Articles

Why do people fall behind on taxes?

In 2022 alone, Americans owed over $120 billion in back taxes, penalties, and interest, according to the IRS. Here’s why: LEARN MORE

What are Estimated Taxes?

Let’s explore the concept of estimated taxes, their importance, how they relate to your tax returns, and the IRS requirements. LEARN MORE

HENRY; High earner, not rich yet

Let’s explore where you stand in this financial spectrum and the small changes that can make a big difference in your financial goals. LEARN MORE

Is it a bad idea to have a family member be your accountant?

People grapple with the decision about whether to bring on a family member to act as their accountant… LEARN MORE

CA’s section 121 exclusion explained

The basics of Section 121 Exclusions, ownership and use test, exclusions and exemptions… LEARN MORE

California’s October 16th, 2023 tax deadline

For California residents in FEMA declared disaster counties both the federal and state governments extended the filing date for taxes to October 16, 2023. Which is fast approaching… LEARN MORE

How car dealers are making the switch from gas to electric vehicles

How car dealers can become the center of the electric vehicle community… LEARN MORE

Why wealthy people continue to work

How do these high-net-worth individuals manage to reach the point in their lives when they can sit back and say, “I don’t need any more money”? LEARN MORE

Finding your path from millionaire to multi-millionaire

Don’t be content with just accepting current circumstances. Our pro-active approach is designed to develop your overall financial goals. LEARN MORE

When is the best time to sell a house for you tax situation?

When planning to sell your home, the best time of the year is based on a number of factors, including tax liability. LEARN MORE

Should your accountant be in the same age group as you?

The age of your accountant isn’t the only factor to consider…LEARN MORE

The best time of year to get a new accountant is…

If you’re looking for a new accountant, when is the best time of the year to start your search? LEARN MORE

Manufacturing and supply chain issues during the pandemic coupled with concerns about the post-pandemic economy plus a possible recession have forced many independent car dealerships to close their doors. LEARN MORE

Business travel expense deduction rules

The IRS scrutinizes travel expenses carefully for potential abuses, and no one wants to find themselves on the other end of a tax audit…LEARN MORE

DIY tax software nightmares

Most tax software has hidden or additional fees and lacks an actual person to answer when you call. What else can go wrong… LEARN MORE

Profit-killing car dealership practices

If the financial department isn’t being managed efficiently, this could end up having a negative impact on dealership profits – in other words, you’re losing money. LEARN MORE

The benefits of setting up a retirement plan for your small business

Why are 401(k) retirement plans so popular for small businesses and their employees? LEARN MORE

Should you get a second opinion on your taxes?

Having another “set of eyes” reviewing your return may result in an increase in your tax refund or a decrease in how much you owe the IRS. LEARN MORE

How to make sure your business survives a recession

Recessions can create uncertain times for businesses, especially small businesses, but surprisingly, they can also provide opportunities for growth and success. LEARN MORE

How technology can simplify complex tax scenarios

Tax professionals need to keep abreast of the ever-changing technologies as they relate to managing the taxes of their business clients…LEARN MORE

How to handle unexpected tax bills

Millions of American file their taxes every year, expecting to get a refund. Instead they receive an surprising tax bill from the IRS. LEARN MORE

Tax Day, 2023

Tax day customarily falls on April 15. But in 2023 that date falls on a Saturday and the following Monday is Emancipation Day… LEARN MORE

What percentage can you donate?

Your charitable donation must be made to a qualified organization and the amount of your deduction is subject to specific limits…LEARN MORE

How “Giving Tuesday” turned into “Tax Write-off Tuesday”

Each year brings a variety of tax-smart giving strategies for donating to worthy causes. LEARN MORE

Did you miss the S Corp tax deadline?

