Smolin Lupin is pleased to announce its Director of Human Capital Rachel Anevski, PHR has been selected as a fellow in the 2012 class of Leadership New Jersey (LNJ).

"Being a part of the LNJ 2012 class will afford me the opportunity to learn about the many facets of New Jersey alongside a diverse group of leaders living and working in all parts of the state," said Anevski, of Wayne, N.J. "I look forward to learning new leadership skills to better serve the Smolin professionals and staff, while developing lasting relationships with lifetime learners."

Each year, LNJ selects a new group of about 50 proven leaders to be a part of the one-year LNJ Seminar Program. Fellows come from all parts of the state and from various backgrounds in business, government, the health care industry, academia, and not-for-profits.

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Next month, Smolin Lupin will be celebrating its 65th anniversary. We've come a long way since 1947, and have seen countless changes in the industry. Our business has evolved over the years and we have a simple formula: we save our clients time and money through experience and knowledge. We will be counting down the top 65 reasons why you should choose Smolin Lupin accountants and consultants.

Have you recently assessed your company's inventory needs? Smolin Lupin can help guide you in selecting methods which accurately reflect your company's operations and utilize potential income tax benefits. Inventory costing and valuation have a direct impact on the assets and net income of your company, and we can help you evaluate your options. It's critical to remember that when choosing an inventory costing method, a company must use the same method for financial and tax reporting for a reasonable period of time, as frequent changes between methods are not allowed by the Internal Revenue Service or generally accepted accounting principles.

InventoryInventory includes all of the costs incurred in purchasing merchandise and preparing it for sale, including raw materials, direct labor and manufacturing overhead. Even after merchandise is sold, it may still be included in the seller's inventory. If the seller bears the shipping costs – freight on board (FOB) destination – then the seller owns the merchandise from the time it is shipped until it is delivered to the buyer. Goods that are FOB shipping point are the buyer’s property and consigned goods belong to the consignor.

Accounting and CostingThe primary methods of accounting for inventory are periodic and perpetual. In a periodic inventory system, sales are recorded as they occur, but the inventory and cost of goods sold are not adjusted. At the end of each period, inventory is physically counted to determine ending inventory. Inventory and cost of goods sold are then adjusted to actual based on the physical count.

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Smolin Lupin recently hosted a breakfast seminar by real estate expert Billy Procida at its Fairfield headquarters.

Procida, who has 30 years of experience as an award-winning developer, nationally-ranked contractor and leading private equity fund manager, lent his insight into where the New York/New Jersey real estate market is headed during the October 25 program.

“It’s so important to stay informed on what’s affecting key industries in New Jersey,” said Bill Meller, Member of the Firm, Smolin Lupin. “It is critical for us, and for our clients, when doing financial statements and tax returns, to keep the property current as far as fiscal responsibility.”

Procida said the real estate cycle is currently at a great period of opportunity.

“The glass is either half-full or half-empty, but it’s easy to take the half-empty approach,” Procida said. “Experience has taught me that if you wake up in the morning and think that the world is going to hell, well you’re going to go to hell right along with it. And you’re going to wake up and miss the opportunity.” 

His firm, Procida Funding & Advisors, specializes in supplying capital and expertise to the real estate community, as well as small- and mid-size businesses. Procida has worked as lender, investment banker and/or developer on more than $2 billion of successful real estate projects. 

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