Restaurant workers looking at ipad by the bar.

Hospitality Industry: 6 Common Tax Deductions

1/17/2019 - 10:06 am

Are you aware of tax deductions and credits your hospitality business may be eligible for? Many hospitality owners tend to focus on the day-to-day operations and dealing with compliance regulations. Tax related matters tend to be postponed until after the end of the year. Now is the time to plan ahead for tax deductions to maximize the tax savings in the future.

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Construction Industry: Tax Reform Impact

1/14/2019 - 6:57 am

The new tax reform law is the most significant tax legislation in decades. Now construction companies are trying to digest the details and evaluate how the changes will impact their tax situation. One key objective was to reduce taxes on companies doing business in the U.S. to make them more competitive. Prior to the change, the U.S. had one of the highest corporate tax rates globally.

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Transportation Industry: Tax Tips & Common Deductions

1/09/2019 - 7:31 am

The Tax Cuts and Jobs Act (TCJA) tax reform has left many taxpayers confused about what is and what is not deductible for the upcoming 2018 tax year. Smith Schafer has a team of transportation experts ready to answer your questions. Below are some common deductions the transportation industry may see this year:

 

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Understanding the Basics of Restaurant Accounting

1/08/2019 - 7:31 am

Did you know about half of all small businesses fail due to bookkeeping and accounting errors? A majority of those failures are directly related to poor accounting practices.

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Commonly Missed Tax Deductions in the Construction Industry

12/31/2018 - 10:15 am

For many construction industry business owners, they are concerned with the day-to-day activities that keep their business running. For example, hiring help for a new project or purchasing a new piece of equipment to replace an outdated one. Many owners tend to focus on the daily grind and put off thinking about the taxes until January or February, but doing so, may come at a cost.

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Tax Reform Bill Overview

12/27/2018 - 12:00 am

The new tax reform law — commonly referred to as the "Tax Cuts and Jobs Act"  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.

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Empty restaurant dining area and tables

Payroll Tips for Restaurants

12/19/2018 - 8:11 am

Restaurant payroll is ruled by complex laws for employee wages and tips. With high turnover, unique tax situations and generally, large amounts of checks to be processed, managing a restaurant’s payroll and legal compliance can be a challenge. There are many ways minimum wage regulations, the tip credit, reporting and processing can affect payroll.

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Revenue Recognition: 5 Items Affecting the Construction Industry

12/18/2018 - 7:35 am

The threat of revenue recognition has been around since 2010, when the first draft of the new standard was released. Three exposure drafts and numerous accounting standards later, we are finally on the doorstep of being required to recognize income under the five step approach found in Accounting Standard Codification (ASC) 606.

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5 Ways the New Lease Accounting Rules will Impact Transportation Companies

12/17/2018 - 7:00 am

The new lease accounting rules will have a significant impact on the financial statements of transportation companies leasing real property, equipment, vehicles and other fixed assets. The new lease rules apply to all leases with a term of more than one year and go into effect for nonpublic companies with fiscal years beginning after December 15, 2019.

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Wayfair: How It Affects Minnesota Construction Companies

12/13/2018 - 11:06 am

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.

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