Wayfair: How It Affects Minnesota Construction Companies

Construction meeting between three people

In the 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. Due to this decision:

 

How does the Wayfair decision affect the construction industry?

 

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Tax Reform - Standard Deduction Changes

The new tax reform law is the most significant tax legislation in decades. Now businesses and individuals are trying to digest the details and evaluate how the changes will impact their tax situation. Fortunately, Smith Schafer can help you figure things out.

One of the major impacts of the Tax Cuts and Jobs Act (TCJA) are the changes to the standard deduction amounts.

What is a standard deduction? The standard deduction is a deduction of a fixed dollar amount, adjusted each year for inflation, reducing a taxpayer’s taxable income.

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2018 Tax Reform Seminar

Smith Schafer tax professional and principal, Jill Rock, presented a free educational tax reform seminar at the Rochester Golf and Country Club. 

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

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2018 Year End Tax Planning & Updates

As the end of the year approaches, we want to remind you of various payroll and Form 1099 related changes, as well as other items to consider when processing your year-end forms.
 

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Top 3 Accounting Mistakes We See in the Construction Industry

Success in the construction industry requires the ability to understand accounting and financial statements. It is critical for construction company owners and accounting departments to understand what mistakes may be lurking behind the numbers. The summary outlined below covers the three most common accounting mistakes we see in the construction industry.

 

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Tips on Creating a Budget for your Construction Business

Are you arriving at year-end and wondering where all your money went? Owning a construction business requires both expertise in your craft AND financial skills. Creating a budget is the first step to keeping your financial progress on-track throughout the year. A budget:

  • supports planning and financial goals.
  • assists with managing your money.
  • helps keep costs under control.
  • aids with the decision-making process.

Below are a few tips to help you create a budget for your construction business:

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IPA Fastest-growing Firm

We are proud to announce we have been named one of the FASTEST-GROWING ACCOUNTING FIRMS in the U.S. by The Platt Group/Inside Public Accounting. We rank 2nd in the Great Plains region with a 29.8 percent all growth rate! This marks the first year in which we have received this recognition.

 

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What is My Contractor Business Worth

What is my contractor business worth presentation

Smith Schafer Principal, John Edson, presented a free educational seminar titled What's is My Contractor Business Worth at our Twin Cities office location.

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

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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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