The Small Business Administration has declared the week of September 13-17 to be National Small Business Week. Here are three tax breaks you should consider as we celebrate small businesses this week. Tax breaks for asset additions Qualified new and used property that is acquired and placed into service by your business this year is…

The need for social distancing is likely to continue as COVID-19 cases surge in many states—and that may cause additional complications when it comes to estate planning. While planning your estate is as important as it’s ever been, putting a plan together and executing critical documents can be a challenge if you’re trying to avoid…

As the economy reopens, many businesses have started to resume business-related travel and entertainment (T&E) activities—but you should be aware that these expense categories can be vulnerable to incomplete recordkeeping and even fraud. To ensure that reporting is complete, detailed, and accurate, your company will want to implement formal T&E policies. T&E expenses: reporting and…

IRS examiners typically prepare for business audits by researching the specific industries and issues that relate to the taxpayer’s return. In carrying out this research, many auditors use “Audit Techniques Guides,” or ATGs. Some ATGs are concerned with issues that are frequently encountered during audits, including executive compensation, capitalization of tangible property, and passive activity…

Public stock prices are likely to fluctuate in the near future as continuing COVID-19 concerns, mounting inflation, supply shortages, threats of cyberattacks, and geopolitical turmoil continue to unsettle shareholders and disrupt long-term planning. In light of all this, it might not be a bad time to consider escaping the ups and downs by taking your…

It’s not uncommon for people to record their will signings on video in order to provide evidence that their wills possess the requisite testamentary capacity. However, while this strategy may be helpful in preventing a will contest in some cases, there’s also a risk that the recording may be used by those who wish to…

In 2019, new accounting rules for long-term leases took effect for public companies. These changes were deferred for private companies several times by the Financial Accounting Standards Board (FASB), but starting in fiscal year 2022, private companies and private not-for-profit entities will be required to follow suit.  Under this updated guidance, private organizations will be…

A “self-directed” IRA may allow you to increase the benefits of a traditional IRA or Roth IRA—self-directed IRAs can hold nontraditional investments of your choosing and may offer greater returns. However, you should be aware of certain pitfalls that can sometimes result in unfavorable tax consequences. Using IRAs for estate planning Although IRAs were primarily…

We’re thrilled to have some recent promotions here at Smolin Lupin! Every individual listed below has shown major growth within the firm from the first day they started working at Smolin. We couldn’t be happier with their performance and we’re so excited to watch them continue to grow here as part of our team.  Director…

If you’re considering guaranteeing a loan to your corporation, you should be aware that acting as a guarantor, endorser, or indemnitor of one of your closely held corporation’s debt obligations may come with possible tax consequences. You’ll need to be prepared if your corporation defaults on the loan, as you may be required under the…

Pass-fail auditors’ reports have been in place for decades, but in 2019, a major change was made, as auditors of public companies began to report critical audit matters (CAMs) in audit opinions.  Accounting rule makers are now making an assessment of how well this project has performed its function over the last two years, in…

The complete set of your business’s financial statements includes three reports. Each of these reports serves a different purpose, but they each assist stakeholders, including managers, investors, lenders, and employees, in evaluating a company’s performance. The following overview explains each report and the important questions they answer. The income (or profit and loss) statement The…