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Providing Beneficiaries Power Remove Trustee
Consider Providing Your Beneficiaries With the Power to Remove a Trustee 850 500 smolinlupinco

Consider Providing Your Beneficiaries With the Power to Remove a Trustee

Appointing a trustee who is, well, trustworthy is crucial to ensuring a trust operates as intended. As such, you may invest a large amount of time and mental energy in selecting the right person for the job.  But what happens if your carefully chosen trustee fails to carry out your wishes?  Your beneficiaries may want…

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Preparing Year-End Inventory Counts
Preparing for Year-End Inventory Counts 850 500 smolinlupinco

Preparing for Year-End Inventory Counts

Year-end is approaching quickly. If your business operates according to the calendar year, it’s time for a physical inventory account. While this task can feel tedious and time-consuming, it’s also a key chance to further develop your business’s operational efficiency. As you prepare to undertake the count, let’s review some best practices that will help…

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Navigating Tax Implications Restricted Stock Awards
Navigating the Tax Implications of Restricted Stock Awards 850 500 smolinlupinco

Navigating the Tax Implications of Restricted Stock Awards

Equity-oriented executive compensation can take many forms, but restricted stock awards are a popular option. In fact, many businesses offer them as an alternative to stock option awards in light of the fact that options can lose most or all of their value if the price of the underlying stock decreases. This is less of…

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New Per Diem Business Travel Rates Effective October 1st
New Per Diem Business Travel Rates Effective October 1st 850 500 smolinlupinco

New Per Diem Business Travel Rates Effective October 1st

Do traveling employees at your business find documenting expenses tedious? Are you equally frustrated at the energy and time needed to review business travel expenses? If so, relief is on its way. In Notice 2023-68, the IRS set forth special “per diem” rates, which became effective on October 1st. These rates may be used to…

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

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

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…

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Determining Business Entity Tax-Favorable
Determining Which Business Entity is Most Tax-Favorable 850 500 smolinlupinco

Determining Which Business Entity is Most Tax-Favorable

Are you planning to start a business? Perhaps you have already and are now thinking about changing your business entity. In either circumstance, careful evaluation is needed to determine which business structure works best for you. From C-corporations to sole proprietorships, there are many issues to consider. At present, individual federal income tax rates begin…

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Owning Assets Jointly Child Estate Planning
Is owning assets jointly with your child an effective estate planning strategy?  850 500 smolinlupinco

Is owning assets jointly with your child an effective estate planning strategy? 

Are you considering sharing ownership of an asset jointly with your child (or another heir) in an effort to save time on estate planning? Though appealing, this approach should be executed with caution. This is because it can open the door to unwelcome consequences that might ultimately undermine your efforts. There are some advantages to…

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Accounting M&As
Accounting for M&As 850 500 smolinlupinco

Accounting for M&As

Mergers and acquisitions (M&A) transactions significantly impact financial reporting, especially the balance sheet, which will look markedly different after the business combination. Keep reading for basic guidance on reporting business combinations under U.S. Generally Accepted Accounting Principles (GAAP). Understanding the purchase price allocation process Under GAAP, the buyer must allocate the purchase price to all…

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

Adjustments to Social Security Wage Base Ahead

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…

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Tax Depreciation Rules Business Automobiles
How do tax depreciation rules apply to business automobiles? 850 500 smolinlupinco

How do tax depreciation rules apply to business automobiles?

If you use an automobile in your trade or business, you may question how depreciation tax deductions are determined. The rules are complex. In particular, special limitations apply to business vehicles classified as passenger autos (which include many pickups and SUVs). Often, these limitations result in longer-than-expected wait times to depreciate a vehicle completely. As…

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Listing home vacation rental tax impacts
Listing your home as a vacation rental? Here are the tax impacts to watch for 850 500 smolinlupinco

Listing your home as a vacation rental? Here are the tax impacts to watch for

Whether in the mountains or a waterfront community, many Americans dream of owning their perfect vacation home. If you already own a second house in a desirable area, you might consider renting it out for part of the year. Before you post that listing, though, take a moment to learn about the tax implications. Taxes…

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leverage our expertise.

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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