Planning your estate? Recently inherited assets? Knowing the “cost” or “basis” of property is important - it can have a big impact on your taxes. Fair market value rules The first step is to understand fair market value basis rules. These are also known as “step-up and step-down rules.” Under these guidelines, when an heir […]

Family business, as it turns out, is big in the United States. According to the Conway Center for Family Business, family-owned businesses produce 62% of the country’s gross domestic product and make up the overwhelming majority of the companies.  Family businesses, which are defined as companies where a majority ownership belongs to a single family […]

As part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, “qualified” individuals are able to take some “coronavirus-related distributions” from their retirement plans without paying taxes.  This provision potentially benefits a number of people, but who exactly qualifies and what is considered a “coronavirus-related distribution”?   What is early distribution? Prior to the coronavirus […]

If you’re considering a move to Florida in order to maximize your assets and plan for your financial succession, you’ll want to start planning early to get the full benefit. In this webinar, we’ll cover the overall financial logistics of the move as well as pieces that should be addressed well in advance including: Retirement […]

TED BYER SELECTED AS TOP CPA OF THE DECADE BY THE INTERNATIONAL ASSOCIATION OF TOP PROFESSIONALS (IAOTP) Ted Byer, of Smolin, Lupin & Co., LLC was recently selected as Top CPA of the Decade by the International Association of Top Professionals (IAOTP). Inclusion with the International Association of Top Professionals is an honor in itself […]

External audits offer many benefits to nonprofits How are you handling your nonprofit audits? When it comes to auditing your nonprofit books, you may be required to hire an independent outside CPA. While the need for this can depend on your annual gross receipts and other factors, it can be a good idea even if […]

When you have a professional services firm, you need to think ahead when it comes to taxes. With some planning, you can be strategic in spending, reducing tax liability and payments and hitting your financial goals.  You’ll learn what to think about when it comes to:  Federal tax deductions Local and state planning Pass-through deductions, […]

Supreme Court ACA Ruling Raises Tax Refund Possibility The validity of the Medicare Tax and Net Investment Income Tax is contingent on the case pending before the United States Supreme Court. At issue before the United States Supreme Court is whether reducing the amount specified in the Affordable Care Act (“ACA”) to zero rendered the minimum coverage […]

Smolin Webinar With AACFL: Capturing Cash Perks/Fringe Benefits and Add Backs for Support Purposes The webinar Smolin recently had with American Academy for Certified Financial Litigators discussed  the various ways in which business owners can acquire "other income" through add backs and perquisites. Throughout the presentation, industry experts suggest the different ways to utilize red […]