Meet Our Construction & Real Estate Team

 

This Meet the Team video is our chance to introduce you to the talented, experienced, and fun people who work at Smith Schafer

Smith Schafer is a recognized leader in providing accounting, auditing and consulting services to the construction and real estate industry. Our Construction & Real Estate Group, comprised of numerous professionals, is committed to serving over 500 Minnesota construction and real estate entities.

Click on the video be above to Meet our Construction & Real Estate Team!

 

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Book and Tax Depreciation Presentation

Our Smith Schafer Principal, John Edson, spoke at BankCherokee's North Oaks Branch location this week to discuss the topic of Book Vs. Tax Depreciation. 

Download his presentation below. 

If you would like to learn more click here to contact us. We look forward to speaking with you soon. 

 

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Meet the Valuation Team

Meet the Smith Schafer Valuation Team

This Meet the Team video is our chance to introduce you to the talented, experienced, and fun people who work at Smith Schafer! 

Valuation has been a key practice area of ours since 1971 and this team is committed to serving a wide range of Minnesota businesses. 

Learn more at: https://www.smithschafer.com/services/business-valuation

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Business Valuations for SBA and Banking Purposes

Smith Schafer Principal, John Edson, presented a free educational seminar Business Valuations for SBA and Banking Purposes at the Rochester Golf & Country Club. Click below to view full presentation.

Email [email protected] to be added to our seminar invite list!

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How to Determine the Best Accounting Software for your Construction Company

invoice business flat lay

Changing your construction company accounting software may be stressful, time-consuming, and costly. However, making a switch to the right accounting software may help:

  • reduce manual work,
  • double tracking of jobs, and
  • help your construction company processes flow more smoothly.

Before committing to a new software package, a construction company should consider the following:

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New Limit on Deductions for Business Interest Expense

The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. Will your business be affected? Here is what you need to know.

 

To Elect Out … Or Not?

Qualifying real estate and farming businesses that elect out of the interest expense limitation must use the ADS to depreciate certain assets. Using the ADS results in lower annual depreciation deductions, because the ADS depreciation periods are longer than the depreciation periods under the regular MACRS rules that usually apply.

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Understanding Local Sales Tax for your Minnesota Hospitality Business

Coffee shop front desk

As a general rule, local sales tax should be charged to customers on all sales made in a local taxing area. The local tax applies to anyone who is from outside the city or county and picks up items in the local area for business or personal use. This applies even if the customer takes the items outside of the local tax area.

 

Exemptions

Do not charge local sales tax on sales of taxable items when:

  • You receive a completed Form ST3 – Certificate of Exemption.

  • You ship or deliver the items to your customer outside the local area.

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Construction Industry: What you Need to Know About Employee Benefit Plan Audits

paperwork between two people

Is your construction company required to undergo an employee benefit plan audit? This audit is required under federal law to ensure the plan’s functions, operations and processes are in compliance with established regulations. Unfortunately, these audits do not always go smoothly because the plan sponsor does not always understand the documentation, information and financial statement requirements for the audit. To help construction companies streamline the employee benefit plan audit process, Smith Schafer has provided a list of steps below to help companies prepare.

 

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Meet our Hospitality Team

MEET THE SMITH SCHAFER HOSPITALITY TEAM

This Meet the Team video is our chance to introduce you to the talented, experienced, and fun people who work at Smith Schafer! 

Hospitality has been a key practice area of ours since 1971 and this team is committed to serving over 100 Minnesota hospitality entities. 

Learn more at: https://www.smithschafer.com/industry-expertise/hospitality

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South Dakota v. Wayfair: Online Sales Tax Decision

person browsing the internet on computer

In the recent landmark South Dakota v. Wayfair, Inc. case, the U.S. Supreme Court struck down the physical presence nexus standard established in the 1992 decision Quill Corp. v. North Dakota. This means states can require certain retailers, with no physical presence, to collect and remit the applicable sales or use tax on sales delivered in locations within their state.

The decision removes a major barrier to online sales taxation, but the U.S. Supreme Court stopped short of formally declaring South Dakota’s law, which many states have mimicked, is valid in the absence of Quill. The U.S. Supreme Court made clear Quill is no longer a required part of any commerce clause test to determine when states may impose taxes. 

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