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September 10, 2021
Don’t Miss the 2022 Deadline for Long-Term Lease Reporting by Private Companies

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 […]

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September 8, 2021
Choosing Your Own Investments with Self-Directed IRAs

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 […]

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September 2, 2021
Smolin's 2021 Promotions

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 […]

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September 2, 2021
If You Guarantee a Loan to Your Closely Held Corporation, Be Aware of These Potential Tax Consequences

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 […]

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August 30, 2021
Pros and Cons of Critical Audit Matters (CAMs)

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 […]

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August 27, 2021
Understanding the Full Story behind Your Financial Statements

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 […]

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August 26, 2021
Small Business Owner? Here’s How You Can Decide if an LLC Is Right for You

If you operate a small business as a sole proprietorship or are preparing to launch a new business, you may consider protecting your assets by forming a limited liability company, or LLC. Here’s a quick guide to what operating as an LLC entails—and how you can decide if it’s right for your business. LLCs are […]

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August 24, 2021
How to Avoid Probate and Keep Family Matters Private

Probate can be expensive and time consuming, but one of the biggest issues with probate is that it’s public. During probate, the assets you owned and the way they’re being distributed after your death become publicly available knowledge for anyone who’s interested. Probate’s public nature may also draw undesired attention from disgruntled family members or […]

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August 23, 2021
Deducting the Interest for Student Loan Debts

According to the EducationData.org research group, there are more than 43 million student borrowers in debt, with an average debt of $39,351 each. If you’re one of these borrowers, you may want to know if the interest you pay can be deducted.  Generally speaking, the answer is yes (although subject to certain limits)—but if your […]

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