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What’s the right device policy for your company? 560 292 smolinlupinco

What’s the right device policy for your company?

Device policies pertaining to smartphones and other technology tools continue to frustrate business owners as they try to balance their needs for security and functionality against employees’ rights to privacy and freedom. At some companies, loose “bring your own device” (BYOD) policies are giving way to stricter “choose your own device” (CYOD) or “corporate-owned, personally…

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Risk assessment: A critical part of the audit process 560 292 smolinlupinco

Risk assessment: A critical part of the audit process

Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the scenes to prepare — and how you can help facilitate the audit planning process. The big picture Every audit starts with assessing “audit risk.” This refers to the likelihood that the auditor will issue an adverse opinion…

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2019 Year-End Tax Planning for Businesses 1600 1066 smolinlupinco

2019 Year-End Tax Planning for Businesses

As year-end approaches, each business should consider the many opportunities that might be lost if year-end tax planning is not explored. A business may want to consider several general strategies, such as use of traditional timing techniques for delaying income recognition and accelerating deductions. A business should also consider customized strategies tailored to its particular…

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2019 Year-End Tax Planning for Individuals 1600 1066 smolinlupinco

2019 Year-End Tax Planning for Individuals

As the end of 2019 approaches, more and more information and guidance is released by the IRS relating to the Tax Cuts and Jobs Act, as well as guidance relating to a number of different areas not impacted by the landmark tax reform act. While one of the claimed benefits of tax reform was the…

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2020 Q1 tax calendar: Key deadlines for businesses and other employers 560 292 smolinlupinco

2020 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January…

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Adopting a child? Bring home tax savings with your bundle of joy 560 292 smolinlupinco

Adopting a child? Bring home tax savings with your bundle of joy

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption expenses” for each adopted child. (This amount is increasing to…

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Defrauded? Prioritize evidence preservation 560 292 smolinlupinco

Defrauded? Prioritize evidence preservation

You may suspect that an employee has stolen from your company. But without evidence of a crime, you’ll have a hard time pursuing prosecution. So if you discover a fraud, first call your attorney. Then take immediate steps to preserve the evidence. Safeguard paper documents Place any hard documents related to the possible fraud in…

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Have you considered making direct payments of tuition and medical expenses? 560 292 smolinlupinco

Have you considered making direct payments of tuition and medical expenses?

With the lifetime gift and estate tax exemption at $11.40 million for 2019 ($11.58 million for 2020), you may think you don’t have to worry about gift and estate taxes. However, there are no guarantees that estate tax law won’t be revised in the future or that your accumulated assets won’t eventually exceed the available…

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What lenders look for in a succession plan 560 292 smolinlupinco

What lenders look for in a succession plan

Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of your company: Your lender. If you want to maintain a clear path to acquiring the working capital your business may need after you’ve stepped down,…

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FAQs about prepaid expenses 560 292 smolinlupinco

FAQs about prepaid expenses

The concept of “matching” is one of the basic principles of accrual-basis accounting. It requires companies to match expenses (efforts) with revenues (accomplishments) whenever it’s reasonable or practical to do so. This concept applies when companies make advance payments for expenses that will benefit more than one accounting period. Here are some questions small business…

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Smolin, Lupin & Co., LLC Welcomes Joseph Montero as a New Member of the Firm 480 480 smolinlupinco

Smolin, Lupin & Co., LLC Welcomes Joseph Montero as a New Member of the Firm

FAIRFIELD, N.J., Dec. 3, 2019 /PRNewswire/ — Smolin is pleased to announce that Joseph Montero, CPA has been promoted to a Member of the Firm. Joseph Montero is a licensed Certified Public Accountant in New Jersey and New York with over 25 years of experience. His primary responsibility has been managing audit engagements involving entities of all stages of their business life cycles…

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Holiday parties and gifts can help show your appreciation and provide tax breaks 560 292 smolinlupinco

Holiday parties and gifts can help show your appreciation and provide tax breaks

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your…

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