News

Kelly Kennedy-Ryu and Noorus Khan recognized for their significant contributions to the accounting profession

Smolin, Lupin & Co., LLC, a leading professional financial and accounting services firm, announced today that CPAs, Kelly Kennedy-Ryu and Noorus Khan have been awarded the prestigious NJCPA “Woman of Note” recognition. This distinction recognizes recipients for their NJCPA participation, accounting profession involvement and community service dedication.

“Through my work with NJCPA interest groups and chapters, I have been able to bolster my professional skills, while building strong professional, community and personal relationships,” said Kennedy-Ryu. “The NJCPA furnishes the tools and support groups that enable a CPA to flourish and succeed. I am honored by the award and proud to be a member of the organization,” she added.

“NJCPA has provided me with an abundant platform to not only advance my professional skills, but also form meaningful relationships with other CPAs,” said Khan, who also received an honorable mention by the organization. She added, “I was introduced to the society in school when I was awarded a scholarship, so it was only fitting to give back. Since that time, I have served as president/treasurer for the Essex chapter, worked with the scholarship committee, participated in the Pay It Forward program, and also volunteered as vice president of finance for the local chamber of commerce. I am proud to be among this group of esteemed women who are making a name for themselves in the New Jersey accounting arena.”

Khan’s professional experience includes ten years in public accounting in the manufacturing, transportation, pharmaceutical and retail industries, while Kennedy-Ryu has more than two decades of experience in public accounting with a focus in banking and leasing.

The recipients were announced at the NJCPA Convention & Expo, held June 15 – 17, 2016 in Atlantic City, N.J., and names have been posted to the NJCPA website at njcpa.org/womenofnote. They will also be featured in the September/October issue of New Jersey CPA magazine.

On Sunday, April 3rd 11.5 million documents were leaked from the Panamanian law firm, Mossack Fonseca. With 2.6 terabytes of data included, this is the largest data leak the internet has ever seen. Events of the past, inclusive of the Wikileaks incident of 2010, pale in comparison to these documents which have been dubbed the “Panama Papers.”

What are the Panama Papers?

The Panama Papers are a series of documents which include offshore entities, financial records and correspondence stretching back 40 years to date. The 214,000 offshore entities across more than 200 countries were the main topic of interest, as these accounts are commonly used as tax havens for corruption. They found that most of the offshore accounts were used to hide income and transactions worth billions of dollars. Of course, this couldn’t have been done alone, as the law firm worked with more than 500 top banks, worldwide, through the process.

The Panama Tax Haven

Tax havens are countries or independent areas where taxes are levied at a low rate. More bluntly, this is how the rich and powerful hide their wealth. Panama, specifically, has passed laws in favor of corporate and individual financial secrecy. With no tax treaties and no exchange controls in place, Panama is allowed to prohibit financial institutions from releasing information about offshore accounts or account holders.

Who was named?

The documents included the names of 12 current and former world leaders and 128 politicians and public officials. Those accused included associates of Russian Leader, Vladimir Putin. They also mentioned the Prime Minister of Iceland, the President of Ukraine, the Prime Minister of Pakistan, Argentina’s President and a long list consisting of many more powerful leaders and public figures. Among them, the President of FIFA, Gianni Infantino, was found to have signed documents connected to these offshore accounts.

What are the consequences?

Aside from the negative reputation that those named in the papers may now possess, it is important to note that the papers do not necessarily document any illegal activity. Holding money with an offshore company is not against the law, but it could be used to mask tax evasion or money laundering. With every new leak, the secrecy of tax havens and these offshore accounts is starting to crumble, slowly breaking down the only thing they have to offer: secrecy.

New hire supports firm’s growth initiatives for Forensic and Litigation Support practice

(PRWEB) OCTOBER 28, 2015 – Smolin Lupin announced today that Alex Krasnomowitz, CPA, CVA, MBA, has joined the team as its newest member to support the firm’s strategy for continued growth in its Forensic and Litigation Support practice. Krasnomowitz brings with him 15 years of experience in public accounting, with a concentration in forensic accounting and litigation support.

“Alex has a wealth of forensic knowledge and experience with a reputation among the legal profession as one of the most liked and respected forensic accountants in our area,” said Henry Rinder, member of the firm and head of the Forensic and Litigation Support practice. “I am delighted to have him join the team,” he added.

“I’ve been tasked with the proactive assembly of a highly experienced team of professionals in order to propel the Forensic and Litigation Support practice forward,” said Krasnomowitz. He continued, “I look forward to continuing our growth as a company and differentiating our group through business critical offerings.”

Krasnomowitz specializes in business valuation, corporate investigations, forensic accounting, matrimonial litigation support, public trust matters and shareholder disputes—areas that encompass some of the most complex and financially impactful issues faced by organizations today. Prior to joining the firm, he served as partner in the Law Firm Services Group at Wiss.

Firm selected out of 500 as one of largest U.S. accounting firms.

Smolin Lupin was named one of the largest accounting firms in the nation on the IPA 200 by INSIDE Public Accounting.

“Ranking on the list for the 6th year in a row, we are proud to be considered among this elite group,” said Theodore J. Dudek, managing partner, Smolin Lupin. “The expertise provided by the Smolin team in helping business owners protect, grow and monetize their business interests, combined with our ability to remain agile in order to meet the diverse needs of our client base has contributed to the firm’s success,” he added.

“With more than 500 firms participating in the IPA annual Survey and Analysis of Firms this year, along with many CPA firm associations contributing to the search to identify the IPA 200, this prestigious group joins the IPA 100 as the definitive ranking of the nation’s largest public accounting firms,” said Kelly Platt, principal of The Platt Group, the publisher of IPA.

The IPA 200 averaged 5.4% top-line growth, and 4.7% growth in the bottom line. For the most recent fiscal year, IPA 200 firms range in size from $15 million to $32.4 million, and from 58 to 235 staff. These firms employ more than 11,600 staff across the nation. This is IPA’s 25th annual ranking of the largest accounting firms in the nation.

Smolin Lupin expects to stay on its current growth trajectory as they continue to explore acquisition opportunities in New York—positioning them to more directly cater to the financial services and technology markets.

Noorus Khan joins firm’s leadership team.

We’re proud to announce the appointment of Noorus Khan, licensed certified public accountant, as the firm’s newest member of their leadership team. With 10 years experience providing accounting, auditing, tax and ERISA audit services to the firm’s clients, Khan brings to this role an in-depth understanding of the pharmaceutical, transportation, manufacturing and wholesale industries—serving some of the firm’s longest standing clients.

Khan is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants (NJCPA). As president of the Essex County Chapter of the NJCPA, she is involved in the society’s student programs and scholarship committee. She is a scholarship recipient herself from the NJCPA and the Tax Executive Institute, and currently serves as vice president of finance and treasurer for the North Essex Chamber of Commerce. In August 2011, she was named one of New Jersey CPA Magazine’s “30 Most Influential CPAs Under 30.”

“We are pleased to welcome Noorus Khan as the newest member to the firm’s leadership team, effective July 1st,” said Ted Dudek, member of the firm. “In her 10-year tenure here at Smolin, Khan has proven her ability to support clients at the highest level, and has done so with professionalism and a personal attention that sets her apart. The energy she brings will serve as a valuable asset to the firm as we set our sights on continued success and growth,” he added.

Khan is a Magna Cum Laude graduate of William Paterson University of New Jersey with a B.S. in accounting and a concentration in finance. She practices out of Smolin’s Fairfield, N.J. office and resides in Pompton Lakes, N.J.