Employer New Year Highlights

 

Minnesota Minimum Wage Rate Adjusted for Inflation as of January 1, 2018

 

PROVISION

RATE UNTIL
DEC. 31, 2017

RATE AS OF
JAN.1, 2018

Large employer wage

$9.50/hour

$9.65/hour

Small employer wage

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5 Important Tax Items Before Year-End Presentation

Smith Schafer Senior Tax Manager, Dianna Streed, presented at Red Wing Area Chamber of Commerce's Lunch & Learn Seminar on December 20, 2017. Dianna discussed Top 5 Tax Items You Need to Know for Your Business Before the End of the Year. Click below to view full presentation.

 

<< Major tax changes are on the way for both individual and business taxpayers. To help clients, prospects, and others understand the changes and how it will impact them, Smith Schafer has provided year-end strategies responding to the tax bill and a summary of the key changes. >>

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Year-End Strategies & Tax Bill Highlights

Major tax changes are on the way for both individual and business taxpayers. To help clients, prospects, and others understand the changes and how it will impact them, Smith Schafer has provided year-end strategies responding to the tax bill and a summary of the key changes.

 

Year-End Strategies

 

Pay 2017 State Income Taxes 

The Tax Cuts and Jobs Act limits the deduction for state and local income and real estate tax deductions to a total of $10,000 per year beginning with the 2018 tax year. If the taxpayer is not subject to the alternative minimum tax (AMT) in 2017, paying state income taxes by December 31, 2017 would be beneficial.

 

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Advantages & Disadvantages of S Corporations

Whether you are setting up a new company or you have been in business for years, you need to evaluate which legal structure is best for your enterprise. No one option is best for every type of operation. The right choice depends on several factors including the number of owners, taxes and your business goals. These concerns lead many business owners to organize as S corps. The legal structure is similar to a C corporation, but S status provides an escape from double taxation. Since choosing a business structure may be a complicated process with long-range consequences, you should consult your Smith Schafer tax professional. Here are some of the pros and cons of S corps:

 

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2017 Year-End Advice

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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IRS Increases Annual Gift Tax Exclusion for 2018

The IRS has announced the annual gift tax exclusion is increasing next year due to inflation. After five years of being at $14,000, the exclusion will be $15,000 per recipient for 2018 — its highest point ever. Here is what the recent increase in the exclusion may mean for you, including how annual gift-giving can lower your taxable estate.

 

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Nonprofit Industry: 2018 Accounting Standard Changes - Part 5

Part 5 - Implementation

Watch this five-part series video regarding the 2018 Accounting Standard Changes.

EFFECTIVE FOR YEARS BEGINNING AFTER DECEMBER 15, 2017.

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Nonprofit Industry: 2018 Accounting Standard Changes - Part 4

PART 4 - INVESTMENT INCOME, STATEMENT OF CASH FLOW & CAPITAL GIFTS

Watch this five-part series video regarding the 2018 Accounting Standard Changes.

EFFECTIVE FOR YEARS BEGINNING AFTER DECEMBER 15, 2017.

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Nonprofit Industry: 2018 Accounting Standard Changes - Part 3

PART 3 - NET ASSET CLASSIFICATION

Watch this five-part series video regarding the 2018 Accounting Standard Changes.

EFFECTIVE FOR YEARS BEGINNING AFTER DECEMBER 15, 2017.

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Nonprofit Industry: 2018 Accounting Standard Changes - Part 2

PART 2 - FUNCTIONAL EXPENSE REPORTING

Watch this five-part series video regarding the 2018 Accounting Standard Changes.

All nonprofits shall report information about all expenses in one location:

  • on the face of the statement of activities;
  • as a schedule in the notes to financial statements;
  • or in a separate financial statement (statement of functional expenses)

EFFECTIVE FOR YEARS BEGINNING AFTER DECEMBER 15, 2017.

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