A “self-directed” IRA may allow you to increase the benefits of a traditional IRA or Roth IRA—self-directed IRAs can hold nontraditional investments of your choosing and may offer greater returns. However, you should be aware of certain pitfalls that can sometimes result in unfavorable tax consequences. Using IRAs for estate planning Although IRAs were primarily…

We’re thrilled to have some recent promotions here at Smolin Lupin! Every individual listed below has shown major growth within the firm from the first day they started working at Smolin. We couldn’t be happier with their performance and we’re so excited to watch them continue to grow here as part of our team.  Director…

If you’re considering guaranteeing a loan to your corporation, you should be aware that acting as a guarantor, endorser, or indemnitor of one of your closely held corporation’s debt obligations may come with possible tax consequences. You’ll need to be prepared if your corporation defaults on the loan, as you may be required under the…

Pass-fail auditors’ reports have been in place for decades, but in 2019, a major change was made, as auditors of public companies began to report critical audit matters (CAMs) in audit opinions.  Accounting rule makers are now making an assessment of how well this project has performed its function over the last two years, in…

The complete set of your business’s financial statements includes three reports. Each of these reports serves a different purpose, but they each assist stakeholders, including managers, investors, lenders, and employees, in evaluating a company’s performance. The following overview explains each report and the important questions they answer. The income (or profit and loss) statement The…

If you operate a small business as a sole proprietorship or are preparing to launch a new business, you may consider protecting your assets by forming a limited liability company, or LLC. Here’s a quick guide to what operating as an LLC entails—and how you can decide if it’s right for your business. LLCs are…

Probate can be expensive and time consuming, but one of the biggest issues with probate is that it’s public. During probate, the assets you owned and the way they’re being distributed after your death become publicly available knowledge for anyone who’s interested. Probate’s public nature may also draw undesired attention from disgruntled family members or…

According to the EducationData.org research group, there are more than 43 million student borrowers in debt, with an average debt of $39,351 each. If you’re one of these borrowers, you may want to know if the interest you pay can be deducted.  Generally speaking, the answer is yes (although subject to certain limits)—but if your…

Those who are estate planning and have recently inherited assets may not be sure of the “cost” (or “basis”) for tax purposes—here’s a quick guide to get you up to speed.  Current fair market value basis rules Current fair market (or “step-up and step-down”) value basis rules hold that an heir receives a basis in…

If you play an executive role in a closely held corporation and you’ve personally spent money on corporate expenses, these costs might end up being nondeductible unless you take the right steps. This is especially likely to be an issue in connection with financially troubled corporations. Most expenses won’t be deductible Generally speaking, expenses you…

Ted Dudek, Smolin’s very first Managing Partner, took this leadership role eighteen years ago. In that time, he’s overseen Smolin’s steady growth to include a team of over 100 people with three offices and revenues exceeding $21 million annually. Ted didn’t always know that he’d be an accountant. Instead, a great opportunity in the form…

Many estate plans incorporate an irrevocable trust as a key component. But if the trust no longer serves your purposes, you may be wondering if it’s too late to change it. The good news is that, depending on applicable state law, there may be several possible ways to fix a “broken” trust. How and why…