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Will your court awards and out-of-court settlements be taxed
Will your court awards and out-of-court settlements be taxed?  850 500 smolinlupinco

Will your court awards and out-of-court settlements be taxed? 

Courts grant monetary awards and settlements for a range of reasons.  For example, you may receive compensatory and punitive damage payments for personal injury, discrimination, or harassment. In this situation, some of the awarded amount you receive may be taxed by the federal government, and perhaps some will be taxed by your state government.  Hopefully,…

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Standard-Business-Mileage-Rate-Increasing-in-2024
Standard Business Mileage Rate Increasing in 2024 850 500 smolinlupinco

Standard Business Mileage Rate Increasing in 2024

The IRS recently announced an increase to the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business. In 2024, the cents-per-mile rate for panel trucks, pickups, vans, and cars will rise from 65.5 cents to 67 cents. The increase is meant to reflect, in part, changing gasoline prices.…

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Q1 Tax Deadlines 2024
2024 Q1 Deadlines Employers Need to Know 850 500 smolinlupinco

2024 Q1 Deadlines Employers Need to Know

A new year means new tax-related deadlines! Here are the key dates that business owners and employers should keep on their tax planning radars in the first quarter of 2024.  Jan. 16, 2024 Final installments of 2023 estimated taxes are due. Farmers and fishermen must pay estimated taxes for 2023. (If not, you must file…

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11 Scenarios Avoid 10% Penalty Tax Early IRA Withdrawals
11 Scenarios Where You Can Avoid the 10% Penalty Tax on Early IRA Withdrawals 850 500 smolinlupinco

11 Scenarios Where You Can Avoid the 10% Penalty Tax on Early IRA Withdrawals

When financial challenges arise, it can be tempting to take an early withdrawal from your traditional IRA. However, making the decision without understanding the tax implications is risky. Here’s what you need to know, including your options for avoiding the 10% early withdrawal penalty tax. First off, the penalty doesn’t always apply. A withdrawal from…

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Providing Beneficiaries Power Remove Trustee
Consider Providing Your Beneficiaries With the Power to Remove a Trustee 850 500 smolinlupinco

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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Preparing Year-End Inventory Counts
Preparing for Year-End Inventory Counts 850 500 smolinlupinco

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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Navigating Tax Implications Restricted Stock Awards
Navigating the Tax Implications of Restricted Stock Awards 850 500 smolinlupinco

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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New Per Diem Business Travel Rates Effective October 1st
New Per Diem Business Travel Rates Effective October 1st 850 500 smolinlupinco

New Per Diem Business Travel Rates Effective October 1st

Do traveling employees at your business find documenting expenses tedious? Are you equally frustrated at the energy and time needed to review business travel expenses? If so, relief is on its way. In Notice 2023-68, the IRS set forth special “per diem” rates, which became effective on October 1st. These rates may be used to…

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Brian Lynn, CPA, PA Joins Smolin, Lupin & Co., LLC 150 150 smolinlupinco

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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Determining Business Entity Tax-Favorable
Determining Which Business Entity is Most Tax-Favorable 850 500 smolinlupinco

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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Owning Assets Jointly Child Estate Planning
Is owning assets jointly with your child an effective estate planning strategy?  850 500 smolinlupinco

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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