Rochester Tax Planning
At Smith Schafer’s Rochester office, we work with business owners to create a tax plan so you can achieve your financial goals.
There is a lot at stake when it comes to tax.
Our Rochester office experts can evaluate your situation, and recommend the best approach to lower tax liability, maximize savings from allowable deductions and take advantage of available tax credits so you can focus on growing your business.
Our Experience
Smith Schafer was founded in Rochester, MN, in 1971. We have over 50 years of tax expertise, and our experts can help you take advantage of the many tax-saving opportunities available. Our recommendations consider your short-term burdens and long-term goals and are designed to enhance your business profitability.
Business Tax Services:
We provide comprehensive services that guide clients through the tax planning process.
- Business Tax Filing & Compliance
- Tax Planning & Projections
- Tax Credit Analysis & Preparation
- Cost Segregation Studies
- Corporate Structuring & Restructuring
- Choice of Entity Planning
- Estate Planning
- IRS/State Tax Representation
- Merger & Acquisition
- State & Local Tax – Nexus Studies
Our Rochester professionals can provide effective tax strategies, coordinated and executed based on your unique situation.
Business Tax Resources
2022 IRS Backlogs & Taxpayer Service Updates
The IRS has been busy. In the past two years, the agency has processed trillions of dollars in pandemic relief funds, adjusted to often-changing tax deadlines, and dealt with several complex new tax laws. At the same time, funding was 20 percent lower than in 2010. Understaffed is the understatement of the century.
How the Work Opportunity Tax Credit Can Benefit Your Business
Business owners are facing operational and financial challenges, including those related to recruiting and employee retention. As of March 2022, the Employment Cost Index for total compensation in the Midwest rose by 5.1% compared to March 2021.
Relief for Employee Retention Tax Credit Penalties
The Employee Retention Tax Credit (ERTC) helped employers bolster cash flow and avoided layoffs during the most uncertain periods of COVID. The confluence of state issued forced business closures and stay at home orders created adverse conditions for many Minnesota companies. The program provided a desperately needed capital infusion to struggling businesses.
