The recently expanded Employee Retention Credit provides immediate cash-flow relief to eligible employers that have been impacted by the COVID-19 pandemic.  Employers can receive as much as $5,000 per impacted employee for 2020 and up to $28,000 per impacted employee for 2021! Wondering what it means for you and how to take advantage of it?…

Many businesses and not-for-profit organizations are still experiencing the adverse effects of the COVID-19 pandemic, but different organizations are affected differently depending on their geographic location and the nature of their operations.  If your organization only prepares its financial statements at the end of the year, you may not have considered how to factor the…

We are pleased to announce that Smolin Lupin has been voted Best Business Accounting Provider and Best Matrimonial Valuation Provider in the most recent New Jersey Law Journal Best of Survey by the New Jersey legal community. The annual Best Of competition selects nominees from among industry resources, products, and service providers to be voted…

It’s hard to make informed decisions for your business without timely access to financial data—but getting access to the right information at the right time can be a challenge, especially if your company is using an outdated accounting system. With the wrong system, entering and extracting data for specific customers and/or projects can take multiple,…

A power of attorney for property is included in many estate plans because it allows you to appoint another person to pay your bills, file your tax returns, manage your investments, and handle your property in the event that you’re unable to do so. However, some powers of attorney are less powerful and effective than…

Managers need timely access to financial reporting in order to make informed business decisions and respond promptly to new developments. Unfortunately, preparing financial statements under U.S. Generally Accepted Accounting Principles (GAAP) usually takes several weeks, and many companies wait until the end of the quarter or year to produce GAAP financial statements. Simple “flash” reports…

According to financial data provider Refinitiv, global merger and acquisition (or M&A) activity is expected to set new records in 2021 in response to low interest rates and other factors. This year, the United States alone has already accounted for $2.14 trillion worth of transactions. If you’re in the process of an M&A transaction or…

Many people focus on issues of tax and asset-protection when planning their estate—but there’s good reason to plan ahead for your long-term health care needs. The costs of long-term care (LTC) can add up quickly and eat through the savings you rely on to maintain your lifestyle in retirement. They may also deplete the resources…

The rules governing depreciation tax deductions for business automobiles are complicated, and vehicles that are classified as passenger autos—such as SUVs and many pickups—fall under special limitations that may result in full depreciation taking longer than expected. Here is a quick guide to some of the rules governing tax depreciation and deductions for business vehicles.…

The Newly Expanded Employee Retention Credit provides immediate cash-flow relief to eligible employers that have been impacted by the COVID-19 pandemic. Employers can receive as much as $5,000 per impacted employee for 2020 and up to $28,000 per impacted employee for 2021! Wondering what it means for you and how to take advantage of it?…

Despite being a normal and sometimes necessary part of operating a business, related-party transactions have developed a bad reputation because they’re sometimes used to disguise poor performance or dishonest activities. Because of this, it’s important for your external audit process to identify related parties and evaluate your interactions with them—especially when market conditions are as…

The Small Business Administration has declared the week of September 13-17 to be National Small Business Week. Here are three tax breaks you should consider as we celebrate small businesses this week. Tax breaks for asset additions Qualified new and used property that is acquired and placed into service by your business this year is…