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
Ever since the Tax Cuts and Jobs Act of 2017 (TCJA) basically doubled the standard deduction amounts for many individual taxpayers, more households are opting for the standard deduction. For this year, the standard deduction allowances are: $12,950 for single people and married individuals filing separate returns, $19,400 for people who use head-of-household filing status,
The $740 billion Inflation Reduction Act signed into federal law in August 2022 contains many tax breaks while raising revenue through a new minimum tax on large, profitable corporations and an excise tax on stock buybacks. It is intended to reduce the U.S. deficit by about $300 billion. Other revenue would come from stricter enforcement
An internship is like trying before you buy. It is probably why many professions encourage students to take internships before they graduate. The realities of day-to-day work experiences may reinforce your career decision or cause you to change majors. With that in mind, how can you make your internship a great one? Look for these
We get it. Looking for a job is not easy, especially if you want to find something with a stable outlook. You also want to see yourself working there long-term. Wouldn’t it be great if you could find your dream job and achieve the self-actualization that comes with attaining a fulfilling career? Consider where you
We frequently get questions from affordable housing managers regarding the reconciliation of intercompany accounts and confirmation of balances between business units. Intercompany transactions are not unusual for developers with multiple properties, but they can result in misstatements on the balance sheet without proper internal controls. During the planning phase of an audit, we often identify
For older multi-family housing properties that need rehabilitation beyond what is possible with replacement reserves, developers will seek outside investors interested in tax credits. Introducing Resyndication New private equity players are assembling funds to support these projects and preserve affordable housing, but the project must be large enough to make it worth their investment. Resyndication
There are plenty of opportunities for accounting career development here at LvHJ. When you’re in a rut or you feel like you’ve been doing the same thing for far too long, you can always make a change for the better. It all starts from within. Whether you are a seasoned professional or an intern just
Developers in underserved communities will have access to federal passthrough state grants to lower installation costs of broadband internet in new developments and existing multi-family properties. The grants will help finance delivery of free Wi-Fi access to residents. Part of the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA), the Broadband Equity, Access, and Deployment Program
For many not-for-profits, federal funding is vital for sustaining programming and operations. However, the funding could carry requirements for compliance and financial reporting. For example, if a not-for-profit entity expends $750,000 or more in federal funds in its fiscal year, this will trigger the requirement for a single audit under the Uniform Guidance for testing
Over the coming months, the U.S. Department of the Treasury (Treasury) is conducting webinars and briefings with states, local governments and nonprofit and private sector entities to discuss how State and Local Fiscal Recovery Funds (SLFRF) can be used to expand affordable housing supply. They have also published a how-to guide. New guidance clarifies how
Here in California, our style is all about comfort, soft neutrals, natural materials and bringing the outdoors inside. The same is true for cool office spaces. Whether you are a public accountant in California or working remotely in another state, you might be wondering how to change up your office space. Does your work area
Experienced accounting professionals seeking a career opportunity in the San Francisco Bay area are wondering: in this era of hybrid interviews, what do I wear in-person vs. on camera? Should you dress differently when interviewing remotely? Here are our tips for dressing professionally and excluding distractions when interviewing in-person and remotely to help land you
Although changing audit firms can seem difficult, California’s regional centers must do it every five years. California’s legislature enacted the Welfare and Institutions Code (“WIC” section 4639), in 2011, which states that regional centers shall not use the same accounting firm more than five times in every 10-year period. After management publishes their request for
Your resume is your go or no-go qualifier for any job you apply for. Of course, there are others tests to pass once you submit your resume, but the first gate you will need to pass is the resume test. As a prospective candidate, you want to know what you should include on your resume
Board members have a fiduciary duty as stewards of public trust to act in the best interests of the organization that they serve. They lay aside personal interests to focus on ethical oversight of the organization’s mission accomplishments, results of operations and financial position. Nonprofit board members may monitor support and other funding to ensure
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 important to review during an audit because: Lenders, lessors,
The California Tax Credit Allocation Committee (CTCAC) has published updated versions of almost all forms for low-income housing tax credit (LIHTC) compliance. Owners and management agents have through December 31, 2022 to implement use of the new forms. The CTCAC will not accept use of modified or previously approved forms — or modifications or changes
There are many benefits to joining an association. When you work for LvHJ, you are also encouraged to become a member of any number of nonprofit associations to help grow your career which allows you to give back to the community at the same time. Since we are Professionals for Good, we are always looking
Accountants have to present information all the time, and they need to do it with confidence to represent the firm well. This is best exemplified through public speaking as a means of delivering information concisely and informatively. This also shows authority in your delivery. You need good speaking skills to: Be credible in front of
Some significant tax breaks may be available to smaller and medium-sized businesses that aren’t available to larger enterprises. Here are three examples you should consider when filing your taxes for 2021 and planning for 2022. 1. QBI Deduction The qualified business income (QBI) deduction was a centerpiece of the Tax Cuts and Jobs Act (TCJA).
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