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Understanding the Tax Implications of Merger and Acquisition Transactions
Understanding the Tax Implications of Merger and Acquisition Transactions 1600 941 smolinlupinco

Understanding the Tax Implications of Merger and Acquisition Transactions

As a result of rising interest rates and a slowing economy, last year’s merger and acquisition (M&A) activity decreased significantly. According to S&P Global Market Intelligence, the total value of M&A transactions in North America was down 41.4% in 2022 (compared to 2021).  But in 2023, some analysts anticipate increased M&A activity in some industries.…

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what-you-need-to-know-about-retirement-plan-early-withdrawals
What You Need to Know About Retirement Plan Early Withdrawals 1600 941 smolinlupinco

What You Need to Know About Retirement Plan Early Withdrawals

Retirement plan distributions are typically subject to income tax. If you take an early withdrawal, they may be subject to additional tax penalties. But what defines “early?”  Generally, it’s when withdrawals are taken out of a traditional IRA or another qualified retirement plan before the plan participant reaches the age of 59½.  These distributions are…

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2023 Tax Limits: Answering Your FAQs 1600 941 smolinlupinco

2023 Tax Limits: Answering Your FAQs

With just a few weeks to file your 2022 individual tax return (unless you filed an extension), it’s understandable if your 2022 tax bills are of greater concern than your 2023 tax circumstances.  But it’s still important to become familiar with tax amounts that may have changed for 2023—particularly because, due to inflation, many of…

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What You Need to Know About Funding Your Revocable Trust 1600 941 smolinlupinco

What You Need to Know About Funding Your Revocable Trust

Revocable trusts, sometimes called “living trusts,” can offer substantial benefits. In the event that you become incapacitated, for example, they facilitate the management of your assets. They can also help avoid probate of said assets.  But before you can obtain these benefits, you must fund the trust. In other words, you must transfer the title…

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Business-Related Tax Limits Have Increased for 2023 1488 875 smolinlupinco

Business-Related Tax Limits Have Increased for 2023

A variety of tax limits that affect businesses are indexed on an annual basis. As a result of high inflation, many of these limits have increased more than usual for 2023.  Here are a few that businesses should keep in mind for 2023:   Social Security tax For 2023, the amount of employee earnings subject to…

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how-do-auditors-evaluate-accounting-estimates
How Do Auditors Evaluate Accounting Estimates?  1600 942 smolinlupinco

How Do Auditors Evaluate Accounting Estimates? 

When businesses report their finances, they often use accounting estimates determined by management. For example:   Allowance for doubtful accounts Warranty obligations Costs of pending litigation Goodwill impairment Fair values of acquired intangible assets When auditors evaluate the amounts reported on these financial statements, how do they determine whether those amounts are reasonable?  Methods used to…

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5-reasons-to-outsource-your-accounting-needs
5 Reasons to Outsource Your Accounting Needs 1600 941 smolinlupinco

5 Reasons to Outsource Your Accounting Needs

CPA firms don’t just do audits and tax returns. They’re also available to help with your everyday accounting needs, from advisory services to payroll and sales tax filing.  Is it time for your business to outsource its accounting needs? Here are five reasons you should hire a CPA.  1. Professional insights When you outsource your…

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7-ways-secure-act-could-affect-your-small-business
7 Ways SECURE 2.0 Could Affect Your Small Business 1600 942 smolinlupinco

7 Ways SECURE 2.0 Could Affect Your Small Business

Does your small business have a retirement plan? Even if it doesn’t, you may start to see beneficial changes as a result of the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0), which was signed into law in December 2022.  Built upon the original SECURE Act of 2019, SECURE 2.0 will take…

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Answers to Your Tax Season FAQs 1600 942 smolinlupinco

Answers to Your Tax Season FAQs

On January 23, the IRS opened the 2023 individual income tax return filing season for accepting and processing returns for the 2022 tax year.  If you typically file closer to the mid-April deadline (or if you file for an extension), you may want to consider filing your taxes earlier this year. And it’s not just…

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lifetime-gifts-vs-bequests-at-death-which-option-is-right-for-you
Lifetime Gifts vs. Bequests at Death: Which Option is Right For You? 1600 941 smolinlupinco

Lifetime Gifts vs. Bequests at Death: Which Option is Right For You?

One of the primary goals of estate planning is to pass along as much of your wealth and assets as possible to your family, which involves protecting your estate from gift and estate taxes. One way to do this is by giving gifts during your lifetime.  Considering the inflation-adjusted $12.92 million gift and estate tax…

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5-tax-saving-ways-to-pay-for-your-childs-college-education
5 Tax-Saving Ways to Pay for Your Child’s College Education 1600 942 smolinlupinco

5 Tax-Saving Ways to Pay for Your Child’s College Education

Do you have a child or grandchild currently attending college? Congratulations!  To help cover the costs of post-secondary education, you may have saved up over the course of several years in a tax-favored account, such as a 529 plan. Once your child is enrolled in college, though, you may be able to claim a number…

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SECURE 2.0 Helps You Save for Retirement 1488 875 smolinlupinco

SECURE 2.0 Helps You Save for Retirement

Built on the original SECURE Act of 2019, the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022.  The SECURE Act of 2019 made major changes to retirement provisions, including the required minimum distribution (RMB) rules. Here are some additional changes you should be aware…

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