What should you do if you miss the filing deadline to avoid steep penalties and fines?.LEARN MORE

How to hire an accountant that is perfect for your business

Why have a CPA firm instead of an in-house accountant take care of all your accounting needs and how to choose the perfect one for you and your business. LEARN MORE

How to handle your salary increase

At first glance, a raise might seem like extra income. But, because of taxes and retirement contributions, your take-home pay might be much smaller than you expected. LEARN MORE

Understanding seasonality for your business

Forecasting your sales goals around seasonality will also help you prepare for a peak season and survive any sudden events. LEARN MORE

Money mistakes that entrepreneurs make

Entrepreneurs can easily make mistakes, from overspending, to taking too much or insignificant risk. LEARN MORE

How your business can handle inflation

Ensure your business has the tools it needs to make informed decisions for a broader view of where your business is — and where it’s going. LEARN MORE

Mid year tax review topics

June is the perfect time to schedule a mid-year tax review for your business because your CPA will have more time to spend with you, and can provide you with a better understanding of your tax and financial situation heading into 2023.LEARN MORE

Why we love the Inland Empire

People and businesses alike are moving to the IE its natural beauty, diversity and so much more. Here’s why we love the I.E.LEARN MORE

Post-COVID construction industry trends

The construction industry has made a cogent recovery from the 2020 recession, but it has also experienced impeding conditions that are expected to persist. LEARN MORE

The car chip shortage saga is just beginning

The global shortage of semiconductor chips has created problems for manufacturers, especially the automobile industry. The shortage of chips has resulted in major reductions in inventory as well as inflated car prices. LEARN MORE

Construction industry pay stubs

Construction pay stubs contain a lot of information. Why? Because the person doing the construction accounting is dealing with complex and unique payroll situations due to a number of factors. LEARN MORE

Common business tax mistakes

Some avoidable common mistakes made by small business owners who prepare their own taxes include, but are not limited to: LEARN MORE

Every business needs PR, even yours

PR is for the best of times and the worst of times. Having a PR professional on your team can gain the attention your company deserves and that will translate into business growth.LEARN MORE

How to sell your business post pandemic

Many businesses were seriously affected by the COVID pandemic. While it’s true that some ended up thriving, others barely survived, and unfortunately, others failed. LEARN MORE

IT business consulting services

IT assessments can help you achieve a better understanding of how technology can support the key overall goals and objectives of your business. LEARN MORE

CPA firm peer review process

CPA firms enrolled in the AICPA Peer Review Program undergoes a peer review process every three years to ensure they are are performing at a high standard as it applies to its accounting and auditing practices. LEARN MORE

How to prepare your first P&L statement

A P&L is a statement showing the revenue or “money in” and expenses or money out” of your business and is required by the IRS.LEARN MORE

The mistakes your accountant makes could cost you

What happens if your accountant makes an error on your return? Who is liable for it? Is your accountant versed in California tax audits? Here are some common mistakes… LEARN MORE

The manufacturing executive’s guide to corporate taxes

A principal issue for a CFO is the ever-changing tax environment. LEARN MORE

How much will a CPA cost for an SMB?

If you’re like many small business owners, you may be hesitant about hiring an accountant because of the added expense. LEARN MORE

Top 3 challenges of starting a not-for-profit

In addition to many of the common problems that other startups face, non-profits must overcome some additional challenges that are unique to their sector. LEARN MORE

Car dealer management tactics with inventory shortages

To combat the lack of inventory on the lot and maintain cash flow, dealership management should consider the following strategies: LEARN MORE

Start looking for a new CPA in Q4

Ready to hire a new CPA for your business and/or to help with your personal finances, here are some key factors to consider…LEARN MORE

When is the best time of year to buy a house for your tax situation?

First learn how the closing date affect your taxes and what expenses are allowable tax deductions. Depending on your tax liability purchasing now may be in your best interest.LEARN MORE

4 IRS secrets

The truth about the IRS is that it does its darndest to keep certain facts under wraps because taxpayers could use information about payment options, for example, to defer paying their taxes.LEARN MORE

End of year tax planning tips that really work

Tips on creating a tax planning strategy, reduce AMT tax, year-end capital gains and losses and charitable contributions…LEARN MORE

The worst type of mail; IRS notice of intent to levy

If you receive a Notice of Intent to Levy from the IRS, you should speak to a tax professional in order to protect your assets from IRS seizure.. LEARN MORE

Car dealership audit tips

What does a “perfect dealership do? Compliance training for one, assuring the teams are up to date on changes in compliance laws and processes…LEARN MORE

How a financial advisor can help your business

The question should be what can’t we assist you with when it comes to personal and business finances. Cash flow, tax requirements, savings strategies, succession planning just too name a very few…LEARN MORE

Unique employee benefits

Attracting top talent is crucial to the growth of your business. Here are some job perks offered by U.S. companies…LEARN MORE

Are tax refunds good or bad?

