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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]