Professional Service Firms

We understand the professional services industry since we are part of it ourselves.

Minnesota Professional Service Firm Accounting experts.

Professional service firms are looking to maximize profits, improve cash flow and build businesses with high value to support eventual sale or succession. We have a solid history of developing strategies to achieve these desired results. Our tax experts work with a wide variety of professional service firms to make sure they thoughtfully plan ways to minimize taxes and maximize the bottom line.

Our EXPERIENCE.

Smith Schafer has provided consulting to firm partners throughout Minnesota since 1971. Our Industry Expert Group, comprised of numerous professionals, is committed to serving over 350 Minnesota Professional Service Firms. Some of our clients have less than 10 professionals, while others have several offices around the country with hundreds of attorneys and staff. Our extensive services enable us to move beyond tax and compliance to provide the advice you need to achieve your business goals.

specialized professional service firm industry services

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Accounting Services

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Tax Planning

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Mergers & Acquisitions

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Succession Planning

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Cash Flow Management

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Audit & Review of Financial Statements

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Accounting Software Consulting

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401(k) and 403(b) Plan Audits

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Bookkeeping & Payroll

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Business Valuation

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Projections & Financial Analysis

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Technology Consulting

Industry Involvement

Why Professional Service Clients Choose Us

“Have been impressed with the entire operation…whether calling or in person.”

– Tom Illies Insurance Agency

“Greg Epsom is easy to work with and always responds in a helpful manner in a short amount of time and he is very professional and accessible.”

– Ohly Law Office

“Jason Miller and Meha Patel always do a great job!”

– Learning Masters

“Very satisfied with the professionalism and timeliness of the services provided to me.”

– Loucks & Associates

Let’s start the conversation.
Contact us today to schedule a consultation with one of our industry experts.

Request a consultation

Professional Service Firm Industry Resources

Payroll Tax Credits & PPP Loan Guidance

Reading Time: 4 minutes In the last three weeks, two major pieces of stimulus legislation have been signed into law. Both acts provide opportunities for small businesses, but also require additional tracking for proper reporting.

Federal and Minnesota Tax Deadlines Extended

Reading Time: < 1 minute Treasury Secretary Mnuchin announced on Friday, March 20th that the federal tax deadline will be extended until July 15th, 2020 and Minnesota Governor Walz announced that the State of Minnesota will follow suit with income tax filings and income tax payments due July 15th.

Tax Implications Related to COVID-19

Reading Time: 3 minutes There are several federal and state tax law changes related to the Coronavirus/COVID-19 and there are new developments seemingly every day. Three recent changes, that may affect your tax situation, are explained in this article.