Among the top concerns of nonprofit boards is how to maintain resiliency through economic pressures. As an auditor, accounting or tax professional preparing a presentation for a nonprofit board, it is important to discuss financial narratives through the wider lens of resiliency. If the nonprofit is part of a highly regulated industry, this is another
As an accounting professional, you know that your skills and experience are valuable. But when it comes to negotiating your salary, it can be tough to know where to start. Do you ask for too much and risk losing the job or the promotion? Or do you ask for too little and leave money on
With the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, 501(c)3 non-profit organizations and 501(c)19 veterans’ organizations with 500 or fewer employees (or that meet SBA size industry standards) were able to apply for emergency relief. Part of that relief came in the form of potentially forgivable loans through the U.S. Small
Lindquist, von Husen & Joyce LLP (LvHJ) is pleased to announce that Kyle Ganley, CPA, MST has accepted the role of Principal, Tax effective June 2023. Kyle brings to LvHJ more than 20 years of experience in real estate development, high-net-worth tax advisory, nonprofit organizations and construction. As Principal, Kyle will help oversee various tax
Written by Crisanto Francisco. Previously published in Accounting Today The accounting industry is offering evidence and opinions on why remote audits are here to stay. As an audit partner in California, I have seen first-hand that securely transferred documents can allow audit teams to successfully perform audits remotely. Videoconferencing technology can also handle remote audit
Written by Joe Li. Previously published in Multi-Housing News Surplus cash calculation and distribution is one of the most interesting parts of the financial statements of affordable housing entities. It determines the amount of residual cash available to make fees, distributions, ground leasing and deferred loan payments. Surplus cash distribution and the calculation itself are
Attention California Storm Victims If you received an IRS CP14 notice in the mail, please disregard any information pertaining to balances due within 21 days. Tax payments are not due until October 16 for qualifying California storm victims per the federal and states disaster relief provisions. The IRS acknowledges the error and sent this follow-up
Public accountants play a crucial role in maintaining the integrity and trustworthiness of their clients’ financial reporting. However, they often face ethical dilemmas when confronted with conflicting interests or client requests that could compromise their professional integrity. Here are some ethical areas to bear in mind for your accounting career and why they are important
Nonprofits have multiple stakeholders with varying needs and preferences for communication. Board members need consistent communication to focus on strategy and fiscal stewardship. Donors or members want updates on programming and activities, getting a sense that their investment in the organization is worthwhile. In some cases, there are also public and government stakeholders that
When considering all the career options out there, accounting jobs can sometimes seem like they are all about managing money or helping the wealthy get wealthier. However, accounting is also about maintaining healthy balance sheets to support jobs as well as sustain funding for society’s most challenging social issues. In addition, proper accounting and
As an Equal Opportunity Employer, you may find that your generosity has its rewards. Both taxable and certain tax-exempt employers in the U.S. and certain territories can now take advantage of a new credit. If you need to hire, be aware of a valuable tax credit for employers hiring individuals from one or more targeted
Developers are seeking new financing methods to rehab and build affordable housing across the U.S. Combinations of public and private financing include traditional federal and state programs paired with venture capital, REITs and also private corporations that want to support and preserve affordable workforce housing in their markets. Affordable housing is comparably recession resistant. This
The accounting industry is experiencing advancements in digital automation and AI tools. These technologies are applied to increase efficiency, support proactive advisory guidance and improve data security. As you explore your career in accounting or the next stage of your accounting management opportunities, these technologies are already redefining and adapting job descriptions. The future for
Some sellers miss the important step of conducting research and talking with their CPA before going through with the sale. If you’re thinking about selling your home, it’s important to determine whether you qualify for the home sale gain exclusion. The exclusion is one of the most generous tax breaks in the tax code, so
You may have had a “good” audit, but there is always room for improvement. Use what you’ve learned to your advantage by making improvements in your processes and controls throughout the year. When in doubt, ask your audit team! 1. Don’t wait Don’t wait until your next audit for audit planning. Reach out to your