When you get the big refund check from the IRS, you may feel like you’ve hit the jackpot. Is it a good thing? Here are the pros and cons…LEARN MORE

What happens if you don’t pay taxes?

If you fail to pay your taxes on time, you’re not only assessed a penalty, but interest will accrue on the amount you owe the IRS. LEARN MORE

Meals and entertainment deductions for businesses in 2021

Expenses for entertaining your clients is no longer deductible. However, the Consolidated Appropriations Act of 2020 temporarily makes meals and entertainment 100% deductible if the food and beverage is purchased at a restaurant. LEARN MORE

Top 3 common tax mistakes

Making mistakes on your tax returns can be costly. You may miss out on a larger refund, or end up owing the IRS more, or those mistakes could trigger an audit. LEARN MORE

What would happen if you don’t file your taxes next year?

You will pay more money due to the interest that accumulates on any money you already owe as well as the penalties that the IRS will assess for not filing. LEARN MORE

Make this the last year that you stress about tax season

Here are some easy tips for you to minimize stress this tax season. LEARN MORE

Which small businesses are the most profitable?

According to the SBA, there are more than 30 million small businesses in the U.S. They are the backbone of the U.S. economy. Is your business on the shortlist? LEARN MORE

Employee benefit plan audit services

Companies offering benefit plans are required to submit an annual audit. Does your accounting firm have the designation to perform these compliance audits? LEARN MORE

Some of the biggest companies here in San Diego

San Diego’s future for building a brand and scaling a company in the tech industry is very positive. LEARN MORE

How COVID-19 is changing the construction industry

Adoption of construction technology and other extensive changes due to the pandemic will probably remain in place, post-COVID, and could be for the better.LEARN MORE

Car dealership forecasting for 2021

The auto industry experienced its weakest year in close to a decade in 2020. However, forecasting is predicting that new vehicle sales will range from 15.5million to 16 million in 2021. LEARN MORE

Giving to charity as a business

Charitable contributions from your business is a great way to give back to your community. As an added benefit, those donations may qualify for business tax deductions. LEARN MORE

When is tax day in 2021?

In 2020, the Treasury Department and the IRS extended the tax filing dates for businesses and individuals. However, the current dates for filing in 2021 have not been extended. LEARN MORE

Balance sheet rules for S corps

An S corporation is a business entity that passes almost all of its finances through to its shareholders. These finances include: income, losses, tax deductions, tax credits… LEARN MORE

What are the tax impacts of hiring more employees?

One example is hiring full time, part time, or seasonal employees, reporting and depositing taxes is no different. However not part of employee withholdings is FUTA paid for by employers only. LEARN MORE

Preparing for taxes in 2021

There will be a number of tax changes for 2021 how can you personally and professionally make the most of them? LEARN MORE

CA business tax basics

Small businesses make up a majority of all businesses operating in California and are a crucial part of the state’s economy. For SMB owners, understanding their tax obligations may be challenging…LEARN MORE

3 keys to avoiding business audits

While statistics show that one out of a hundred businesses are audited by the IRS every year, you want to avoid being that one business. LEARN MORE

3 construction accounting mistakes to avoid

Construction companies face some unique challenges when it comes to the accounting side of their business. Each job results in direct as well as indirect costs that can be broken up into a variety of categories, making it complicated to keep track of…LEARN MORE

4 reasons that car dealers go bankrupt

An accounting error can cause a domino effect, creating inventory issues and other costly decisions. We provide services and on-site training specifically tailored to the automotive dealership industry in California.LEARN MORE

What is ERISA?

The federal government passed the Employee Retirement Security Act (ERISA) in order to provide Americans with protection against misuse of their retirement contributions and more. GYL will help your business with full compliance…LEARN MORE

Quickbooks training in San Diego

QuickBooks is a great tool when setup properly. As part of our business services you will get all the software benefits and a CPA to improve finances, avoid over-taxation and protect your investments plus more.LEARN MORE

What makes a good manufacturing CPA?

