United Way's Power of the Purse Lunch

Smith Schafer staff attended the United Way's Power of the Purse lunch on June 17, 2014 to raise support for early childhood programs. 

Thank you for putting on such a wonderful event United Way of Olmsted County

Pictured below: Kali Olstad, Shelly O'Groske, Trisha White, Jill Eggerichs, Karen Harlos, Jenny Hosfold, Jenna Bowman and Judy Hasti.

MSBOA Conference

Minnesota School Bus Operators Association Summer Conference

 

 

 

 

 

 

 

 

 

 

Smith Schafer's Transportation Team had a great time at the Minnesota School Bus Operators Association Summer Conference on June 8 & 9 at Sugar Lake Lodge. A beautiful day for golf, a delcious dinner and many wonderful speakers contributed to the weekends success. 

Pictured above: Bridget Wheeler and Jill Schultz 

Tax Alert

Minnesota Legislature

The Minnesota Legislature completed its 2014 session on Friday, May 16, 2014. The following are some of the recent changes the legislature has made:

Property Tax

 

AGRICULTURAL HOMESTEAD MARKET VALUE CREDIT

Increases the rate of the agricultural homestead market value credit so it reaches a maximum of $490 at a market value of $270,000 and over. Under current law, it reaches a maximum of $345 at $115,000 of value, but then decreases to $230 at a value of $345,000 and over. Effective beginning with taxes payable in 2015. 

JDRF Roll & Stroll

Bronze Sponsor

 

 

Smith Schafer was proud to sponsor the JDRF Roll & Stroll on Sunday in Rochester. Pictured above is our Rochester Office Manager, Shelly O'Groske and her family. Great work Shelly!

The JDRF Walk is an impactful way to raise money for critically needed type 1 diabetes (T1D) research and show your support for the millions of people affected by this serious disease. Click here to learn more. 

 

Governmental Update - Spring 2014

OMB Finalizes Federal Award Changes

 

In December 2013, OMB released final guidance on administrative requirements, cost principles and audit requirements for federal awards.

 

The final guidance, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), supersedes and streamlines eight existing OMB Circulars into one document that includes OMB Circulars A-21, A-87, A-89, A-102, A-110, A-122, A-133, and the guidance in OMB Circular A-50 on Single Audit Act follow-up. The Uniform Guidance can be accessed at https://federalregister.gov/a/2013-30465.

Weekly Tax Update - April 28, 2014

Federal

IRS announces Health Savings Accounts Limits for 2015

The IRS in Rev. Proc. 2014-30 provides the following 2015 inflation adjusted amounts for Health Savings Accounts (HSAs):
 
Annual contribution limitation. For calendar year 2015, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,350. For calendar year 2015, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $6,650.
 

A Litter Bit Better

One week every April, thousands of volunteers work together across Rochester to scour ditches, parks, waterways and boulevards to pick up tons of trash!
 
Proud of the Smith Schafer employee's who contributed to this effort: Mary Anderson, Jill Eggerichs, Mandy Oeltjen, Misha Hanson and Shelly O'Groske. Great work ladies!
 
Click here to learn more information and how you can help!

Smith Schafer's New Look

WE ARE EXCITED TO LAUNCH OUR NEW WEBSITE: 

WWW.SMITHSCHAFER.COM

Weekly Tax Update - April 21, 2014

Federal

Missed Deadline Means Estate Not Entitled to Section 6166 Election

Weekly Tax Update - April 7, 2014

IRS issues Guidance on Effect of Windsor Decision on Retirement Plans

IRS issues Notice 2014-19 on how and when qualified retirement plans have to apply the Supreme Court's decision in United States v. Windsor. The notice states that a retirement plan won't be treated as failing to meet the requirements of §401(a) merely because it did not recognize the same-sex spouse of a participant as a spouse before June 26, 2013, the date of the Supreme Court decision.

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