• 165 Passaic Avenue, Suite 411, Fairfield, NJ 07004
  • Monday-Friday 9am - 5:30pm
  • 973-439-7200
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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, […]

Read More
1 24 25 26 27 28 109
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram