Tax & Accounting Blog
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5 Lease Accounting Guidelines for the Transportation Industry
These new rules will significantly impact the financial statements of transportation companies leasing real property, equipment, vehicles, and any other fixed assets. Here are five ways the new lease rules may affect transportation companies.
School Bus Companies: IRS Audits and Fuel Tax Credit Q & A
Over the past 45 years, we have dealt with several IRS audits involving the fuel tax credit claimed by our bus company clients.
IFC Presentation: State of Taxes in 2022
Smith Schafer Tax Managers, Joe and Kyle, presented at the IFC National Marketing conference at Treasurer Island. They gave updates on the state of taxes in 2022, pass-through entity taxes, planning strategies, and more.
Retirement Plan Options for Professional Service Firms
The pandemic had a significant impact on Minnesota businesses. The combination of forced business closures, new employee safety standards along with supply chain disruptions and sharp increase in materials costs made it very difficult.