Minneapolis Tax Compliance
With the speed of change in the tax and accounting laws in Minnesota, it may be difficult for business owners to stay on top of changes both to the laws and their applications in tax filing. Smith Schafer’s Minneapolis team will work closely with you to evaluate your situation and recommend the best approach to tax compliance.
Your Source for Tax Compliance Services
Our Minneapolis tax 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 capabilities are tailored to the specific needs of each client, drawn from specialized services that include: use the same as here
Minneapolis Tax Compliance Services:
Corporate Tax Preparation
S-Corp Tax Preparation
Partnerships & LLCS
Estate & Gift Tax Returns
Sales & Use Tax Reporting
State & Local Tax
IRS/State Tax Representation
Our Experience
We opened a Maplewood location in the 1980s. In 2007, an acquisition led to the opening of an Edina office location. We combined our Edina and Maplewood offices in October 2016. Our Minneapolis CPA office is located in the Valley Square Corporate Center in Minneapolis, Minnesota. Our firm has 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.
Our Minneapolis CPA team can provide effective tax strategies, coordinated and executed based on your unique situation.
Business Tax Resources
Tax-free Disaster Relief Payments to Employees
Employers can issue tax-free disaster payments to their employees under Section 139 of the Internal Revenue Code. The payments are deductible for the employer, but not included in the income of the employee.
IRS Denies Tax Deduction for Forgiven PPP Expenses
On Thursday, April 30, the IRS released Notice 2020-32. It disallows a tax deduction for any expenses paid via a forgiven Paycheck Protection Program (PPP) loan.
CARES Act Tax Changes
The CARES Act contains a number of provisions impacting businesses. This chart is meant to highlight the tax modifications and provide some potential planning ideas.
