Author: Leah Spielman

Traveler standing on stone monument in desert

7 Common Business Leadership Styles

Have you had this situation in your organization? A highly skilled professional is promoted to a management or administrative level and begins to struggle with execution and deliverables. Responsible for a team as well as their own work, they stop operating like a sports car and stall out like a horse-pulled wagon in the mud.

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Is it a repair or an improvement? Maximize real estate assets

If your business completes minor repairs by year-end, you can deduct those costs on your tax return. But different tax rules apply to improvements. As opposed to repairs, improvements are capital expenditures that must be written off over time. Tax safe harbors How can you tell whether work on your building constitutes a repair or

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What is Strategic Tax Planning for Small Businesses?

As a small business owner, effectively managing your tax burden is crucial to your financial success. While preparing and filing tax returns is an unavoidable obligation, strategic tax planning helps ensure you don’t overpay on taxes while maintaining a strong financial position year-round. Just like having a solid business plan guides your operations, implementing a

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Accounting Jobs: Advisors Think Differently Than Technical Experts

Accounting managers, supervisors and partners need training to oversee a team and manage projects, but there is even more required when they serve clients. Unlike mastering technical procedures and processes, accountants who advance in their careers will be responsible for proactive advisory conversations with clients to support business growth and wealth preservation. There is training,

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Statue of Liberty

Planning for Net Investment Income Tax

The 3.8% net investment income tax (NIIT) is an additional tax that applies to some higher-income taxpayers on top of capital gains tax or ordinary income tax. Fortunately, there are strategies you can use to soften the blow of the NIIT. Are you subject to the NIIT? You’re potentially liable for the NIIT if your

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Nationwide Giving is Down: How Nonprofits Can Respond

Adapting to Shifting Giving Trends The recently released Giving USA report paints a concerning picture for the nonprofit sector, with total charitable giving in the U.S. declining by 3.4% in 2022. This drop comes on the heels of record-breaking pandemic-era generosity, leaving many nonprofits struggling to maintain critical services. However, this shift also presents an

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Young female professional accepting a promotion

12 Steps for Affordable Housing Accounting Promotions

Affordable housing accounting is more than just crunching numbers – it’s about providing homes, stability and opportunity to communities in need. This unique career path allows you to harmonize professional success with creating powerful social impact through programs like the low-income housing tax credit (LIHTC). As you gain years of experience, you’ll develop a heightened

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Educate Next Generation about Financial Management

Family owned or closely held businesses that survive into the next generation have one thing in common: good governance. Transitioning from first generation to second- or third-generation businesses is highly unlikely without succession planning and the involvement of younger family members and leaders. According to SCORE, almost 30 million businesses in the U.S. are majority

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City of San Francisco

What’s Next for Low-Income Housing Tax Credits?

In January 2024, the House passed a bipartisan tax bill that expanded the Low Income Housing Tax Credit. Called the “Tax Relief for American Families and Workers Act of 2024,” the bill restores a temporary 12.5% increase in the LIHTC and supports the use of private activity bonds to finance affordable housing developments. The bill

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Deduct Employee Bonuses in the Previous Tax Year

There is a tax rule that permits your business to deduct employee bonuses in the previous tax year if bonuses are paid within 2½ months after the end of that tax year. The business gets a needed tax deduction now and your employees don’t need to report the income until the following tax year. This

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sailboat in pending storm - Photo by Johannes Plenio:

Tips for Navigating a Financial Crisis

Whether your organization experiences cash flow issues, economic repercussions or fraud, there are steps you can take to navigate a potential financial crisis. A good first step is to contact your CPA. Your team should be available for you beyond an audit or tax filing. This article provides tips on planning and risk management to

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Maximize the General Business Credit, IRS Section 38

Tax credits are far more valuable to businesses than tax deductions because they reduce your business tax liability dollar for dollar. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC), found in Internal Revenue Service Code Section 38. To identify more tax-saving opportunities for your business this

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Rolled up bills.

Make Adjustments to 2024 Contributions and Tax Withholdings

As individuals earn more money through work or investments, they may need to adjust their tax withholdings or estimated tax payments based on their changing situation. Here are some tips for individual taxpayers to increase cash flow, retirement savings or donations to favorite causes as part of tax planning. 401(k) Plan Contribution Limits in 2024

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5 Small Business Tax Impact Reduction Ideas

It’s tax time again! With more certainty for corporate and passthrough entity taxation this year, here are five ideas to help you reduce business tax impacts. 1. Manage the Timing of Business Income and Deductions Evaluate whether you’ll be in the same or a lower federal income tax bracket in 2024. If you will be

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How Accounting Firm Cultures are Changing

Fridays off. No more 80-hour work weeks. Hybrid and remote positions, even for audit work. Artificial intelligence and automation. This is not your grandmother’s CPA and advisory firm. The public accounting industry used to be among the most prestigious careers, and it still is in many parts of the world. But long hours, advancing technology

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California Storm Victim Tax Relief Update – Another Postponed Tax Deadline

The Internal Revenue Service issued another announcement that postpones the tax filing and payment deadline for most California taxpayers to November 16, 2023. The postponement applies to 55 of California’s 58 counties – except for Lassen, Modoc and Shasta counties. The California Franchise Tax Board confirmed that most Californians have until November 16, 2023, to

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What are Public Accounting Specializations?

