Business Tax Resources

Midyear Tax Planning Essentials

Midyear Tax Planning Essentials

How did tax season go? Whether this most recent tax season left Minnesota business owners feeling good or dreading the thought of what will happen next year, there’s good news. Summer is an excellent time for parties in both camps to reclaim and enact a new tax planning strategy.

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Relief for Employee Retention Tax Credit Penalties

Relief for Employee Retention Tax Credit Penalties

The Employee Retention Tax Credit (ERTC) helped employers bolster cash flow and avoided layoffs during the most uncertain periods of COVID. The confluence of state issued forced business closures and stay at home orders created adverse conditions for many Minnesota companies. The program provided a desperately needed capital infusion to struggling businesses.

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Minnesota Frontline Worker Payments

Minnesota Frontline Worker Payments

he Minnesota Department of Labor and Industry is currently developing an online application system for eligible workers to apply for a bonus payment. There will be a 45-day application period and a 15-day appeal period for denied applications.

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Minnesota Sales & Use Tax Law Changes for 2021-2022

Minnesota Sales & Use Tax Law Changes for 2021-2022

Sales and use taxes can be the most complicated tax obligations for many businesses. Generally, local sales tax should be charged to customers on all sales made in a local taxing area unless the customer provides an exemption certificate.

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Steps to Organize for Tax Preparation

Steps to Organize for Tax Preparation

As we approach the end of the year, Smith Schafer would like to help you reduce the stress related to filing taxes. It is important to organize your receipts, forms, and other documents well before tax time.

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