Announcements

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

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 clients throughout the Broward County area with specialties in accounting, tax and advisory for businesses and individuals.

“We are thrilled to have Brian Lynn, CPA, and his entire team join us. Brian and his team provide the quality professional services Smolin has always been known for,” said Paul Fried, CEO of the Firm. “We are certain that Smolin and Brian Lynn, CPA, PA are better together. We will provide a wider breadth of professional services to our clients in a proactive and efficient manner.”

This merger will expand Smolin’s ability to deliver industry-leading financial and accounting solutions in the Florida market. Smolin currently operates an office in Juno Beach, FL. This merger will allow the firm to serve clients from Palm Beach County to Broward County to Dade County and beyond.

“The merger with Smolin will allow our firm to continue to expand client services and provide the necessary specialization in an ever-growing marketplace of accounting and tax services,” said Brian Lynn, CPA. “The cultural synergies between the two companies are apparent, as we share the same vision and philosophies. Under Smolin’s leadership and with a greater breadth of services, we look forward to continuing to service our clients in the manner they have grown accustomed to.”

As part of this merger, Smolin partner Nicholas Gutzmer, CPA, CVA, MAcc will relocate to the Plantation office.

About Smolin Lupin

Since 1947, Smolin has been committed to providing industry-leading professional financial and accounting services uniquely designed to meet the needs of each and every client. Smolin’s attention to the needs of each client has helped them become the successful and respected CPA firm they are today. Smolin is an Independent Member of the BDO Alliance USA and is one of Inside Public Accounting’s Top 200 Firms.

About Brian Lynn, CPA, PA

Brian Lynn, CPA, PA is one of the leading firms in Plantation, Florida. Brian began his career as a field agent in the examination branch of the Internal Revenue Service. After leaving the Internal Revenue Service, Brian joined Smolin, Lupin & Co., and was mentored by the Firm’s founder, Aaron Smolin. Brian Lynn CPA, PA was formed in 1982, Brian along with his team of professionals developed a practice that currently represents more than a thousand clients throughout the USA and internationally.

Adjustments Social Security Wage Base

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

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 Security tax.

The basics on the Social Security wage base increase

Employers pay two taxes under the Federal Insurance Contributions Act (FICA): Social Security tax (for Old Age, Survivors, and Disability Insurance) and Medicare tax (for Hospital Insurance).

The amount of compensation subject to the Social Security tax is capped at a maximum, but there is no maximum amount for the Medicare tax. 

In 2024, employers should expect a FICA tax rate of 7.65%. This includes 6.2% for Social Security, with the remaining 1.45% going to Medicare. 

What is changing in 2024

In 2024, employees will pay a total of:

  • 6.2% Social Security tax on the first $168,600 of wages (6.2% x $168,600 makes the maximum tax $10,453.20)
  • 1.45% Medicare tax on the first $200,000 of wages ($250,000 for joint returns, $125,000 for married taxpayers filing separate returns)
  • 2.35% Medicare tax (regular 1.45% Medicare tax plus 0.9% additional Medicare tax) on all wages in excess of $200,000 ($250,000 for joint returns, $125,000 for married taxpayers filing separate returns)

In 2024, self-employed people pay the following rates in self-employment tax:

  • 12.4% Social Security tax on the first $168,600 of self-employment income, for a maximum tax of $20,906.40 (12.4% x $168,600)
  • 2.90% Medicare tax on the first $200,000 of self-employment income ($250,000 of combined self-employment income on a joint return, $125,000 on a return of a married individual filing separately)
  • 3.8% (2.90% regular Medicare tax plus 0.9% additional Medicare tax) on all self-employment income in excess of $200,000 ($250,000 of combined self-employment income on a joint return, $125,000 for married taxpayers filing separate returns)

What to know if you have more than one employer

Many people worked more than one job to make ends meet in 2023. If your employees are among them, you might have questions. 

Employees with a second job will have taxes withheld from two different employers. They may not ask you to stop withholding Social Security tax once they reach the wage base threshold. Even when an individual’s combined withholding exceeds the maximum amount of Social Security taxes that can be imposed for the year, each employer must withhold Social Security taxes. 

