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Pay Attention to These DOs and DON’Ts When Deducting Business Meal and Vehicle Expenses 1275 750 smolinlupinco

Pay Attention to These DOs and DON’Ts When Deducting Business Meal and Vehicle Expenses

If you plan on claiming tax deductions for auto expenses or business meals, you should expect them to be closely reviewed by the IRS.  In some situations, taxpayers may have incomplete documentation or try to create records months or years after the fact. In doing so, they fail to meet the strict substantiation requirements that…

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Reporting Non-GAAP Measures 1275 750 smolinlupinco

Reporting Non-GAAP Measures

Generally Accepted Accounting Principles (GAAP) is commonly known as the benchmark for financial reporting in the United States. However, both public and private entities occasionally use non-GAAP metrics in their press releases and disclosures or when seeking financing. GAAP vs. Non-GAAP GAAP comprises a framework of rules and procedures that accountants typically follow to record…

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Beware of the Gray Areas in Accounting 1275 750 smolinlupinco

Beware of the Gray Areas in Accounting

Recent high-profile bank failures have raised concerns about the reliability of accounting auditing standards. U.S. government agencies are still investigating the reasons behind the collapses of Silicon Valley Bank and Signature Bank earlier this year.  However, it’s likely that these banks exploited some gray areas in the accounting rules to make them appear more economically…

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Important Tax News for Investors and Users of Cryptocurrency 1275 750 smolinlupinco

Important Tax News for Investors and Users of Cryptocurrency

If you use or invest in cryptocurrency, you may have seen something new on your tax return this year. And you may soon discover a new form reporting requirements for digital assets.  Make sure you check the box Starting from tax year 2022, taxpayers are required to check a box on their tax returns that…

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Simple Options for Retirement Savings Plans that can Benefit your Small Business 1275 750 smolinlupinco

Simple Options for Retirement Savings Plans that can Benefit your Small Business

If you’re considering creating a retirement plan for yourself and your employees but you’re concerned about the cost and administrative hurdles involved, take heart: there are some good options available to you.  In this article, we’ll explore two types of plans that small business owners can use to get the ball rolling with retirement: Simplified…

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New and Improved Accounting Rules for Common Control Leases 1275 750 smolinlupinco

New and Improved Accounting Rules for Common Control Leases

On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. This updated guidance clarifies issues pertaining to rental agreements between businesses with the same owner. Written vs. verbal leases Accounting Standards Update (ASU) No. 2023-01, Leases (Topic 842) Common Control Arrangements, explains how related business entities…

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If You Inherit Property, You Can Benefit From a “Stepped-Up Basis” 1275 750 smolinlupinco

If You Inherit Property, You Can Benefit From a “Stepped-Up Basis”

One of the most common questions for people planning their estates or inheriting assets is: What is the “cost” (or “basis”) a person gets in property that is inherited from someone else? This vital area is often overlooked when families start planning for the future. According to the fair market value basis rules (otherwise known…

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Tax Rules for Donating Artwork to Charity 1275 750 smolinlupinco

Tax Rules for Donating Artwork to Charity

If you’re an art collector, you may be curious about the tax breaks that come with donating a work of art to charity. You should be aware that many different tax rules come into play when making these kinds of contributions. Basic rules A deduction for a donation of art can be reduced if the…

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Give Your Trusts New Life by Decanting Them 1275 750 smolinlupinco

Give Your Trusts New Life by Decanting Them

Creating flexibility within your estate plan using different strategies is worth considering when planning for the future. Because life circumstances can change over time (especially those involving tax laws and family situations), it’s important to use techniques to provide greater flexibility for your trustees. One such method is decanting a trust. What is decanting? Decanting…

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Understanding Deferred Taxes 1275 750 smolinlupinco

Understanding Deferred Taxes

Navigating deferred taxes can be a confusing process, and the accounting rules for reporting deferred taxes can sometimes seem arbitrary and nonsensical when viewed through the lens of real-world economics. Here’s a brief article to help simplify this complex subject. What are deferred taxes? Companies are required to pay income tax on taxable income as…

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NJBIZ Leaders in Finance Paul Fried
Paul Fried Selected as an NJBIZ Leader in Finance 1200 628 smolinlupinco

Paul Fried Selected as an NJBIZ Leader in Finance

Smolin is pleased to announce that Paul Fried, CEO-elect, has been selected as an NJBIZ Leader in Finance. NJBIZ Leaders in Finance recognizes financial executives whose passion and energy help drive their company’s success. Honorees are selected ​​because of their professional and civic engagement and their innovative contributions to their fields. They will be recognized…

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state income tax nexus
State Income Tax Nexus: What You Need to Know 956 562 smolinlupinco

State Income Tax Nexus: What You Need to Know

Supreme Court precedent once prohibited states from collecting sales tax from out-of-state businesses lacking an in-state physical presence, no matter how much the company made in sales—but this has recently changed.  With the United States Supreme Court decision in South Dakota v. Wayfair, Inc., individuals and businesses that sell products out of state are liable…

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