Accounting can be complicated and is a crucial component of a firm’s operations, regardless of its size. Many growing professional service firms struggle to create well-tuned accounting processes, especially as systems need to change to support increased activity.
COVID-19 has presented various challenges for professional services firms in 2020, unlike anyone could have foreseen. We understand the professional services industry since we are part of it ourselves.
The Research and Development (R&D) Tax Credit is one of the best opportunities for businesses to reduce their tax liabilities, improve cash flow, and increase earnings-per-share. This tax credit was initially enacted in 1981 to incentivize companies to increase their investment in developing new or improved products or processes.
Smith Schafer Tax Manager, Kyle Spicer, gave a tax presentation at the Minnesota Electrical Association Partner & Profit event.
Smith Schafer Valuation Expert, John Edson, presented at our free educational seminar at Rochester Golf & Country Club April 25, 2018.
If you are starting a new law firm, you may incur several different types of “pre-opening expenses.”