Deferment of all payment and filing deadlines The IRS initially responded to COVID-19 with a limited tax relief program, but almost immediately adopted a more comprehensive plan for all taxpayers, including individuals, partnerships, trusts, estates, associations, companies, and corporations — even if the expected impact of the pandemic is considered minimal Taxpayers with a Federal […]

Companies of every size are navigating new and unexpected challenges as they adjust to life after the widespread outbreak of the coronavirus (COVID-19.) But small businesses are particularly impacted by these challenges, since they often don’t have the same financial and employee resources as their larger counterparts. If the difficulties associated with running a small […]

The coronavirus (COVID-19) pandemic is impacting businesses in every part of the country. In response, Congress recently passed new legislation designed to provide economic relief and the IRS issued new guidelines that extended the April 15, 2020 tax deadline and allowed taxpayers to defer any amount of federal income tax payments until July 15, 2020 […]

While governments and healthcare experts work tirelessly to defend their citizens against the coronavirus (COVID-19), criminals are also working—to fleece unsuspecting victims. Scammers and opportunists are already capitalizing on the fear and chaos of the current climate in order to commit fraud and get rich quick. Fortunately, there are steps you can take to protect […]

March 21, 2020: In response to the coronavirus (COVID-19) pandemic, Governor Murphy announced a statewide stay-at-home Order, closing all non-essential retail businesses until further notice. Details of Governor Murphy’s Order  In an attempt to slow the spread of COVID-19, protect vulnerable residents, and prevent overwhelming the care capacity of the New Jersey health care system, […]

As of March 11, the coronavirus (COVID-19) outbreak is officially considered a global pandemic. While the spread of the virus has already caused significant global health concerns, a pandemic can do more than just impact your health — it may also affect your business and its financial statements for 2019 and beyond. An in-depth look […]

Here at Smolin, we’ve been closely monitoring the COVID-19 (coronavirus) outbreak and have been actively considering and responding to the recent developments. The safety and well-being of our staff, clients and colleagues are our top priority, and to that end we will be allowing our employees to work from home next week. We will also […]

As the owner of an incorporated business, you’re likely already aware of the tax advantage associated with taking money out of a C corporation as compensation rather than as dividends. The rationale behind this is simple: a corporation can deduct salaries and bonuses paid to executives, but not its dividend payments.  While funds paid out […]

Starting in 2021, the rules for reporting leasing transactions are changing — for both private companies and nonprofits. While these changes have been delayed in the past, they will likely impact your financial statements in the near future. They could even change your mind about renewing a lease or entering into a new leasing contract. […]