When it comes to choosing a job, many people focus on the salary offered. But money isn’t everything! While salary is important, it’s not the only factor to consider. Understanding the total compensation package is crucial in making an informed decision about a job offer. This is especially true for tax accountant jobs and CPA
On February 24, 2023, the Internal Revenue Service announced that disaster areas in California (and parts of Alabama and Georgia) now have until October 16, 2023, to file various federal individual and business tax returns and make tax payments. Previously, the deadline had been postponed to May 15 for these areas. Please see our February
To withdraw money from your IRA tax-free, there are a few rules taxpayers must follow, including the widely misunderstood “five-year rule.” This article explains the ins and outs of this rule. 3 types of withdrawals To understand the five-year rule, you first need to understand the three types of funds that may be withdrawn from
There are many ways that not-for-profit organizations can finance their mission. Some of the following vehicles are very common: SBA loans and grants Nonprofit loan funds and grants Community development financing Bank or credit union loans and lines of credit Donor development and crowdfunding Donations and grants are the first line of defense in an
It’s easy to get bogged down in your work and get stuck in a routine that does not include self-care and wellness. You may find yourself thinking about work when you’re not at work, leading to stress, bad eating habits or insomnia. External life pressures add to the mental burden. Can I afford the car
The Internal Revenue Service issued another announcement that updates and expands the relief period for California storm victims to file their tax returns and to make tax payments. Please see our previous article for more information! View Article The relief period now applies to filing deadlines and tax payments that fall on or after December
Did you know that you could help your family save money on their federal estate tax bill by asking your executor to choose an alternative valuation date? An alternate valuation date can reduce estate tax liability If you have money invested in the stock market, you’re well aware of potential volatility. Needless to say, this
You know it’s important to make a good impression through your resume and in the interview process, right? But did you know that you must also impress employers throughout your email correspondence? To develop your career, you need to master the art of correspondence. Here are email tips about professional etiquette and 5 things you
Congress’ recent spending package offers an increased $4.5 billion to HUD for fiscal year 2023, including a “Yes in My Backyard” (YIMBY) grant program and increased funding for several existing programs. This news may or may not ease concerns among developers about significant project cost increases and funding gaps. A recent article in Affordable Housing
On January 10, 2023 (and updated on January 11, 2023) the Internal Revenue Service announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns, and make tax payments. On January 13, 2023, California announced conformity to the IRS extended May 15 filing and payment deadlines
As tax experts in California, we’ve seen different situations where clients decide not to claim bonus depreciation, and in many situations, they do claim it. Which will you choose? At LvHJ, we are here as your advisors, and our goal is to point you in the right direction. Many companies are eligible for tax write-offs
The Inflation Reduction Act (IRA) signed into law by President Biden on August 16, 2022, included an expansion of existing tax credits to promote clean energy generation. One of the credits impacted by the IRA is the business energy credit for solar property under Internal Revenue Code (IRC) Section 48(a)(3)(A)(i). The changes to the IRC
Social media is changing all the time, and using it well is important for your career. Why? Employers and clients will review social media channels to learn about you. This can happen before job interviews or an engagement. Your social profiles should be professional, but also interesting to a potential employer or a new client.
We are seeing fewer unfavorable tax law changes for 2022 related to non-corporate small businesses. In fact, there are several favorable opportunities under the Tax Cuts and Jobs Act of 2017 (TCJA), the CARES Act and the Inflation Reduction Act (IRA) that you should discuss with your tax advisor. Note: With an additional $80 billion
Because inflation is high, many IRS inflation adjustments for 2023 will change more than they have in recent years. In the IRS Revenue Procedure 2022-38, it details these amounts. The following chart shows how these adjustments compare to amounts for 2022. Refer to these changes for your individual tax planning. In addition, the Social
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