For any excess withheld, the employee should see a credit on their tax return.

Questions? Smolin can help.

If you have questions about payroll tax filing or payments, contact the helpful team at Smolin. We’ll help ensure you stay in compliance while achieving the most favorable tax rate possible.

roche-miseo-barchetto-joins-smolin-lupin

Roche Miseo Barchetto Joins Smolin Lupin 
Roche Miseo Barchetto Joins Smolin Lupin  1600 1067 smolinlupinco

FAIRFIELD, NJ – January 19, 2023 – Smolin Lupin, an Independent Member of the BDO Alliance USA and one of the NJBIZ Top 20 Public Accounting Firms in New Jersey, is pleased to announce the merger of Roche Miseo Barchetto, LLC, a CPA firm headquartered in Parsippany, New Jersey. 

The professional team from Roche Miseo Barchetto, LLC services clients throughout the tri-state area. With a specialty in accounting for contractors spanning over 35 years, the firm has built a strong reputation in the surety and banking community. RMB also services wholesale distributors, professional service entities, and real estate professionals.

“We are thrilled to have RMB join us in providing the quality accounting and consulting services Smolin has always been known for,” said Ted Dudek, CPA and Managing Member of the Firm. “We believe Smolin will benefit greatly from RMB’s accounting and tax experience and commitment to quality and timely service.”

This merger will expand Smolin’s ability to deliver industry-leading financial and accounting solutions throughout New Jersey. RMB’s unique specialty in accounting for contractors will enhance Smolin’s existing client base in the construction industry.

“Our merger with Smolin will allow us to expand our client services and provide the necessary specialization in an ever-expanding marketplace of accounting and tax services,” said Carmen Miseo, CPA. “The cultural synergies between the two companies are apparent, as we share the same vision and philosophies. We look forward to continuing to service our clients in the same manner that you have grown accustomed to.”

As part of this merger, the RMB staff will relocate to Smolin’s Fairfield, New Jersey offices.

About Smolin Lupin

Since 1947, Smolin has been committed to providing industry-leading professional financial and accounting services uniquely designed to meet the needs of each and every client. Smolin’s attention to the needs of each client has helped them become the successful and respected CPA firm they are today. Smolin Lupin is an Independent Member of the BDO Alliance USA and one of the NJBIZ Top 20 Public Accounting Firms in New Jersey.

About Roche Miseo Barchetto, LLC

In 1987 Carmen Miseo and Richard Roche founded Roche Miseo & Co. and gave rise to what is now known as Roche Miseo Barchetto, LLC. Christopher Barchetto joined the firm in 1998 and became a partner in 2006. Today the firm thrives, servicing clients throughout the tri-state area. RMB’s commitment to quality and timely service is the driving force behind the firm’s growth over the years.

new-yorks-covid-19-capital-costs-tax-credit-program

New York’s COVID-19 Capital Costs Tax Credit Program
New York’s COVID-19 Capital Costs Tax Credit Program 1600 942 smolinlupinco

On October 26, 2022, the State of New York announced a new tax credit program. The COVID-19 Capital Costs Tax Credit Program will subsidize small businesses for COVID-19-related expenses incurred between January 1, 2021, and December 31, 2022. 

Eligible businesses must: 

  • Operate in New York
  • Have 100 or fewer employees
  • Have $2.5 million or less of gross receipts for the 2021 tax year
  • Have at least $2,000 in qualifying expenses

Qualifying expenses include disinfecting supplies, physical barriers, hand sanitizing stations, respiratory devices (such as air purifying systems), signage related to COVID-19, contactless payment equipment, and more. Please visit the New York website for a complete listing of qualifying expenses.

What this means for you

If you own and operate a small business in New York, you can receive 50% of qualifying expenses up to $50,000, for a maximum tax credit of $25,000. 

This program is awarded on a first-come, first-served basis until the funds—$250 million—are depleted. 

Contact us for more information

Not sure if you qualify for the COVID-19 Capital Costs Tax Credit Program, or need help with compiling documentation for your application? The CPAs at Smolin are here to help. Please reach out if you have any questions about your eligibility, application, or otherwise.

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