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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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Accounting M&As
Accounting for M&As 850 500 smolinlupinco

Accounting for M&As

Mergers and acquisitions (M&A) transactions significantly impact financial reporting, especially the balance sheet, which will look markedly different after the business combination. Keep reading for basic guidance on reporting business combinations under U.S. Generally Accepted Accounting Principles (GAAP). Understanding the purchase price allocation process Under GAAP, the buyer must allocate the purchase price to all…

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Adjustments Social Security Wage Base
Adjustments to Social Security Wage Base Ahead 850 500 smolinlupinco

Adjustments to Social Security Wage Base Ahead

In 2024, the Social Security wage base for employees and self-employed people will increase. Employees and employers can expect the wage base for computing Social Security tax to rise to $168,600 next year—a significant jump from the wage base of $160,200 in 2023.  Self-employment income and wages above this amount won’t be subject to Social…

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Tax Depreciation Rules Business Automobiles
How do tax depreciation rules apply to business automobiles? 850 500 smolinlupinco

How do tax depreciation rules apply to business automobiles?

If you use an automobile in your trade or business, you may question how depreciation tax deductions are determined. The rules are complex. In particular, special limitations apply to business vehicles classified as passenger autos (which include many pickups and SUVs). Often, these limitations result in longer-than-expected wait times to depreciate a vehicle completely. As…

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Listing home vacation rental tax impacts
Listing your home as a vacation rental? Here are the tax impacts to watch for 850 500 smolinlupinco

Listing your home as a vacation rental? Here are the tax impacts to watch for

Whether in the mountains or a waterfront community, many Americans dream of owning their perfect vacation home. If you already own a second house in a desirable area, you might consider renting it out for part of the year. Before you post that listing, though, take a moment to learn about the tax implications. Taxes…

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Tax Considerations Merger Acquisition Transactions
Important Tax Considerations with Merger and Acquisition Transactions 850 500 smolinlupinco

Important Tax Considerations with Merger and Acquisition Transactions

Many industries have seen an increase in merger and acquisition activity in recent years. Is there potential for your business to merge with or acquire another?  If so, you’ll need to understand the potential tax implications of that decision. Assets vs. stocks These transactions can be structured in two ways for taxes: 1. Stock (or…

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Hit the jackpot? Tax bill
Hit the jackpot? Here’s what it means for your tax bill. 850 500 smolinlupinco

Hit the jackpot? Here’s what it means for your tax bill.

Everything comes at a cost—even “free money.” If you’ve won a sizable cash prize recently, congratulations! But be prepared. Your good fortune will likely impact your tax bill. Contacting your accountant or wealth advisor as soon as possible is probably in your best interest.  Money earned from gambling  Whether you win at a tiny bingo…

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Key Q4 Deadlines Employers Businesses
Key Q4 Deadlines for Employers and Businesses  850 500 smolinlupinco

Key Q4 Deadlines for Employers and Businesses 

In the fourth quarter of 2023, businesses and employers should be aware of these key tax-related deadlines. (Note: Additional deadlines may apply. Please contact your accountant directly to ensure you’re meeting all filing requirements.)  While certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in federally declared disaster…

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