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What to Wear to the Interview (Including Remote Options)

July 12, 2022   |   Posted in: Professional Development

Ethnic woman dressed in appropriate interview attire, smiling as she sits in front of her laptop.

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 the job of your dreams.  What Your Outfit Says About You When you’re ... more

Prepare for Your Regional Center’s New Audit Team

June 21, 2022   |   Posted in: Not For Profit

A pink calendar showing April, a calculator, pencil and pink paper with the words tax planning stamped onto it.

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 proposal for a new audit firm, consider the following factors when selecting ... more

Wondering what to include on your resume?

June 13, 2022   |   Posted in: Affordable Housing, Professional Development

Computer keyboard with the words "apply now" written on the enter key.

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 to get a good accounting job or internship. Do you need to write a cover letter? How many pages should the resume be? Should it be a PDF or Word doc? Set your ... more

3 Tips to Help Your Board Members Succeed

May 26, 2022   |   Posted in: Affordable Housing, Not For Profit

A board room full of happy people

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 that it is used in accordance with the nonprofit’s mission. They are concerned that the ... more

Due for an Audit? Identify Issues Sooner Not Later

May 20, 2022   |   Posted in: Affordable Housing, Business Advisory Services

Small Business Woman Making a Purchase

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, sponsors and investors eligible to receive surplus cash ... more

Update Your CTCAC Compliance Forms

May 20, 2022   |   Posted in: Affordable Housing, Timely News

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 to the new forms. Effective January 1, 2023, use of any outdated or modified versions of ... more

6 Ways Giving Back to the Community Can Enhance Your Life

May 11, 2022   |   Posted in: Professional Development

A group of coworkers putting their hands all together in a circle.

  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 for opportunities to help make the world a better place. Here is how giving back to the community, especially nonprofit associations in ... more

How Public Speaking Can Advance Your Accounting Career

April 14, 2022   |   Posted in: Professional Development

A caucasian man sitting on a stool onstage holding a microphone.

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 colleagues Be credible in front of clients Build your reputation in accounting 1. Credibility in ... more

Take Advantage of Tax Breaks for Small Businesses

April 05, 2022   |   Posted in: Tax Laws

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). For 2018 through 2025, the QBI deduction is available to eligible individuals, trusts and estates. But ... more

Choosing the Best CPA Firm for You

March 21, 2022   |   Posted in: Professional Development

Four hands of differing ethnicities grabbing each other's wrists to form a square.

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 and work-life balance needs. Ideally, you’re looking for an environment where you feel comfortable working there to build your career, a firm that you can stake your ... more

Important Tax Figures for 2022

February 17, 2022   |   Posted in: Charitable Giving, Individual Tax, Tax Laws

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 are unchanged and some changed only slightly due to inflation. * ... more

Close-Up on the Individual AMT

February 17, 2022   |   Posted in: Individual Tax

Close up of magnifying glass on rainbow colored background.

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 risk for this dreaded tax? Various factors make it difficult to pinpoint exactly who will be hit by the AMT. Here's a summary of ... more

Work-Life Balance When WFH

February 17, 2022   |   Posted in: Uncategorized

Black man in the back of a car working on his computer

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 office as well as tips on work-life balance when you’re WFH. How Does Working from Home… Work? If you’re thinking about working from home, but you ... more

IRS Extends Temporary Relief for Late-leased Units

January 27, 2022   |   Posted in: Affordable Housing, Tax Laws, Timely News

Row of low income housing 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 pandemic, the IRS in its Notice 2022-05 is now extending the period for some of the ... more

IRS Notice 2022-05 Extends Compliance Deadlines for LIHTC Projects

January 27, 2022   |   Posted in: Tax Laws, Timely News

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 2021-12 Provides LIHTC Relief and Extends Deadlines.” The IRS Notice 2022-05 is now extending ... more

How to Streamline Work Processes for Early Career Professionals

December 16, 2021   |   Posted in: Professional Development

Woman holding a cup of coffee sitting at computer

  What if there were easy solutions to make your work day lighter or more balanced? Chances are, there are streamlined processes to help you do that! Here are a few tips to streamline a business process or task in front of you.  1. Identify the end goal. Begin by identifying your goal. Interns and audit associates have many tasks to tackle throughout the week, so it helps to pick one goal to focus on at the start of your day.  For ... more

IRS Guidance On Minimum 4% LIHTC Rate

December 15, 2021   |   Posted in: Affordable Housing, Tax Laws, Timely News

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

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 that is issued after December 31, 2020, or an allocation of a housing credit ... more

PPP Update: Timing and Tax Effects of PPP Loan Forgiveness

December 15, 2021   |   Posted in: Tax Laws, Timely News

US Flag with roll of bills on top of it.

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 received or accrued: 1. as eligible expenses associated with the PPP loan are paid or ... more

Internship Etiquette for Your Accounting Career

November 17, 2021   |   Posted in: Professional Development

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 opportunity? Show enthusiasm for your accounting career. From an employer’s perspective, a positive attitude is one of the most important ... more

Don’t Skip the Soft Skills

October 18, 2021   |   Posted in: Professional Development

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. However, employers want more than someone who has memorized the ... more

Do You Need a Master’s in Taxation Degree?

