Many businesses have closed because of the COVID-19 pandemic. If this has happened to you, we can help you take care of the tax obligations that you must meet.  Businesses must file a final income tax return and some other related forms in the year in which they close. The return filed depends on the […]

Starting a business is a busy endeavor, but it’s also a great opportunity to set up a tax-favored retirement plan for you and your employees. Benefits include: A current deduction from income to the employer for contributions to the plan Tax-free buildup of the value of plan investments  The deferral of income (augmented by investment […]

This webinar will include a discussion about the effects of the NJ BAIT and federal guidance the IRS has provided after its recent acceptance of NJ BAIT tax deduction in its release of Notice 2020-75. The Tax Cuts and Jobs Act (TCJA) limits the itemized deduction for state and local taxes (SALT) on federal individual […]

If you have a Series EE savings bond, you may wonder if the interest you earn on them is taxed. Many people received these bonds as gifts when they were children, or even bought them themselves and tucked them away somewhere.  If this applies to you, you’re probably curious about what you should do to […]

For companies who used loans from the Paycheck Protection Program to keep their businesses running and their employees paid, getting the loan forgiven can be a confusing process. In Bloomgberg Tax, Smolin's very own Nicholas Gutzmer discusses the possible risks and how to prevent them while applying for PPP loan forgiveness. The article discusses: Officer […]

On April 30, 2020, the IRS issued guidance in Notice 2020-32 regarding the deductibility of expenses relating to the Paycheck Protection Program (PPP) loans.  The IRS made it clear that no deduction is allowed for an otherwise deductible expense if the payment of the expenditure results in forgiveness of the related PPP loan. It was […]

 This is a 45 minute workshop designed to educate people over age 55 about how the Social Security System works. After being told for years that the Social Security System is going broke, Baby Boomers are realizing that it will soon be their turn to collect benefits. The decisions that you make today can […]

COVID-19 has changed everything. Many companies reduced the size of their workforces considerably in the early part of the year. Some of them went on to rehire later in the summer, while others made those reductions permanent. Businesses have also had to navigate furlough, applying for grants and loans like the Paycheck Protection Program, and […]

Portability elections allow a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward their transfers during life or at death. The 2020 exemption is $11.58 million. For 2021, it will increase to $11.7 million. To secure these benefits, the deceased spouse’s executor must have made a portability election […]