While governments and healthcare experts work tirelessly to defend their citizens against the coronavirus (COVID-19), criminals are also working—to fleece unsuspecting victims. Scammers and opportunists are already capitalizing on the fear and chaos of the current climate in order to commit fraud and get rich quick. Fortunately, there are steps you can take to protect […]

March 21, 2020: In response to the coronavirus (COVID-19) pandemic, Governor Murphy announced a statewide stay-at-home Order, closing all non-essential retail businesses until further notice. Details of Governor Murphy’s Order  In an attempt to slow the spread of COVID-19, protect vulnerable residents, and prevent overwhelming the care capacity of the New Jersey health care system, […]

As of March 11, the coronavirus (COVID-19) outbreak is officially considered a global pandemic. While the spread of the virus has already caused significant global health concerns, a pandemic can do more than just impact your health — it may also affect your business and its financial statements for 2019 and beyond. An in-depth look […]

Here at Smolin, we’ve been closely monitoring the COVID-19 (coronavirus) outbreak and have been actively considering and responding to the recent developments. The safety and well-being of our staff, clients and colleagues are our top priority, and to that end we will be allowing our employees to work from home next week. We will also […]

As the owner of an incorporated business, you’re likely already aware of the tax advantage associated with taking money out of a C corporation as compensation rather than as dividends. The rationale behind this is simple: a corporation can deduct salaries and bonuses paid to executives, but not its dividend payments.  While funds paid out […]

Starting in 2021, the rules for reporting leasing transactions are changing — for both private companies and nonprofits. While these changes have been delayed in the past, they will likely impact your financial statements in the near future. They could even change your mind about renewing a lease or entering into a new leasing contract. […]

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The WOTC was set to expire on December 31, 2019. But a new law passed […]

If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. First, keep in mind that you must itemize deductions in order to take advantage of the […]

Businesses and fraud experts often face a long, arduous process when investigating any occupational fraud incident. When the suspect is a member of upper management, it’s exponentially harder. In theory, investigating executives shouldn’t differ from the process of investigating rank-and-file employees. In reality, the authority and influence of an executive can slow — even shut […]