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iras-and-rmds-answering-your-faqs
IRAs and RMDs: Answering Your FAQs 1600 941 smolinlupinco

IRAs and RMDs: Answering Your FAQs

You may be aware of the fact that you can’t let funds sit in your traditional IRA indefinitely. Once you reach age 72, you’re required to start taking withdrawals.  You may also be aware that the rules for taking required minimum distributions, or RMDs, are complex. Here are some answers to frequently asked questions about…

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Pros and Cons of C Corporations for Business Entities 1275 750 smolinlupinco

Pros and Cons of C Corporations for Business Entities

If you’re launching a new business venture, you may find yourself wondering which type of company to create—and more specifically, whether a C corporation is the right option for you given your unique situation and goals. There are many advantages and disadvantages of doing business as a C corporation that are important to consider.  What…

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Annual Gift Tax Exclusion Amount to Increase in 2023 1600 941 smolinlupinco

Annual Gift Tax Exclusion Amount to Increase in 2023

Conveniently enough, one of the most effective ways to save on your estate taxes is also one of the simplest: when you use the annual gift tax exclusion, you can transfer assets to loved ones without any gift tax.  While the current gift tax exclusion amount is $16,000 per recipient in 2022, that amount will…

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5 Tips to Prepare for Year-End Inventory Counts 1600 941 smolinlupinco

5 Tips to Prepare for Year-End Inventory Counts

The end of the year is approaching fast. For many, this means time for a physical year-end inventory count—the best way to ensure an accurate amount reported in your company’s perpetual inventory system. Physical counts may seem tedious and time-consuming, but they can offer valuable insight into your company’s operational efficiency. Fortunately, there are some…

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No Nanny? You May Still Be Liable for “Nanny Tax” 1600 941 smolinlupinco

No Nanny? You May Still Be Liable for “Nanny Tax”

If you’ve hired a house cleaner, gardener, or other household employee that isn’t an independent contractor, you may be liable for what’s called the “nanny tax”—even if you haven’t technically employed a nanny.  You aren’t required to withhold federal income taxes when you hire a household worker, but you can choose to do so if…

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Thanks to Inflation, You Can Save More for Retirement in 2023 1600 941 smolinlupinco

Thanks to Inflation, You Can Save More for Retirement in 2023

Do you know how much you and your employees can contribute to your retirement plans next year? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the monetary limitations for pensions and other qualified retirement plans for 2023.  Because of inflation, these amounts have increased more in comparison to recent years.  401(k)…

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End-of-Year Tax Planning for Individuals 1600 941 smolinlupinco

End-of-Year Tax Planning for Individuals

As we approach the end of the year, it’s important to start thinking about ways to lower your tax bill for 2022. One of the first steps you can check off your list? Determine whether you’ll take the standard deduction or itemized deductions for the year.  Because of the high standard deduction amounts for this…

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Moving Out of State? It’s Time to Review Your Estate Plan 1600 941 smolinlupinco

Moving Out of State? It’s Time to Review Your Estate Plan

If you’re planning a move to a different state, you probably have a long list of items to address: securing vehicle registrations, finding new primary care providers, and updating financial records, just to name a few.  As you work your way through your to-do list, don’t forget to review your will and other estate planning…

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are-tax-free-bonds-really-free-of-taxes
Are Tax-Free Bonds Really Free of Taxes? 1600 941 smolinlupinco

Are Tax-Free Bonds Really Free of Taxes?

While investing in tax-free municipal bonds generally provides tax-free interest, you may still encounter tax consequences. Keep reading to learn more about the potential tax and other financial consequences of investing in tax-free bonds. Purchasing tax-exempt bonds There are no immediate tax consequences for purchasing a tax-exempt bond for its face amount, whether on the…

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Work Opportunity Tax Credit: How Can You Benefit as an Employer? 1600 941 smolinlupinco

Work Opportunity Tax Credit: How Can You Benefit as an Employer?

In today’s tough job market, the Work Opportunity Tax Credit (WOTC) may benefit employers—particularly those who hire workers from targeted groups who often face barriers to employment.  In September, the IRS issued updated information on the WOTC pre-screening and certification process. To meet the pre-screening requirements for job applicants, both applicants and employers must complete…

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why-auditors-prefer-to-assess-fraud-risks-face-to-face
Why Auditors Prefer to Assess Fraud Risks Face-to-Face 1600 941 smolinlupinco

Why Auditors Prefer to Assess Fraud Risks Face-to-Face

Due to AICPA auditing standards—namely the Clarified Statement on Auditing Standards (AU-C) Section 240, Consideration of Fraud in a Financial Statement Audit—financial statement auditors are required to evaluate and assess fraud-related material misstatement risks and determine appropriate responses.  Keep reading to learn why it’s important to conduct in-person interviews when evaluating fraud-related misstatement risks.  What…

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does-your-income-warrant-extra-taxes
Does Your Income Warrant Extra Taxes? 1600 941 smolinlupinco

Does Your Income Warrant Extra Taxes?

If you’re a high-income taxpayer, you may need to pay two extra taxes: a 3.8% net investment income tax (NIIT), and an additional 0.9% Medicare tax on wage and self-employment income.  Keep reading to learn more about these taxes and what they might mean for you.  3.8% NIIT In addition to income taxes, the NIIT…

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