This year’s tax filing deadline is rapidly approaching—if you don’t have time to gather your tax information and file by April 18th, you can use Form 4868 to file for an extension. An extension allows you to avoid incurring “failure-to-file” penalties and will give you until October 17 to file. However, you’re still required to […]

For 2022, the unified gift and estate tax exemption is set at $12.06 million, adjusted for inflation, up from $11.7 million for 2021. For many families, this means estate tax liability won’t be a concern. However, others may still benefit from using the annual gift tax exclusion as an estate planning strategy, especially since future […]

In financial reporting, “subsequent events” are major events or transactions that occur after the reporting period ends but before financial statements are finalized. These events may include cyberattacks, natural disasters, regulatory changes, and the loss of a large business contract. Whether or not you should report these subsequent events is something of a gray area, […]

Business transactions involving related parties—including parent companies, subsidiaries, affiliated entities, relatives, and friends—sometimes occur at above- or below-market rates. This can cause your company’s financial statements to become misleading to the people who rely on them, since undisclosed related-party transactions can skew their understanding of the company’s true financial results. Auditors and related parties Because […]

A careless approach to beneficiary designations and jointly titled assets can easily undermine your estate plan.  For example, you may specify in your will that all of your property should be divided equally among your children. But say that your IRA accounts for half of your estate and names your oldest child as the beneficiary. […]

For 2022, U.S. taxpayers may transfer up to $12.06 million by gift or bequest without triggering federal transfer taxes, thanks to the highest gift and estate tax exemption in history.  However, this historically high exemption may not last forever. Unless Congress chooses to pass further legislation, the exemption amount is currently scheduled to drop to […]

If your business has increased research activities, you may be eligible to claim a valuable tax credit often referred to as the research and development (R&D) credit. Although claiming the R&D tax credit requires complex calculations, we can help take care of these calculations for you. In addition to the tax credit itself, you should […]

If you haven’t filed your 2021 tax return yet, you may still be able to lower your tax bill by making a contribution to an IRA. Eligible taxpayers can make deductible contributions to a traditional IRA at any time before the filing date on April 18, 2022. Making a deductible contribution now could allow you […]

Smolin Lupin is pleased to announce the merger of Simon, Spinelli & Ciambrone, a CPA firm headquartered in Spring Lake Heights, New Jersey. The professional team from Simon, Spinelli & Ciambrone specializes in providing financial, tax, and accounting advice for individuals and businesses in a wide range of industries. The Spring Lake Heights team offers […]