Smith Schafer is
an award-winning
accounting & consulting
Firm in Minnesota.

Best of Accounting 2020 logo

9 out of 10 clients would recommend Smith Schafer services.

Smith Schafer received satisfaction scores of 9 or 10 out of 10 from 85.3% of their clients, which is significantly higher than the 2019 industry’s average of 45%.

We Know Your Industry

professional Services Firms

Construction
& Real Estate

Hospitality

manufacturing

nonprofit

transportation

principal Spotlight

John W. Edson, CPA/ABV/CFF, CMA, CVA

Tax & Business Valuation Principal

John Edson headshot“I cannot imagine doing anything else. Working with closely held businesses and their owners to increase their wealth is exciting. I enjoy seeing a business start, progress through its life cycle and return benefits to the owners.”

Latest Blog Post

Accounting Basics for the Professional Services Industry

Accounting can be complicated and is a crucial component of a firm’s operations, regardless of its size. Many growing professional service firms struggle to create well-tuned accounting processes, especially as systems need to change to support increased activity.

5 Retirement Plan Changes in 2020

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law in December 2019 and outlined several changes to how retirement plans are required to operate. This article will discuss some of the significant provisions of this legislation.

IRS Formally Clarifies PPP Expense Position

The IRS issued Revenue Ruling 2020-27 on November 18th, formally denying the ability to deduct expenses related to PPP forgiveness. In the ruling, the IRS clarified the deduction for PPP expenditures is denied in the period the expenses were incurred (2020), even if the taxpayer waits until 2021 to apply for forgiveness.

Upcoming Events

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Why Clients Choose Us

Have enjoyed good service for over 30 years.

 - R & W Fleming Corporation

Our service is always exceptional and never have to second guess the answers.

 - EnergyPrint, Inc.

Smith Schafer has provided second to none service and value to my business and personal accounts for over 30 years. Their expertise and knowledge are unmatched by any other accounting firm I have encountered over all these years.

The relationship we have built over the years with the staff at Smith Schafer & Associates is one that can never be replaced. They are quick with helping us figure anything out, always willing to pick up the phone and walk us through any problem we are having. Also they are just all so friendly and kind!

I have worked with Jason Boynton for several years. He has consistently provided exceptional service and advice always delivered in a timely, pleasant manner.

Smith Schafer always makes everything go smoothly. They were recommended to us by our community bank. We have been using their services for many years for our small business and personal taxes. We always feel well taken care of and that we are receiving the best advice, direction, information and tax preparation."

- The Dog Perk Corporation

Smith Schafer always provides great information for our business. They are thorough with our accounting and financial planning. We have leaned heavily on them with interpretation of the PPP Loan and COVID-19 planning. They have been instrumental in our success and are always very knowledgeable and quick to respond to any of our questions."

Smith Schafer has provided second to none service and value to my business and personal accounts for over 30 years. Their expertise and knowledge are unmatched by any other accounting firm I have encountered over all these years."

The relationship we have built over the years with the staff at Smith Schafer is one that can never be replaced. They are quick with helping us figure anything out, always willing to pick up the phone and walk us through any problem we are having. Also they are just all so friendly and kind!"

We love our CPA team at Smith Schafer. They have helped us navigate many personal and business decisions."

Smith Schafer is very dedicated to their clients and always has their best interests in mind. They are very knowledgeable and thinking ahead to what the clients may be needing in the future. We would highly recommend Smith Schafer to our family and friends."

Awards & Recognition