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November 27, 2023
Consider Providing Your Beneficiaries With the Power to Remove a Trustee

Appointing a trustee who is, well, trustworthy is crucial to ensuring a trust operates as intended. As such, you may invest a large amount of time and mental energy in selecting the right person for the job.  But what happens if your carefully chosen trustee fails to carry out your wishes?  Your beneficiaries may want […]

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November 20, 2023
Preparing for Year-End Inventory Counts

Year-end is approaching quickly. If your business operates according to the calendar year, it’s time for a physical inventory account. While this task can feel tedious and time-consuming, it’s also a key chance to further develop your business’s operational efficiency. As you prepare to undertake the count, let’s review some best practices that will help […]

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November 20, 2023
Navigating the Tax Implications of Restricted Stock Awards

Equity-oriented executive compensation can take many forms, but restricted stock awards are a popular option. In fact, many businesses offer them as an alternative to stock option awards in light of the fact that options can lose most or all of their value if the price of the underlying stock decreases. This is less of […]

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November 13, 2023
Brian Lynn, CPA, PA Joins Smolin, Lupin & Co., LLC

FAIRFIELD, NJ – November 9, 2023 – Smolin, Lupin & Co., LLC, an Independent Member of the BDO Alliance USA and one of Inside Public Accounting’s Top 200 Firms, is pleased to announce the merger of Brian Lynn, CPA, PA, a CPA firm headquartered in Plantation, FL. The professional team from Brian Lynn, CPA, PA services […]

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November 10, 2023
Determining Which Business Entity is Most Tax-Favorable

Are you planning to start a business? Perhaps you have already and are now thinking about changing your business entity. In either circumstance, careful evaluation is needed to determine which business structure works best for you. From C-corporations to sole proprietorships, there are many issues to consider. At present, individual federal income tax rates begin […]

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November 8, 2023
Is owning assets jointly with your child an effective estate planning strategy? 

Are you considering sharing ownership of an asset jointly with your child (or another heir) in an effort to save time on estate planning? Though appealing, this approach should be executed with caution. This is because it can open the door to unwelcome consequences that might ultimately undermine your efforts. There are some advantages to […]

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November 6, 2023
Accounting for M&As

Mergers and acquisitions (M&A) transactions significantly impact financial reporting, especially the balance sheet, which will look markedly different after the business combination. Keep reading for basic guidance on reporting business combinations under U.S. Generally Accepted Accounting Principles (GAAP). Understanding the purchase price allocation process Under GAAP, the buyer must allocate the purchase price to all […]

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October 22, 2023
How do tax depreciation rules apply to business automobiles?

If you use an automobile in your trade or business, you may question how depreciation tax deductions are determined. The rules are complex. In particular, special limitations apply to business vehicles classified as passenger autos (which include many pickups and SUVs). Often, these limitations result in longer-than-expected wait times to depreciate a vehicle completely. As […]

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October 17, 2023
Listing your home as a vacation rental? Here are the tax impacts to watch for

Whether in the mountains or a waterfront community, many Americans dream of owning their perfect vacation home. If you already own a second house in a desirable area, you might consider renting it out for part of the year. Before you post that listing, though, take a moment to learn about the tax implications. Taxes […]

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