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TRACING THE MONEY TRAIL: How Hidden Transactions Can Shape a Case 750 750 Noelle Merwin

TRACING THE MONEY TRAIL: How Hidden Transactions Can Shape a Case

Welcome to the first edition of Follow the Money—my new monthly series on the real world of forensic accounting. After years spent sifting through ledgers, bank statements, and the occasional financial garbage bag disguised as bookkeeping, I’ve come to appreciate just how much finding a single transaction or small series of transactions can change the…

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Smolin Relocates Spring Lake Heights Office to Expanded Red Bank Location 266 266 Noelle Merwin

Smolin Relocates Spring Lake Heights Office to Expanded Red Bank Location

Smolin, Lupin & Co., LLC is pleased to announce the relocation of its Spring Lake Heights office to the firm’s newly expanded Red Bank location, a strategic move designed to support continued growth and enhance client service. Effective February 1, the Spring Lake Heights team has officially joined the Red Bank office, now located on…

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New Trump Accounts – What You Need to Know 266 266 Noelle Merwin

New Trump Accounts – What You Need to Know

Included in the One Big Beautiful Bill (OBBB) signed into law July 4, 2025 was the creation of a tax-advantaged savings account for children called “Trump accounts”. A Trump account is treated like an IRA with the following stipulations: Must be created for the exclusive benefit of an individual who has not reached age 18…

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When medical expenses are — and aren’t — tax deductible 266 266 Lindsay Yeager

When medical expenses are — and aren’t — tax deductible

If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make it hard to claim the medical expense deduction. At the same time, more types of expenses may be eligible than you might expect. Limits on the…

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How auditors evaluate accounting estimates 266 266 Lindsay Yeager

How auditors evaluate accounting estimates

Financial statements aren’t built solely on fixed numbers and historical facts. Many reported amounts rely on accounting estimates — management’s best judgments about uncertain future outcomes. Estimates are inherently subjective and can significantly affect reported results. How do external auditors evaluate whether amounts reported on financial statements seem reasonable? Understanding Management’s Assumptions and Data External…

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Tax Filing FAQs for Individuals 266 266 Lindsay Yeager

Tax Filing FAQs for Individuals

The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and processing 2024 tax year returns last year, despite IRS staffing having been significantly reduced since then. Here are answers to some FAQs about filing. When is…

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Checking off RMDs on the year-end to-do list 266 266 Lindsay Yeager

Checking off RMDs on the year-end to-do list

You likely have many tasks to manage in the coming weeks. For older taxpayers with one or more tax‑advantaged retirement accounts — as well as younger taxpayers who have inherited such an account, there’s one more important item to keep in mind: taking required minimum distributions (RMDs). Why is it important to take RMDs on…

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New law eases the limitation on business interest expense deductions for 2025 and beyond 266 266 Lindsay Yeager

New law eases the limitation on business interest expense deductions for 2025 and beyond

Interest paid or accrued by a business is generally deductible for federal tax purposes. But limitations apply. Now some changes under the One Big Beautiful Bill Act (OBBBA) will result in larger deductions for affected taxpayers. Limitation Basics The deduction for business interest expense for a particular tax year is generally limited to 30% of…

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Using the Audit Management Letter as a Strategic Tool 266 266 Lindsay Yeager

Using the Audit Management Letter as a Strategic Tool

Calendar-year entities that issue audited financial statements may be gearing up for the start of audit fieldwork — closing their books, preparing schedules and coordinating with external auditors. But there’s one valuable audit deliverable that often gets overlooked: the management letter (sometimes called the “internal control letter” or “letter of recommendations”). For many privately held…

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Six last-minute tax tips for businesses 266 266 Lindsay Yeager

Six last-minute tax tips for businesses

Year-round tax planning generally produces the best results, but there are some steps you can still take in December to lower your 2025 taxes. Here are six to consider: 1. Postpone invoicing. If your business uses the cash method of accounting and it would benefit from deferring income to next year, wait until early 2026…

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Hiring a bookkeeper for your small business 266 266 Lindsay Yeager

Hiring a bookkeeper for your small business

Choosing the right bookkeeper is one of the most important staffing decisions your business will make. A skilled bookkeeper maintains accurate financial records, manages cash flow, and ensures compliance with accounting and tax requirements. But finding the right person can be challenging, especially in today’s competitive job market. Whether you’re replacing a long-time team member…

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Pairing a living trust with a pour-over will, can help cover all your assets. 266 266 Lindsay Yeager

Pairing a living trust with a pour-over will, can help cover all your assets.

Why a Living Trust Needs the Support of a Pour-Over Will  A living trust is one of the most versatile estate planning tools available. It offers a streamlined way to manage and transfer assets while maintaining privacy and control. Unlike a traditional will, a living trust allows your assets to pass directly to your beneficiaries…

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