Category: Business Advisory Services

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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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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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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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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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More Solutions for Affordable Housing Financing

With national housing at a crisis level, underproducing millions of units annually, public and private partnerships are getting more creative about how to solve this puzzle across the country. Traditional sources of government funding are limited, traditional lending is expensive and institutional investors are pulling back from housing investment. Now, developers and new funders are

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Say Yes to Remote Audits, No to Remote Auditors

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

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After the Audit: How to Assess Improvements

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

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Due for an Audit? Identify Issues Sooner Not Later

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,

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Employers: Register for the CalSavers Retirement Program

The California State Treasurer’s office has begun sending email reminders to California employers to register for the CalSavers Retirement Savings Program (CalSavers). CalSavers was passed into law in 2016.  California employers with five or more employees, and at least one of whom is age 18 or over, are required by state law to participate in

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Webinar Round-Up: PPPFA Forgivable Loan Accounting

Partners S. Scott Seamands and Stanley Woo hosted our quarterly virtual affordable housing roundtable, along with our client Mutual Housing of California. We have hosted these quarterly roundtables since the early 1990’s but in the current environment the roundtables have become virtual meetings. This quarter we outlined the issues related to obtaining loan forgiveness and

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SBA Provides New Safe Harbor for PPP Loans, Extended Repayment Date

Ever since the Coronavirus Aid, Relief and Economic Security (CARES) Act introduced the Paycheck Protection Program (PPP) in late March 2020, the U.S. Small Business Administration (SBA) continues to release piecemeal guidance to the public.  One major concern for the borrowers is whether they had met the requirement that the loan was necessary, as borrowers

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CARES Act Key Tax Provisions for Individuals and Businesses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020.  The CARES Act is a $2 trillion relief package aimed at providing relief to the American economy in combating the effects of the coronavirus pandemic.  While the CARES Act is not a tax relief measure, it does include

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12 Days of Business Planning Before December 31

Before we know it, the new year will arrive. Rather than make resolutions, use the last few days of the year to take action on tax opportunities and business planning — bringing real benefits and results for your business.  Just to make it fun, we have come up with 12 days of year-end planning for

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Tax Reform Impact for Closely-held Businesses

When the 2017 Tax Cuts and Jobs Act (TCJA) went into effect, there were a lot of benefits for businesses and individuals in the area of corporate and personal taxes. Many new deductions were created for S-Corps and owners of pass-through entities. Along with the benefits, there is still a layer of complexity to the

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Tax Reform Updates 12/22/2017

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a

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Tax Reform Updates

It seems we may be closer to revised tax law for the 2017 tax year. At this rate, floor votes may still happen prior to the holiday break. But rest assured that legislators will pore over the published tax bill before a vote. Proposed Changes The House & Senate Republican Conference Committee have agreed in

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Financial Literacy Programs Support Employee Retention

Financial Literacy Programs Support Employee Retention

Studies coming out this year about Americans’ financial literacy and savings rates show that employers could do a lot to improve the financial wellness of their employees — at minimal cost.  A survey of 1,000 adults this year by showed that 31 percent of people now have emergency funds to cover six months or

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