September 17, 2021   |   Posted in: Professional Development

Graduate holding a diploma

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 career because it gave them access to new networks and skills. State and federal tax codes and regulations are complex; learning them ... more

PPP Update: SBA Drops PPP Loan Necessity Questionnaire

July 25, 2021   |   Posted in: Tax Laws, Timely News

After numerous trade organizations challenged the legality of the U.S. Small Business Administration’s Paycheck Protection Program (PPP) Loan Necessity Questionnaires, the SBA announced this month that it is dropping the requirement for loan necessity review for PPP loans of $2 million or larger. The questionnaires were an additional step to collect supplemental information to evaluate borrowers’ good-faith certifications on PPP loan ... more

5 Ideas to Start Your Remote Job the Right Way

July 16, 2021   |   Posted in: Professional Development

Man working from home participating in a Zoom call.

Between co-workers, managers, projects and a different culture from your previous workplace, the transition to a new job can be difficult—even in the best of times. For employees who start a new job remotely, it can be a daunting task to get up to speed on processes, expectations and collaboration. By communicating and proactively showing interest, you can help streamline the onboarding process and team development in your new role. Try these ... more

IRS Guidance to Change Depreciation Method for RPTOB

July 09, 2021   |   Posted in: Tax Laws

Modern apartment complex.

On June 17, 2021, the IRS released Revenue Procedure 2021-28 and Revenue Procedure 2021-29 that provide guidance for an electing Real Property Trade or Business (RPTOB) to conform to the use of a depreciation recovery period of 30 years under the Alternative Depreciation System (ADS) for residential rental property placed in service before January 1, 2018. As mentioned in our earlier blog, Consolidated Appropriations Act Changes the ADS ... more

Overcome New Job Nerves

June 17, 2021   |   Posted in: Professional Development

Starting a new job is a big life change! It’s an exciting time in your life, but it can leave you feeling nervous and uncertain about what’s to come. This feeling of nervousness is normal when starting a new job—we’ve all experienced it. It can feel challenging, or maybe even overwhelming to face a new job when you’re feeling anxious. In this article we talk through ways to calm your nerves before starting a new position, and tips to begin your ... more

Turn Stress into Productivity

May 14, 2021   |   Posted in: Professional Development

As we go through life, stressful situations happen. Starting a new job is one of the most stressful situations we will face, but there are ways to turn that stress or anxiety into productivity. Use these tips to turn this or any stressful situation into a positive one.   Find Balance There is a lot of change that comes with a new job. Suddenly you’re learning how to communicate with new coworkers and a new boss, navigating a new commute, ... more

PPP Update: Deductibility of Eligible Expenses on California Returns

May 05, 2021   |   Posted in: Tax Laws, Timely News

California Governor Gavin Newsom signed Assembly Bill 80 (AB 80) on April 29, 2021 to allow certain businesses to deduct their eligible expenses that were paid with forgiven Paycheck Protection Program (PPP) loans. Prior to this new legislation, California did not allow a tax deduction of eligible expenses paid with forgiven PPP loan funds. California did not conform to the federal law that was enacted on December 27, 2020 as part of the ... more

Modern Workplace Etiquette

April 15, 2021   |   Posted in: Professional Development

Modern Workplace Etiquette

Workplaces are becoming casual and employers are eager to showcase their relaxed culture with new or potential hires. Offices have ditched professional attire to allow employees to wear casual clothing all week long, not just on specific days of the week. Leadership teams are also becoming more accepting of varying work schedules, allowing employees to create a personal and work-life balance.   This flexibility leads to a casual work environment ... more

IRS Extends 2020 Individual Federal Return Filing Due Date

March 19, 2021   |   Posted in: Individual Tax

On March 17, 2021, the IRS announced that the federal individual income tax filing due date for 2020 returns will be automatically extended from April 15, 2021 to May 17, 2021. Formal IRS guidance will be issued shortly. The extended due date also applies to the tax payment due with the individual return. No interest or penalties will accrue for tax payments that were due on April 15, 2021 if they were paid by May 17, 2021. However, any required ... more

How to Use LinkedIn Effectively

March 15, 2021   |   Posted in: Professional Development

When was the last time you updated your LinkedIn profile? It’s important to regularly update your profile and check-in with your followers, not just when you’re looking for a job. An up-to-date profile is a reflection of who you are and the organization you work for, and can also be used as an effective business development tool. Optimize your LinkedIn profile by making sure it’s up-to-date, by connecting with others in your industry and engaging ... more

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  • What to Wear to the Interview (Including Remote Options)
  • Prepare for Your Regional Center’s New Audit Team
  • Wondering what to include on your resume?
  • 3 Tips to Help Your Board Members Succeed
  • Due for an Audit? Identify Issues Sooner Not Later

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