A CPA with in-depth knowledge of the industry, as a whole, as well as laws and financial requirements that apply specifically to your business; manufacturing in California, U.S.A. LEARN MORE

Paycheck Protection Program (PPP) Loan Audits: Everything you need to know

The SBA’s Office of the Inspector General will be conducting PPP loan audits to verify that businesses meet the forgiveness qualifications and that claims for loans are accurate. LEARN MORE

Rancho Cucamonga coronavirus resources

The Rancho Cucamonga community, like other communities across the U.S., is facing a public health crisis as a result of the COVID-19 pandemic. The pandemic is also affecting the financial health of small businesses as well as individuals. LEARN MORE

How Coronavirus is impacting car dealerships

Shortages, delays, lease expirations combined with the decline in sales has the auto dealership owners revamping their sales strategy. We specialize in your industry and can help you successfully navigate through this economic downturn. LEARN MORE

How small businesses can survive an economic recession

With a customized approach GYL will work with you to recession proof your business and improve your company’s financial health now and for the future. LEARN MORE

Reviewing employee retirement plan

Our services include expertise with ERISA audits for employee benefit plans. GYL has undergone and passed scrutiny by the AICPA peer review and DOL. LEARN MORE

501(C)(3) Financial audit checklist

501(C)(3) Financial audit: Not for profit businesses will benefit from a team that understands their audits and has the experience identifying growth opportunities and risks. LEARN MORE

What accountants do that software doesn’t

Accounting software is a line by line calculation whereas a professional understands past, current and the future of your business. LEARN MORE

Car dealers are preparing for these changes in 2020

Recent car buying trends indicate a change in consumer habits. Many people are choosing to buy a pre-owned vehicle vs a higher priced new car. LEARN MORE

Rules for investing in presidential election years

The Presidential Election Cycle Theory, developed by Yale Hirsch, proposed a set of correlations between stock market performance vs. the specific year of a president’s term. LEARN MORE

The Inland Empire continues to grow

The Inland Empire is experiencing a red hot commercial real estate market. The result is many people are investing in businesses and assuring their success with an experienced business accounting firm. LEARN MORE

Car dealership marketing ideas

Increase sales with creative marketing for your dealership. Then assure you get the most out of your increased revenue. LEARN MORE

Is it time to fire your business accountant?

Reasons to dismiss your accountant or CPA and how to protect your critical business data. LEARN MORE

Your business shouldn’t rely too heavily on accounting software

Automated accounting systems reduce time and manpower, however programs don’t identify omissions, errors and fraudulent activity. LEARN MORE

Growing industries in the Inland Empire

Since 2011 I.E. has enjoyed steady job growth creating hundreds of thousands of jobs in the areas of logistics, healthcare and construction. LEARN MORE

Business accounting & management tips Q4

Q4 is the time to maximize end of year profits and strategize end of fiscal year and 2020 taxes.LEARN MORE

Quickbooks files deleted by your CPA?

Big mistakes, small mistakes, potential mistakes, are all costly to your business. LEARN MORE

Could you really open your own car dealership?

Yes, if you have a passion for automobiles and are ready to be your own boss, then opening a dealership may be right for you. LEARN MORE

The 3 rules to manufacturing industry accounting

How does “lean accounting” differ from “lean manufacturing”? Its focus is cash flow because inventory doesn’t pay the bills. LEARN MORE

The role of dealership reconciliation

Is an effective tool with respect to controlling costs and ensuring maximum profits. LEARN MORE

Will your life be what you planned in 10 years?

In a decade what area of your life do you want to master? Is it attainable? LEARN MORE

Your next 5 year business plan

A good 5 year business plan should be clear and concise and without superfluous items that distract potential investors. LEARN MORE

Employee stock ownership plan

An employee stock ownership plan or ESOP provides benefits for employees of a company and for its owners. However, ESOPs have their pros and cons.LEARN MORE

Can your accountant help with tax planning

Yes, by staying up to date on tax laws and legislation and incorporating that into the financial plan for the year. And by identifying possible future liabilities and opportunities as well.LEARN MORE

What to know before you hire an accountant

If you’ve made the decision to hire an accountant for your business, the first step is to define the scope of the job before recruiting potential candidates. LEARN MORE

Accounting consultant benefits

When and why is it a good time to hire an accounting consultant? LEARN MORE

When should a small business hire an accountant?

