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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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could you benefit health savings account
Could You Benefit from a Health Savings Account? 850 500 smolinlupinco

Could You Benefit from a Health Savings Account?

The cost of healthcare is rising. As a result, many people are on the hunt for a more cost-effective way to pay for their medical bills.  If you’re eligible, a Health Savings Account (HSA) may offer a way to set aside funds for a future medical “rainy day” while also enjoying tax benefits, like:  Withdrawals…

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Running business spouse Tax issues
Running a business with your spouse? Watch out for these tax issues. 850 500 smolinlupinco

Running a business with your spouse? Watch out for these tax issues.

For many spouses who run a profitable, unincorporated small business together, filing taxes can be confusing. Here are some of the most common challenges to look out for. Classification: the partnership issue In many cases, the federal government classifies unincorporated businesses owned by two spouses as a partnership. This means you’ll need to file an…

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Understanding Percentage-of-Completion Method
Understanding the Percentage-of-Completion Method 850 500 smolinlupinco

Understanding the Percentage-of-Completion Method

If your business handles projects that take longer than a year to complete, you’ll need the “percentage-of-completion” method to recognize the associated revenue. Let’s get into how and why to do this. Percentage-of-completion vs. completed contract Individuals and businesses who perform work on long-term contracts—like developers, engineering firms, creative agencies, and homebuilders—typically report financial performance…

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How Investment Swings Affect Taxes
How This Year’s Investment Swings May Affect Your Taxes 850 500 smolinlupinco

How This Year’s Investment Swings May Affect Your Taxes

If you’ve noticed market fluctuations leading to significant gains or losses on your investments this year, you might be wondering how this will impact your 2023 tax returns. It’s hard to say with complete certainty since nothing is decided until the final results of your trades at year’s end. However, you can still take measures…

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Tax Rules depreciating business assets evolving. What to expect.
Tax Rules for depreciating business assets are evolving. Here’s what to expect. 850 500 smolinlupinco

Tax Rules for depreciating business assets are evolving. Here’s what to expect.

The Tax Cuts and Jobs Act relaxed the rules for depreciating business assets. Each year, the amounts change in proportion to inflation adjustments. With the remarkably high inflation rate we saw in 2023, this year’s adjustments are significant. Here’s what you need to know for your small business. Section 179 deduction amounts The maximum Sec.…

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Planning sell property How profits taxed
Planning to sell your property? Here’s how your profits could be taxed. 850 500 smolinlupinco

Planning to sell your property? Here’s how your profits could be taxed.

Across the United States, home values have risen dramatically over the last few years. The median price of existing home sales increased 1.9% between July 2022 and July 2023, and there were even larger increases in previous years. While the upward trend appears universal, median home prices have varied by region: Northeast: $467,000Midwest: $304,600South: $366,200West:…

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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…

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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…

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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…

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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,…

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Our experts can present you with a clear, understandable approach to your finances. You can rely on insights provided in the Blog by Smolin Lupin, which is part of our commitment to your financial clarity. We can help you:

  • Develop insights into new markets
  • Streamline operations
  • Raise capital, control risks
  • Devise tax strategies
  • Maintain research and development
  • Help position your business for long-term growth in emerging fields

For biotechnology accounting advice tailored to your needs, contact your trusted Smolin advisor today.

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