5 Questions to Ask Yourself Before Selecting an Auditor

Searching for an audit firm can be a time consuming and stressful task. However, it can be maneuvered easier if you know what to look for, have realistic expectations and ask the right questions.

 

Below are 5 items to ask yourself during the selection process: 

 

South Metro Young Professionals

Edina Senior Accountant, Kyle Spicer, enjoyed mini golf and HH with the South Metro Young Professionals group. Smith Schafer has a fundamental dedication to community involvement, networking and visibility. We regularly participate in fundraising and business activities with local organizations and groups. 

 

Top 3 Tax Concerns: Small Businesses

It may still be fishing and lake season for you here in Minnesota, but the end of 2015 will be here before you know it. Now is the time you should be preparing for the upcoming tax season.

 

Here are the Top 3 Tax Concerns we have heard from small business owners:

 

1. Multi-State Tax Issues 

Crossing state lines for a project may be a way to boost the bottom line, but doing so can also mean dealing with complex tax issues. States are adopting far-reaching rules and interpretations on the issue of nexus and it is important to understand your responsibilities.

Case Study

Client Looking to Buy Another Company

Target Company's Accounting Records were Weak and Inaccurate

 

Smith Schafer Approach

We discussed the problems with the attorney who was drafting the purchase documents on behalf of our client and it was decided to ask for expanded seller warranties regarding the financial records including the accuracy of the balance sheet as of the date of purchase. Seller financed approximately $150,000 of the sale price and we requested that any breach of warrantee have the right of offset.

Results

How Smith Schafer Can HELP You Outside Tax Season...

In the midst of handling our everyday tasks, we all face moments when bigger financial and tax questions arise: Should we start a college fund? What strategies should I be thinking about to make my business more profitable? Should I hire more staff? How can I plan for my family to be financially healthy now and looking forward?

At pivotal moments like these, the right advice is essential. And no matter what the state of the economy, it's important to creat and follow financial management and tax planning strategies focusing on your needs today, while keeping a clear eye on the future.

Minnesota Minimum Wage Increase

August 1, 2015

A state law dictating new minimum wage requirements was passed and will become effective August 1, 2015.
 
Large Employers (annual gross revenue of $500,000 or more):

  • Current rate - $8.00 per hour
  • New rate effective 8/1/15 - $9.00 per hour

Small Employers (annual gross revenue of less than $500,000):

  • Current rate - $6.50 per hour
  • New rate effective 8/1/15 - $7.25 per hour

90-day Training Wage (under 20 years of age):

Client Satisfaction Survey Results

Client Satisfaction Survey Results

Smith Schafer asked our clients to complete satisfaction surveys this past April to let us know if our work met their expectations.

We take pride in having a thorough understanding of each client's business needs and working environment. Pictured above are highlights of the survey results.

Please do not hesitate to contact your Smith Schafer professional with any questions or concerns.

Summer Life of an Accountant...

We strive to provide work-life balance and flexible schedules for our employees outside of busy season. 

Pictured: Managing Principal, Steve Erchul, playing in the Edinburgh Guest Day. 

Summer Tax Newsletter

Are Tax Refunds Good or Bad?

Few people pay exactly the correct amount of income tax during the year. When you filed your return for 2014, you probably discovered that you paid too little (and owed more tax) or paid too much (and could request a refund). Typically, refunds are due to employees who have too much tax withheld from their paychecks.

 

Smith Schafer Summer Outing

Smith Schafer Outing

Twins Game

Smith Schafer staff enjoyed a night out at Target Field Friday night, June 19. Staff from all four of our office locations gathered to play games, cheer on the Twins and enjoy each other's company. 

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