401(k) plans allow employees to accumulate retirement savings on a tax-advantaged basis, and employers may offer them for several reasons, including as an incentive to attract and retain talent. If your employer offers such a plan and you’re thinking about participating, here are a few things to know. A 401(k) plan gives you the option…

Valuation plays an essential role in any well-crafted estate plan. After all, the value of your assets at the time of transfer has a major effect on the tax implications of different estate planning strategies. Many business interests and other assets have had their value impacted by the COVID-19 pandemic, and this may create some…

If your business is depreciating the entire construction cost of the building that houses your operation over a 30-year period, a cost segregation study may be worth considering. Running a cost segregation study could allow your business to reduce taxes and boost cash flow by accelerating depreciation deductions on certain items. And as a result…

Have you or your clients used cryptocurrency?  We’re here to fill you in on IRS enforcement efforts and how investors and companies in the virtual currency industry should address these actions and what they mean for you, including: Risks of not following the rules How is the IRS prioritizing audits and prosecution The IRS’ use of big…

After months of virtual meetings, your business’s employees may be finally resuming travel. If so, your employees can use the IRS’s “per diem” rates to substantiate the amount of expenses for lodging, meals, and incidental expenses while traveling away from home (or use a special transportation industry rate if your company works in the transportation…

If your business is depreciating the entire construction cost of the building that houses your operation over a 30-year period, a cost segregation study may be worth considering. Running a cost segregation study could allow your business to reduce taxes and boost cash flow by accelerating depreciation deductions on certain items. And as a result…

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…