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using-crummey-trusts-take-advantage-annual-gift-tax-exclusion
Using Crummey Trusts to Take Advantage of the Annual Gift Tax Exclusion 1600 941 smolinlupinco

Using Crummey Trusts to Take Advantage of the Annual Gift Tax Exclusion

For 2022, the unified gift and estate tax exemption is set at $12.06 million, adjusted for inflation, up from $11.7 million for 2021. For many families, this means estate tax liability won’t be a concern. However, others may still benefit from using the annual gift tax exclusion as an estate planning strategy, especially since future…

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Subsequent Events and Financial Reporting 1600 941 smolinlupinco

Subsequent Events and Financial Reporting

In financial reporting, “subsequent events” are major events or transactions that occur after the reporting period ends but before financial statements are finalized. These events may include cyberattacks, natural disasters, regulatory changes, and the loss of a large business contract. Whether or not you should report these subsequent events is something of a gray area,…

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audits-related-party-transactions
Audits and Related-Party Transactions 1600 941 smolinlupinco

Audits and Related-Party Transactions

Business transactions involving related parties—including parent companies, subsidiaries, affiliated entities, relatives, and friends—sometimes occur at above- or below-market rates. This can cause your company’s financial statements to become misleading to the people who rely on them, since undisclosed related-party transactions can skew their understanding of the company’s true financial results. Auditors and related parties Because…

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Beneficiary Designations and Joint Titles: Careful Planning Avoid Overriding Will
Beneficiary Designations and Joint Titles: Careful Planning Is Needed to Avoid Overriding Your Will 850 500 smolinlupinco

Beneficiary Designations and Joint Titles: Careful Planning Is Needed to Avoid Overriding Your Will

A careless approach to beneficiary designations and jointly titled assets can easily undermine your estate plan.  For example, you may specify in your will that all of your property should be divided equally among your children. But say that your IRA accounts for half of your estate and names your oldest child as the beneficiary.…

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Defined-Value Gifts Avoid Gift Taxes
How to Use Defined-Value Gifts to Avoid Unexpected Gift Taxes 850 500 smolinlupinco

How to Use Defined-Value Gifts to Avoid Unexpected Gift Taxes

For 2022, U.S. taxpayers may transfer up to $12.06 million by gift or bequest without triggering federal transfer taxes, thanks to the highest gift and estate tax exemption in history.  However, this historically high exemption may not last forever. Unless Congress chooses to pass further legislation, the exemption amount is currently scheduled to drop to…

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Startup Businesses Research Tax Credit Payroll Taxes
Startup Businesses May Be Able to Apply the Research Tax Credit Against Payroll Taxes 850 500 smolinlupinco

Startup Businesses May Be Able to Apply the Research Tax Credit Against Payroll Taxes

If your business has increased research activities, you may be eligible to claim a valuable tax credit often referred to as the research and development (R&D) credit. Although claiming the R&D tax credit requires complex calculations, we can help take care of these calculations for you. In addition to the tax credit itself, you should…

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IRA Contribution Reduce Tax Bill
IRA Contributions: You May Still Be Able to Reduce Your Tax Bill 850 500 smolinlupinco

IRA Contributions: You May Still Be Able to Reduce Your Tax Bill

If you haven’t filed your 2021 tax return yet, you may still be able to lower your tax bill by making a contribution to an IRA. Eligible taxpayers can make deductible contributions to a traditional IRA at any time before the filing date on April 18, 2022. Making a deductible contribution now could allow you…

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Simon, Spinelli & Ciambrone Joins Smolin 1200 628 smolinlupinco

Simon, Spinelli & Ciambrone Joins Smolin

Smolin Lupin is pleased to announce the merger of Simon, Spinelli & Ciambrone, a CPA firm headquartered in Spring Lake Heights, New Jersey. The professional team from Simon, Spinelli & Ciambrone specializes in providing financial, tax, and accounting advice for individuals and businesses in a wide range of industries. The Spring Lake Heights team offers…

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Inventory Reporting and Management: Finding the Best Practices for Your Company 1600 941 smolinlupinco

Inventory Reporting and Management: Finding the Best Practices for Your Company

Ineffective reporting and inventory management can lead to impaired business profits and bloated working capital—and best practices for inventory management may have recently changed in industries that rely on overseas suppliers.  Now may be a good time to review your current practices and make needed adjustments. Choosing the right reporting method Keeping accurate records is…

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FICA Tax Credit: If Your Employees Receive Tips, Your Business May Be Eligible 1600 941 smolinlupinco

FICA Tax Credit: If Your Employees Receive Tips, Your Business May Be Eligible

If your business employs workers who receive tips for serving food and beverages and you pay Social Security and Medicare (FICA) taxes on tip income for these employees, you may qualify for a federal tax credit. The FICA credit This tax credit applies with respect to tips received by your employees in connection to providing…

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How to account for change orders 1600 941 smolinlupinco

How to account for change orders

Even though last-minute updates to contracts can be challenging for businesses, they provide a chance to increase profits—but they must be handled in accordance with appropriate accounting rules. However, with a strategic workflow in place, they don’t have to derail progress towards completing contract agreements.  Common contract issues One of the most common issues with…

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Preventing Commission Fraud: How to Ensure Your Salespeople Aren’t Claiming More than They’ve Earned 1600 941 smolinlupinco

Preventing Commission Fraud: How to Ensure Your Salespeople Aren’t Claiming More than They’ve Earned

Many workers receive at least part of their compensation from sales-related commissions—and some companies even allow for unlimited commissions in order to attract and retain the best talent. However, it’s an unfortunate fact that some employees abuse this system by falsifying sales or rates in order to receive higher compensation. Although the specific methods of…

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