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August 16, 2021
What You Need to Know about the Current “Stepped-Up Basis” on Inherited Property—And How It May Change in the Future

Those who are estate planning and have recently inherited assets may not be sure of the “cost” (or “basis”) for tax purposes—here’s a quick guide to get you up to speed.  Current fair market value basis rules Current fair market (or “step-up and step-down”) value basis rules hold that an heir receives a basis in […]

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August 12, 2021
Can Corporate Expenses Be Deducted if Covered by Officers or Shareholders? Here’s What You Need to Know

If you play an executive role in a closely held corporation and you’ve personally spent money on corporate expenses, these costs might end up being nondeductible unless you take the right steps. This is especially likely to be an issue in connection with financially troubled corporations. Most expenses won’t be deductible Generally speaking, expenses you […]

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August 9, 2021
Top Managing Partner- Ted Dudek

Ted Dudek, Smolin’s very first Managing Partner, took this leadership role eighteen years ago. In that time, he’s overseen Smolin’s steady growth to include a team of over 100 people with three offices and revenues exceeding $21 million annually. Ted didn’t always know that he’d be an accountant. Instead, a great opportunity in the form […]

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August 9, 2021
How to Fix a Broken Trust

Many estate plans incorporate an irrevocable trust as a key component. But if the trust no longer serves your purposes, you may be wondering if it’s too late to change it. The good news is that, depending on applicable state law, there may be several possible ways to fix a “broken” trust. How and why […]

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August 4, 2021
A Quick Guide to the Internal Control Questionnaire

Businesses use internal controls to prevent fraud, waste, and abuse, and to ensure the accuracy and integrity of their financial statements. Internal and external auditors place a lot of specific focus on internal controls because of their high importance. In order to ensure a comprehensive assessment, many auditors use detailed internal control questionnaires to evaluate […]

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August 3, 2021
Starting a New Business? Here’s What You Need to Know about Deducting Startup Expenses

As the economy recovers from the COVID-19 pandemic, the number of new businesses being launched has increased significantly. In fact, the U.S. Census Bureau reports that business applications are up 18.6% from June 2020 through June 2021, based on the number of businesses applying for an Employer Identification Number. Unfortunately, many of the expenses incurred […]

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July 28, 2021
Why Your Company Should Consider Agile Auditing

Companies looking to survive and thrive in today’s competitive landscape will need agility, or the ability to react quickly. Although they were originally used in software development, agile techniques have many applications in the world of modern business, and can be useful to companies approaching their internal audits. Here’s a quick guide to agile auditing […]

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July 27, 2021
Can I Deduct Related Expenses If I Manage My Own Investment Portfolio? The Answer Is: It Depends

Under current tax law, investment-related expenses—including the cost of subscriptions to financial services, clerical costs, and home office expenses—aren’t deductible through 2025 if the costs are considered investment expenses for the production of income. However, these costs are deductible if they’re considered trade or business expenses. Although production-of-income expenses were deductible for years before 2018, […]

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July 27, 2021
Ransomware: Are you next? The answer is yes! Get Prepared or Get Hacked

For businesses today it isn’t a question if they’re going to be exposed to ransomware, but how and when. So how do you prevent it? Two cybersecurity experts who have worked first-hand with hacked businesses are joining us to show you how to: Put a proactive prevention plan in place Prevent hacks caused by users […]

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