GASB 67 and GASB 68

The Government Accounting Standards Board (GASB) has issued new reporting requirements that will affect the reporting requirements for audits of Pension Plans (Fire Relief Associations) and audits of employers with Pension Plans (the City).  GASB 67 is the statement that affects the Pension Plan.  GASB 68 is the statement that affects the accounting for the […]

August 1, 2014 Minimum Wage Increase

Effective August 1, 2014 through July 31, 2015 the following increase in minimum wage will affect many employers in Minnesota. Large Employer (gross sales over $500,000) – $8.00/hour Small Employer (gross sales under $500,000) – $6.50/hour Training Wage (Employees under 20 years of age for first 90 days) – $6.50/hour Youth Wage (employees under 18 years of […]

Retirement Contributions for 2013 and 2014

Below is a table of retirement contributions for 2013 and 2014.  It may not be too late to contribute for 2013 as you can contribute up to the due date of your tax return (i.e. April 15, 2014 for 2013 1040) for certain retirement plans.  You may also be eligible for the retirement savers tax […]

2014 Standard Mileage Rate

The Internal Revenue Service has now issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents […]