| Highlights of the 2012 maximum dollar limitations announced by the IRS in IRS News Release IR-2011-103 include the following: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Federal Estate Tax Portability for 2011 and 2012
Written by Joel Grundmeier, CPA, MST, CFP on December 8, 2011
The new portability election that was passed by Congress last year allows estates of married persons to pass along the unused part of their estate tax exclusion amount to their surviving spouse. An increased exclusion of $5 million and the portability election currently only applies to deaths which occur in 2011 and 2012. The exclusion amount is reduced to $1 million dollars after 2012 unless Congress changes the law before then. It is important to understand that portability is NOT automatic. The Personal Representative must make an election to transfer the unused exclusion to the surviving spouse. The election can only be made by filing an estate tax return within nine months of the date of the first spouse’s death. An extension form is available to request an additional six months to file. Read the rest of this entry »
Trivia Fun Facts
Written by Newsletter Editor on December 8, 2011
Trivia Fun Facts
1. What is the only rock that floats in water?
2. What is the most widely eaten fish around the world?
3. Which U.S. state’s flag contains the British Union Jack?
4. What does an anemometer measure?
5. What is the most widely used pain killer in the world?
6. Who were the first people to wear eyeglasses?
7. What was the first national rock and roll hit? Read the rest of this entry »
Fraudulent Expense Reimbursements: Multiple Hotel Charges
Written by Adam Hennen, CPA, CFE on December 8, 2011
One of the most overlooked forms of fraudulent expense reimbursements stems from traveling employees who request reimbursement for hotel charges they did not incur. In many instances, businesses will authorize and pay for travel expenses using a company credit card, or will request the hotel to bill the organization directly. Most hotels will slip a summary of the room charges under the doors of guests to indicate check out on that day. If not, hotel guests can simply ask the desk clerk for a duplicate invoice of the room charges. In either case, these documents are generally submitted for reimbursement by employees with their employers. Read the rest of this entry »
Charities – State Registrations and Sales Tax
Written by Linda Nelson, CPA on December 8, 2011
A common misconception of charities is that they only have to be registered in the state(s) in which they have a physical presence. The fact is that organizations that solicit donations need to look at other factors to determine the states in which they should be registered. Charities that accept online donations or solicit donations via phone or mail across state lines need to review their solicitation and donor activities:
- Are donors in a specific state being targeted?
- Are significant donations coming from a specific state? Read the rest of this entry »
W-2 and Form 1099 Filing Reminders
Written by Jilayne Leary on December 8, 2011
W-2’s
Employee copies must be postmarked on or before January 31, 2012. The due date for filing your 2011 W-2’s on paper or electronically with Minnesota Revenue is February 28, 2012. The Social Security Administration copy along with Form W-3 must be postmarked on or before February 29, 2011 for paper filing; the electronic submission due date is April 2, 2012.
Note: For Tax year 2011 and beyond W-2’s must be electronically filed with Minnesota Revenue if you file more than 10 forms.
Social Security Administration requires electronic submission if you file 250 or more Forms W-2. Read the rest of this entry »
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November/December 2011 Newsletter
