Smith Schafer CPAs

We are delighted to announce that, as of January 1, 2026, the Smith Schafer & Associates team has joined CohnReznick, a leading professional services firm in the United States – a move that catapults our ability to serve our clients, our people, and our communities well into the future. Read the press release:

CohnReznick Enters Minnesota through Addition of Smith Schafer CohnReznick, a leading professional services firm, today announced a strategic acquisition of Minneapolis, MN-based Smith Schafer & Associates, effective January 1, 2026.

As year-end approaches, it’s time to focus on closing out 2025 and preparing for a smooth start to the new payroll year. There are several important payroll requirements you must complete, and Smith Schafer’s End-of-Year Payroll Guide & Downloadable Checklist is here to help.

Set your business up for success by staying organized, compliant, and ready for 2026. Read the guide and download the checklist here: https://na2.hubs.ly/H02dr_v0

Starting in 2026, Minnesota small employers will benefit from reduced rates under the state’s Paid Family and Medical Leave (PFML) program.

This change is designed to ease the cost burden while maintaining access to critical employee benefits. Understanding how these rates impact your business is key to planning ahead.

At Smith Schafer, we help Minnesota businesses stay compliant and financially prepared for policy changes like PFML.

Learn what’s changing, who qualifies, and how to prepare: https://hubs.ly/Q03RWlTh0

Significant tax law changes are already reshaping planning strategies for Minnesota businesses. The One Big Beautiful Bill Act (OBBBA) brings notable updates to deductions, credits, business incentives, and tax provisions.

Smith Schafer’s tax professionals will provide practical guidance on how these federal changes align with Minnesota-specific requirements, including new payroll considerations under the Paid Family and Medical Leave Act.

Reserve your seat:
✅ Minneapolis – Brookview Golf Course: https://hubs.ly/Q03RWw5C0

✅ Rochester – Rochester Golf & Country Club: https://hubs.ly/Q03RWvWy0

Join us to ensure your business is prepared for the year ahead.

🌟 Giving Back to Our Communities 🌟

At Smith Schafer, community commitment is a core part of who we are. Recently, our team spent time volunteering at two incredible organizations making a difference right here in Minnesota:

🤝 Community Emergency Services (CES) – Our team stocked pantry shelves and packed food lockers to help ensure individuals and families have access to nutritious food.

🥣 Channel One Regional Food Bank – We packed 3lb bags of cereal to be distributed to various food shelves across Southeastern Minnesota.

We’re proud to support these organizations and grateful for the opportunity to give back together as a team.

At Smith Schafer, we believe teamwork extends beyond the office; it’s about making a positive impact where we live and work.

Running a small business means juggling countless responsibilities, from leading your team to managing operations and customers. With so much on your plate, accounting can easily take a back seat. But accurate financial management is the key to long-term success.

At Smith Schafer, we’ve helped Minnesota businesses for more than 50 years simplify their financial systems, strengthen compliance, and make confident decisions.

In our latest blog, we highlight the most common accounting mistakes small business owners make and how you can avoid them with smarter accounting practices.

Read the article:https://hubs.ly/Q03RWdvC0

Significant tax changes took effect for 2025. Join us for a clear, practical briefing on what matters now so you can make confident decisions before year-end.

We will cover business tax provisions, changes to deductions and credits, the end of certain clean-energy incentives, and payroll considerations under the new PFML rules.

Choose your location:

✅ Minneapolis – Brookview Golf Course: https://hubs.ly/Q03RXQ3R0

✅ Rochester – Rochester Golf & Country Club: https://hubs.ly/Q03RX-Rl0

We look forward to helping you navigate the changes with confidence.

Smith Schafer experts bring executive-level experience without the commitment of a full-time hire.

Learn more about CFO Services: https://www.smithschafer.com/cfo-services/

Minnesota employers, are you prepared for the new Paid Family and Medical Leave (PFML) program? Starting in 2026, this statewide benefit will introduce new payroll tax requirements and compliance responsibilities for businesses.

Our CPAs break down what employers need to know now to plan ahead and stay compliant.

Read the full article: https://hubs.ly/Q03MS6lk0

Smith Schafer & Associates a Minnesota CPA Firm Smith Schafer is a Minnesota CPA firm offering accounting, audit, tax and consulting services to businesses. Located in Rochester, Minneapolis and Red Wing.

The IRS has announced plans to phase out paper tax refund checks, beginning with individual taxpayers. This change is designed to modernize the refund process, enhance security, and deliver funds faster through direct deposit.

Switching to electronic refunds can mean faster payments and fewer risks, but it’s important to plan ahead.

Read the full IRS announcement:

IRS to phase out paper tax refund checks starting with individual taxpayers | Internal Revenue Service IR-2025-94, Sept. 23, 2025 — The Internal Revenue Service, working with the U.S. Department of the Treasury, today announced that paper tax refund checks for individual taxpayers will be phased out beginning on Sept. 30, 2025, as required by Executive Order 14247, to the extent permitted by law.

💙 At Smith Schafer, community commitment is more than words; it’s part of our culture. Our team recently prepared and served a meal at the Ronald McDonald House, supporting families during challenging times.

Thank you to Community Emergency Service for the opportunity to serve. Our team is grateful to be part of this important work.