When you are building a public accounting career, it may seem that the only two choices for technical specialization are tax or audit. However, there are many ways that you can add skills, gain certifications and advance your career. You may notice that other public accountants carry different credentials behind their names besides, or in

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California Small Business Resources

After a short Internet search, it is easy to find a handful of sites dedicated to small business resources in California. To make it even easier, this article summarizes each site and what small business owners can find for financing and business planning support in California. California has relatively high taxes and a high cost

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Choosing the Best CPA Firm for You

Knowing what you want in a CPA firm goes a long way toward helping you make the decision as to which firm you’d like to work for. And it’s a hard decision to make. You want to find a position that comes with job security, provides you a living wage and works with your schedule

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Important Tax Figures for 2022

The Internal Revenue Service announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2021-45 provides details about these annual adjustments. The following table provides some important federal tax information for 2022, as compared with 2021. Some of the dollar amounts

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Close up of magnifying glass on rainbow colored background.

Close-Up on the Individual AMT

The Tax Cuts and Jobs Act (TCJA) made the individual alternative minimum tax more taxpayer friendly for 2018 through 2025. For those years, the odds of owing the alternative minimum tax (AMT) have been significantly reduced – and, if you still owe the AMT, you’ll probably owe less than under prior law. Are you at

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African american male in the back of a car working on his computer

Work-Life Balance When WFH

Virtual reality, IRL, working from home—what’s the difference? Should you look for a CPA job with the ability to work from home, or do you find yourself more focused when you’re in the office? Maybe you don’t know what you prefer yet. Here are the key elements of working from home vs. working in the

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Row of low income housing units.

IRS Extends Temporary Relief for Late-leased Units

Notice 2022-05 released by the Internal Revenue Service (IRS) on January 10, 2022 provided extensions to various compliance deadlines for low-income housing projects claiming credits under Internal Revenue Code (IRC) Section 42. Prior to the release of Notice 2022-05, the IRS had provided temporary relief in its Notice 2021-12. However, due to the ongoing COVID-19

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IRS Notice 2022-05 Extends Compliance Deadlines for LIHTC Projects

In response to the ongoing COVID-19 pandemic, the IRS has issued Notice 2022-05 on January 10, 2022 to extend temporary relief from certain requirements under the Internal Revenue Code (IRC) Section 42 for qualified low-income housing projects.  For relief that was provided before this recent IRS notice, please refer to our 1/25/21 blog “IRS Notice

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Family sitting on the floor of new apartment with moving boxes around them.

IRS Guidance On Minimum 4% LIHTC Rate

On December 1, 2021, the Internal Revenue Service (IRS) issued guidance on the minimum 4% low-income housing tax credit (LIHTC) rate. Revenue Ruling (Rev Rul) 2021-20 clarifies when the 4% floor applies to projects receiving housing credit allocations or tax-exempt bonds. Revenue Procedure (Rev Proc) 2021-43 provides safe harbors for determining whether an exempt bond

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PPP Update: Timing and Tax Effects of PPP Loan Forgiveness

On November 18, 2021, the Internal Revenue Service (IRS) issued a series of three revenue procedures (Rev Proc) to address various tax issues relating to PPP loan forgiveness.   Rev Proc 2021-48 addresses the timing of receipt of PPP forgiveness tax-exempt income. Taxpayers may treat amounts that are excluded from gross income (i.e., tax-exempt income) as

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Internship Etiquette for Your Accounting Career

Congratulations, you have landed that all important career-starter: an internship at a CPA firm! Being selected over others means that the firm sees some potential in you. Now your task is to learn as much as you can in this real-time test of skills, attitude and fortitude. How can you make the most of this

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Don’t Skip the Soft Skills

Soft skills, sometimes referred to as interpersonal communications skills, relate to how well a person interacts with others. Up to now, the majority of your professional educational efforts have probably been razor-focused on hard skill, fact-based learning.  For certain, mad-fast calculator skills and the ability to craft the perfect pivot table are awesome technical feats.

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Graduate holding a diploma

Do You Need a Master’s in Taxation Degree?

Talk to people who have, or had, your desired position. An advanced degree may not, in fact, be required to get to where they are. After all, professional experience and connections matter as much or more than any degree.  That being said, many who have a master’s in taxation (MST) find that it accelerates their

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