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
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
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 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
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
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
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
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
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
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
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
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 Bankrate.com showed that 31 percent of people now have emergency funds to cover six months or
Mailing Address:
301 Howard St, Suite 850
San Francisco, CA 94105
Phone: 415.957.9999
Fax: 415.957.1629
Email: info@lvhj.com
