Technology Consulting
Technology is critical to the success of your business.
What does your technology do for you?
The available options can be overwhelming. Researching what might be best for your organization could turn into a full-time job.
At Smith Schafer, we have a team of specialists to help you cut costs, increase your access to information and improve your decision-making abilities through the intelligent use of technology.
Our Technology Consulting Services:
- Strategic technology review, planning, and budgeting
- Business process development and documentation
- Software selection and implementation (e.g. Peachtree, QuickBooks, MAS90)
- Technology coaching and executive education
Technology resources
IRS Formally Clarifies PPP Expense Position
The IRS issued Revenue Ruling 2020-27 on November 18th, formally denying the ability to deduct expenses related to PPP forgiveness. In the ruling, the IRS clarified the deduction for PPP expenditures is denied in the period the expenses were incurred (2020), even if the taxpayer waits until 2021 to apply for forgiveness.
Section 179: Minnesota Passes Conformity for 2020
Minnesota passed a bipartisan tax and bonding bill recently that included full conformity for all Section 179 expensing for tax years beginning in 2020. Additionally, the bill included retroactive Section 179 conformity to 2018 for assets acquired in a like-kind exchange.
Transportation Industry: Minnesota Conformity With Federal Tax Bills
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), also known as tax reform. This legislation made some of the most significant changes to the federal tax code since 1986.