Tipped Employees: Individuals who regularly receive more than $30 per month in tips. Examples include waiting tables, serving drinks, opening doors, carrying luggage, cleaning hotel rooms, etc.
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Are your kids going off to college? College is more expensive than ever, but there are two education tax credits to help offset the costs of college by reducing the amount of income tax you owe.
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New overtime regulations under the Fair Labor Standards Act (FLSA) take effect on December 1, 2016. Under these regulations, employees making less than $47,476 per year ($913 per week) will be eligible for overtime compensation. Previously, the minimum salary was $23,660 ($455 per week). The new FLSA regulation does not provide an exemption from the overtime requirements for nonprofit organizations.
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These payments are often long overdue and headaches for companies. The new retainage law, effective August 1, 2016, attempts to reduce costs and improve cash flow for companies.
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Smith Schafer has been ranked no. 239 on INSIDE Public Accounting’s Top 300 Firms ranking list for 2016.
IPA 300 firms are ranked by U.S. net revenues and are compiled by analyzing more than 540 responses to IPA’s Survey and Analysis of Firms.
We are honored to be recognized nationally, alongside some of the best in the country. We continue to grow each year and this recognition demonstrates the loyalty and commitment of our team members and clients.
Click here to view the full list of the INSIDE Public Accounting 300 firms.
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We are excited to announce our Edina and Maplewood offices are merging October 1, 2016!
The new office will accommodate our growth and client service goals. For the convenience of our East Metro clients, we will continue to have a space for client meetings in Maplewood.
We would like to thank our clients for their continued support, trust and business! We look forward to working with you in the years to come.
Read MoreFor most people, using IRA dollars for charity is a two-step process. You take money from your IRA, reporting taxable income. Then, you donate it to the charity or charities of your choice, perhaps claiming a tax deduction for the contribution. The new PATH law establishes the permanence of qualified charitable distributions (QCDs), which go directly from IRAs to recipient organizations.
Many transportation companies are not taking advantage of these tax credits. It is very difficult to run your business and keep up with the complex regulations regarding taxes. Getting help from your tax professional, who is familiar with the transportation industry and all the deductions, credits and exemptions you are eligible for, is crucial. Be sure to ask your tax professional about the tax credit opportunities below:
On March 24, 2016, Governor Dayton signed into law a bill amending Minnesota's unemployment insurance (UI), also known as unemployment tax, law to provide for a reduction in unemployment taxes for most employers.
During the week of June 20, 2016, letters were mailed to employers who are eligible for this tax reduction. The letter includes the amount of the employer's tax credit.
Smith Schafer has been named one of the Top Workplaces in Minnesota by the Star Tribune.
Based on the number of high quality workplaces that participated, 150 Top Workplaces are being recognized and also a list of an additional 110 companies that met the national standards to be designated a Top Workplace, but were not ranked in the top 150. Smith Schafer has been recognized as one of these national standard Top Workplaces. Click here to view the full list of recipients.
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