Association of Women Contractors Expo

Jeni Wentz - Association of Women Contractors Expo

Building a successful construction company requires teamwork.

 

Smith Schafer is proud to be a part of the Association of Women Contractors. Smith Schafer's CPA team specializes in providing accounting, auditing, tax and business consulting services to the specialty contractors industry. Our industry experience and expertise make us a valuable partner for specialty contractor companies. Click here to learn more about our expertise.

 

Pictured: Senior Accountant, Jeni Wentz, mingling at the Association of Women Contractors annual expo April 23, 2015. 

2015 Business Associate of the Year!

Business Associate of the Year

"Each year ABWA Rochester Charter Chapter recognizes a local business or organization that has been supportive to our community and to ABWA. 

Busy Season Comes to a Close

We would like to take this opportunity to say THANK YOU to our clients for choosing Smith Schafer for your accounting and tax needs. We are truly grateful for your business.

Nothing is more satisfying to us than working one-on-one with our clients to review their specific situation, discuss their goals and maximize their financial well being. As we look back at all our firm has accomplished over the past months, it’s not the number of returns we filed or the hours we put in that we will remember and celebrate. Rather, it’s the personal service we were able to provide and the relationships we were able to develop that made this tax season a success.

Baseball Opener Celebration

We are celebrating the Twins' Home Opener with food, food and more food. Food has been a common theme this busy season around all of our offices. :)
 
Pictured: Our Managing Principal, Steve Erchul
 

Spring Tax Newsletter

Tax-Free Roth IRA Conversions

 

Moving money from a tax deferred retirement account to a potentially tax-free Roth IRA usually will trigger income tax. That won’t always be the case, though, thanks to recent IRS announcements. Some examples show how this can work. 

Eligible Taxpayers Can Still Make a 2014 Contribution to an IRA

The deadline for 2014 IRA contributions is April 15, 2015.

The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on Dec. 31, 2014).

If you have not already maxed out your 2014 limit, consider making one of these types of contributions by April 15:

 

Deductible traditional 

If you and your spouse don’t participate in an employer-sponsored plan such as a 401(k) — or you do but your income doesn’t exceed certain limits — the contribution is fully deductible on your 2014 tax return. Account growth is tax-deferred; distributions are subject to income tax.

 

Tax Scams

Throughout the year there are a number of scams being perpetrated by criminally minded people wanting to steal sensitive information and ultimately money from unsuspecting individuals. Unfortunately, these scams are more common during tax season. If you believe you have been a victim of one of these or other tax scams, click here to visit the IRS Tax Scam Reporting resources.

Celebrating Employee Appreciation Day

Employee Appreciation Day Gifts

Happy Employee Appreciation Day Everyone!

 
As a token of the firm's appreciation, staff received a travel mug and gift card.
 
Thank you Smith Schafer staff for all your hard work and dedication! 

Minnesota Keystone Program

Minnesota Keystone Program

Smith Schafer is honored to be alongside nearly 200 other Minnesota companies as part of the Minnesota Keystone Program. The Minnesota Keystone Program recognizes and honors companies that donate at least 2 percent of their pre-tax earnings to the community. 

We take a lot of pride not only in our commitment to client service, but also in our dedication to the communities surrounding us. We regularly participate in fundraising activities for local organizations. Our people volunteer for a variety of not-for-profit boards and professional associations.

For more information about our giving program, please contact us at info@smithschafer.com

Tax Alert

IRS Provides ACA Penalty Relief for Small Employers 

The IRS has released Notice 2015-17 providing small employers with limited relief from penalties imposed under the Affordable Care Act (ACA). The IRS and DOL have previously clarified that employer payment plans are group health plans that fail to comply with ACA market reforms and may be subject to penalties amounting to $100 per-day-per-employee.

This notice may create payroll tax refund opportunities as well as income tax savings opportunities for impacted clients. It would require the need for amended 2014 payroll tax returns, including Form W-2s. 

Click here to read more.

 

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