Tax & Accounting Blog
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Manufacturers: Importance of Buy-sell Agreements
Creating and operating a business usually starts with a great idea, capital investment by one or multiple owners, and hard work. While the main focus of an owner should be on day-to-day operations, there are always items that should be in the back of their mind for events down the road.
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.
Important Estate Tax Portability Update Announced
If the federal estate tax exemption is cut approximately in half in 2026, as is currently scheduled, it may create significant issues for Minnesota taxpayers. The matter becomes especially challenging when one considers what may happen if the portability election is not made.
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