When you’re starting a small business, there are times when it’s warranted to bring in a CPA, even if it’s just part-time. LEARN MORE

Tax considerations for business mergers

Selling, buying or merging business can affect you for a long time. We’ll advise you on understanding the tax implications, current contracts and redundant associates to name a few… LEARN MORE

It’s time for a new CPA. Here’s how you know…

Are you considering replacing your accountant or CPA or other business advisor? Let’s review why and how…LEARN MORE

The top questions you should be asking your CPA

Hiring a CPA for you business is a must and is well worth the extra expenditure in the long run. Most CPA’s provide a range of services, from help with monthly bookkeeping duties, to payroll processing and taxes, to tax and audit representation. LEARN MORE

1031 Exchange Rules for investors in 2019

The 1031 Exchange was put into place in order to allow real estate investors the option of moving their investment capital from one property to another without having to pay capital gains taxes during the of the transaction. LEARN MORE

Common mistakes that you can avoid when opening a new car dealership

While starting a new business can be exciting, it won’t be too long until you start running into some challenges. The key to being able to handle these challenges is preparation and planning. LEARN MORE

Managing commercial real estate risk before it’s too late

New legal fail-safes have been put into place to help avoid another mortgage lending crisis. It’s important for you to protect your investments. LEARN MORE

Common car dealership tax filing mistakes

The car dealership business is complex in nature, owners must take the time to consider how various aspects of the business will affect how their taxes should be filed. LEARN MORE

Tax rules specific to the construction industry

While most states don’t impose sales or use tax on construction services, they do consider contractors to be consumers of the supplies and materials used in their projects, and, therefore require contractors to pay a sales or use tax at the time of purchase. LEARN MORE

Agreed upon procedures engagement for Not-for-Profit companies

There may be times when a non-profit has specific accounting needs that can’t be satisfied by traditional accounting services. A “non-traditional engagement” may be needed in cases like these. LEARN MORE

How an ESOP Plan could work or you

One of the most common forms of employee ownership in the U.S., ESOPs make it possible for employees to own part or all of the company that employs them. LEARN MORE

How to do inventory calculations for auto dealerships

Managing the inventory of your auto dealership is important because it gives you a good idea as to effectiveness of your sales staff and whether costs are being controlled. LEARN MORE

What you need to know before starting your Not-for-Profit business

If you’re considering starting a non-profit business, what you need to know is that it’s a lot more involved than starting a for-profit business… LEARN MORE

CPA estate planning services

There are several benefits to including the services of a CPA when planning for your estate. The most important factor to consider is the extensive knowledge that a CPA has when it comes to taxes. LEARN MORE

Are Employee Stock Ownership Plans (ESOP) best for your company?

ESOP’s are a type of retirement plan designed to primarily invest in company stock. A benefit to its employee participants at essentially no cost to the employees. LEARN MORE

Strategic succession planning for your business

Statistics have shown that seven out of ten family owned businesses don’t survive the transition from the first to the second generation of owners. LEARN MORE

We represent construction companies against the IRS

The construction industry has some of the most complex and often-litigated tax intricacies. Having experienced representation during an audit is essential to a successful outcome. LEARN MORE

Business succession planning

A business succession plan makes it very clear as to who will take over your business when you decide it’s time to retire or you simply want to sell your business and move on to some other enterprise. It’s also a good idea to have one in place in case you become ill, disabled, or die. LEARN MORE

263A cost capitalization calculations

Section 263A of the IRS Code details the uniform capitalization rules or UNICAP for business owners when it comes to cost capitalization calculations. LEARN MORE

Checklists for accounting firm peer review

All accounting firms are required to undergo peer reviews if they are members of the American Institute of CPAs (AICPA). Peer reviews are conducted at least once every three years. The AICPA provides peer review checklists for team and review captains which are generally updated every year. LEARN MORE

OMB A-133 compliance supplement information for non-profit organizations

If your not-for-profit organization has expenditures of federal grants and awards equal to or over $750,000 in a single year, you are required to undergo a Single or OMB A-133 Audit as per regulations established by the U.S. Office of Management and Budget. LEARN MORE

Manufacturing industry tax credit deductions

On July 1, 2014, California manufacturers and certain research and developers qualified for a partial exemption of sales and use tax on the purchase and/or lease of specified manufacturing and research and development equipment. In 2018, California Assembly Bill 398 extended and expanded on the original bill to include agricultural processing as well as electric power, storage, and distribution. LEARN MORE