MANAGING YEAR-END PAYROLL & 1099 REPORTING FOR 2025 As year-end approaches, it is time to focus on wrapping up 2025 and gearing up for the new payroll year. There are certain payroll requirements you must complete. Use our end-of-year payroll checklist to complete...
In this installment on the upcoming MN Paid Family and Medical Leave Act, which goes into effect in January 2026, we’d like to discuss the small business assistance option in the law.
Minnesota’s Paid Family & Medical Leave (PFML) program is bringing significant changes for employers and employees alike. At Smith Schafer, we are committed to helping Minnesota businesses stay informed and prepared. This article is part of our ongoing series on...
The One Big Beautiful Bill Act (OBBBA) introduces three major changes to charitable contribution deductions beginning with the 2026 tax year. Taxpayers should be aware of these updates as they plan future giving strategies.
One of the most important decisions when starting a business is choosing the right legal structure. Your choice will affect how you run your business, engage in transactions, protect yourself from liability, and manage taxes.
On July 4, 2025, President Trump signed into law the bill knowns as the “One Big Beautiful Bill Act” (OBBBA). This legislation has significant tax consequences, many of which are effective for 2025. Key takeaways from the bill include: Extending and/or making...