Probate can be expensive and time consuming, but one of the biggest issues with probate is that it’s public. During probate, the assets you owned and the way they’re being distributed after your death become publicly available knowledge for anyone who’s interested. Probate’s public nature may also draw undesired attention from disgruntled family members or…

According to the EducationData.org research group, there are more than 43 million student borrowers in debt, with an average debt of $39,351 each. If you’re one of these borrowers, you may want to know if the interest you pay can be deducted.  Generally speaking, the answer is yes (although subject to certain limits)—but if your…

Those who are estate planning and have recently inherited assets may not be sure of the “cost” (or “basis”) for tax purposes—here’s a quick guide to get you up to speed.  Current fair market value basis rules Current fair market (or “step-up and step-down”) value basis rules hold that an heir receives a basis in…

If you play an executive role in a closely held corporation and you’ve personally spent money on corporate expenses, these costs might end up being nondeductible unless you take the right steps. This is especially likely to be an issue in connection with financially troubled corporations. Most expenses won’t be deductible Generally speaking, expenses you…

Ted Dudek, Smolin’s very first Managing Partner, took this leadership role eighteen years ago. In that time, he’s overseen Smolin’s steady growth to include a team of over 100 people with three offices and revenues exceeding $21 million annually. Ted didn’t always know that he’d be an accountant. Instead, a great opportunity in the form…

Many estate plans incorporate an irrevocable trust as a key component. But if the trust no longer serves your purposes, you may be wondering if it’s too late to change it. The good news is that, depending on applicable state law, there may be several possible ways to fix a “broken” trust. How and why…

Businesses use internal controls to prevent fraud, waste, and abuse, and to ensure the accuracy and integrity of their financial statements. Internal and external auditors place a lot of specific focus on internal controls because of their high importance. In order to ensure a comprehensive assessment, many auditors use detailed internal control questionnaires to evaluate…

As the economy recovers from the COVID-19 pandemic, the number of new businesses being launched has increased significantly. In fact, the U.S. Census Bureau reports that business applications are up 18.6% from June 2020 through June 2021, based on the number of businesses applying for an Employer Identification Number. Unfortunately, many of the expenses incurred…

Companies looking to survive and thrive in today’s competitive landscape will need agility, or the ability to react quickly. Although they were originally used in software development, agile techniques have many applications in the world of modern business, and can be useful to companies approaching their internal audits. Here’s a quick guide to agile auditing…

Under current tax law, investment-related expenses—including the cost of subscriptions to financial services, clerical costs, and home office expenses—aren’t deductible through 2025 if the costs are considered investment expenses for the production of income. However, these costs are deductible if they’re considered trade or business expenses. Although production-of-income expenses were deductible for years before 2018,…

For businesses today it isn’t a question if they’re going to be exposed to ransomware, but how and when. So how do you prevent it? Two cybersecurity experts who have worked first-hand with hacked businesses are joining us to show you how to: Put a proactive prevention plan in place Prevent hacks caused by users…

If you own or manage a business with employees, you could be at risk for paying a harsh tax penalty called the “Trust Fund Recovery Penalty.” The Trust Fund Recovery Penalty applies to the Social Security and income taxes businesses are required to withhold from their employees’ wages. The employer holds these taxes in “trust”…