Blog

New Report Identifies High Risk Areas Financial Reporting
Don’t Get Caught Off Guard: New Report Identifies High-Risk Areas for Financial Reporting 850 500 smolinlupinco

Don’t Get Caught Off Guard: New Report Identifies High-Risk Areas for Financial Reporting

In July, the Public Company Accounting Oversight Board (PCAOB) published a report highlighting opportunities for improvement when it comes to audits for public companies.  As private companies experience challenges similar to those of public companies when reporting their financial outcomes, this report may also be useful for internal accounting personnel and external auditors in pinpointing…

read more
Tax Consequences Employer-Provided Life Insurance
The Tax Consequences of Employer-Provided Life Insurance 850 500 smolinlupinco

The Tax Consequences of Employer-Provided Life Insurance

When considering whether to accept your current position, you probably viewed employer-provided life insurance as a perk. If your benefits package includes group term life insurance with coverage above $50,000, though, you could feel differently come tax time.  Invisible “income,” higher taxes The IRS doesn’t include employer-provided life group term life insurance coverage up to…

read more
Overhead allocations: Increasing costs require fresh approach
Overhead allocations: Dealing with increasing costs requires a disciplined mindset and a fresh approach 850 500 smolinlupinco

Overhead allocations: Dealing with increasing costs requires a disciplined mindset and a fresh approach

In the last few years, many overhead costs—like utilities, insurance, interest expense, and executive salaries—have skyrocketed, causing some companies to pass along some of the burden to customers by charging higher prices for their goods and services.  If you’re feeling the squeeze from these increases, you might be asking yourself if upping your prices is…

read more
Moving mom or dad to nursing home? Tax implications.
Moving mom and dad into a nursing home? Consider the tax implications of this new situation 850 500 smolinlupinco

Moving mom and dad into a nursing home? Consider the tax implications of this new situation

According to reports, nearly 1.5 million Americans are living in nursing homes. This is a big number, even if it represents just half of a percent of our population, so it’s difficult to imagine—until it becomes a reality for your family.   If you have a parent moving into a nursing home or long-term healthcare facility,…

read more
Corporate officers, shareholders: Expenses paid personally
Corporate officers or shareholders: How should you treat expenses paid personally? 850 500 smolinlupinco

Corporate officers or shareholders: How should you treat expenses paid personally?

If you play a major role in a closely held corporation, you might occasionally spend personal funds on corporate expenses. Unless you take the necessary steps, these expenses could end up being nondeductible by either an officer or the corporation. This issue is more likely to occur with a financially troubled corporation. What can’t you…

read more
Catch a tax break for making energy-efficient home improvements this summer 850 500 smolinlupinco

Catch a tax break for making energy-efficient home improvements this summer

According to the National Weather Service, nearly 190 million Americans have been under a heat advisory this summer. These scorching months might have you thinking about ways to make your home more energy efficient so that you don’t pay utility prices that are just as high as the heat index. If you do decide to…

read more
seniors deduct medicare premiums from taxes
With Accounts Receivable, Quality Matters 1275 750 smolinlupinco

With Accounts Receivable, Quality Matters

For plenty of companies, an important line item on the balance sheet is accounts receivable (AR). The question is, can you take the amount reported at face value, or is there more to it than meets the eye? It’s critical to dig deeper into your numbers to understand the true quality of your AR. Your…

read more
How Catch-up Contributions to Your Retirement Account Can Make an Impact 1275 750 smolinlupinco

How Catch-up Contributions to Your Retirement Account Can Make an Impact

If you’re 50 or above, you can likely make extra “catch-up” contributions to your tax-favored retirement accounts. You might wonder if this is worth the trouble; the answer is “Yes!”  Here are the ground rules for getting started with catch-up contributions. The lowdown on IRAs  Eligible taxpayers can make extra catch-up contributions of up to…

read more
Are You Married and Not Earning Compensation? You May Be Able to Put Your Money in an IRA 1275 750 smolinlupinco

Are You Married and Not Earning Compensation? You May Be Able to Put Your Money in an IRA

For married couples, if one spouse is unemployed or busy with the daily grind of unpaid care and domestic work, it can be challenging to save as much as you need to enjoy a comfortable retirement. This can feel stressful, but you do have options. Generally, an IRA (Individual Retirement Account) contribution is only allowed…

read more
What to Do When You’ve Been Asked to Serve as an Executor 1275 750 smolinlupinco

What to Do When You’ve Been Asked to Serve as an Executor

If a family member or friend has asked you to serve as executor of their estate, it’s critical that you understand the responsibilities and potential risks before you sign on. Note that you are not required to accept this appointment, but once you do, it can be difficult to extricate yourself if you change your…

read more
2023 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers 1275 750 smolinlupinco

2023 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

For business owners and other employers, it’s essential to keep up with important tax deadlines, even in the summer months. The following is a list of key tax-related deadlines for the third quarter of 2023.  Deadlines July 31st  Report income tax withholdings and FICA taxes for the second quarter of 2023 using Form 941, and…

read more
Prepare for an Uncertain Federal Gift and Estate Tax Exemption Amount with a SLAT 1275 750 smolinlupinco

Prepare for an Uncertain Federal Gift and Estate Tax Exemption Amount with a SLAT

For 2023, the federal gift and estate tax exemption amount is set at $12.92 million (or $25.84 million for married couples). However, in the absence of action from Congress, on January 1, 2026, it’s scheduled to decrease to a mere $5 million ($10 million for married couples).  According to current estimates, those numbers are expected…

read more
Start Typing
in NJ, NY & FL | Smolin Lupin & Co.