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Recent News

How the SECURE Act Will Impact Individuals & Businesses in 2020

On December 20, 2019, President Trump signed into law the Consolidated Appropriations Act and the Further Consolidated Appropriations Act. Within this legislation was the Setting Every Community Up for Retirement Enhancement Act of 2019 (i.e. the SECURE Act). There are many tax law changes included in this legislation and below we have consolidated the changes…

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When Fraud Happens Right Under Your Nose

By Darin Styles, CPA, CFE Fraud in the workplace has, unfortunately, become somewhat commonplace. According to the results of the Association of Certified Fraud Examiners (ACFE) Global Fraud Study, a typical business loses an average of 5% of income each year due to fraud alone. Even still, business owners who fall victim to fraud often…

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Abdo, Eick & Meyers Names Victoria Holthaus Partner

EDINA, MN | January 8, 2020 – Abdo, Eick and Meyers, a nationally recognized accounting firm, announces the promotion of Victoria (Vicki) Holthaus to the position of partner of AEM Financial Solutions, effective January 1, 2020. In her new role, Vicki will focus on helping local governments and nonprofit agencies overcome accounting and financial challenges….

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How to Prevent ‘Brain Drain’ When Key Employees Leave

By Leah Davis, CPA It’s no secret that the baby-boomer retirement wave is coming. In some organizations and local governments, it’s already washing ashore. What’s more, the increased mobility of today’s workforce means employees aren’t staying in one job for as long as they did 20 years ago. The impending mass exodus and ever-changing tide…

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What Your Organization Should Know About GASB 84

By Bonnie Schwieger, CPA, and Chad Hess, CPA As you may have noticed, the Government Accounting Standards Board (GASB) has been issuing new standards over the last few years in a bid to improve the financial reporting of U.S. and local governments. The GASB’s goal is to provide better information to financial statement users. In…

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UPDATE: New Form W4 Effective for 2020

The finalized 2020 Form W-4 was released on December 4, 2019. You can find the final form here: Due to the federal tax law changes that took place in 2018, the 2020 Form W-4, Employee’s Withholding Certificate, is very different from previous versions. The Internal Revenue Service (IRS) is not requiring all current employees to complete…

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Professional Service Providers: Review Your State and Local Tax Obligations ASAP

By Steve Isakson, CPA, CGMA If you’re a professional service provider with out-of-state clients, it’s important to know where you stand with state and local tax (SALT) obligations. That’s because the rules have changed, thanks in large part to the U.S. Supreme Court’s 2018 ruling in South Dakota v. Wayfair, Inc. Here’s what you should…

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Remembering Joe Abdo

FOR IMMEDIATE RELEASE ABDO, EICK & MEYERS, LLP ANNOUNCES THE PASSING OF FOUNDER JOE ABDO Mankato, MN – December 2, 2019 – It is with great sorrow that we announce the passing of our founder, Joseph Abdo.  Mr. Abdo established Abdo, Eick & Meyers, LLP in 1963 and believed in hard work, putting the clients…

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The Power of Data Analytics in Identifying Workplace Fraud

By Darin Styles, CPA, CFE Data monitoring is widely regarded as an effective tool for identifying trends and areas of improvement within a business. It also happens to be invaluable when it comes to detecting and preventing fraud. According the Association of Certified Fraud Examiners’ 2018 Report to the Nations, organizations that implement proactive data…

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4 Items Nonprofits Should Keep in Mind When Considering a Joint Venture

By Steven Anseth, CPA Joint ventures between Section 501(c)(3) organizations and businesses are becoming increasingly common. Such arrangements can also provide a nonprofit with access to capital and outside expertise while helping to further its mission. But like any business relationship, a joint venture between a tax-exempt nonprofit and a for-profit entity also carries the…

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