Articles

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. But, with constant fluctuations in the market and changing tax laws, it can be difficult for you to perform risk management on your own company. 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. In order to avoid some of the more common mistakes, you need to be well-prepared and knowledgeable about the process. 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

An ESOP or Employee Stock Ownership Plan is a kind of employee benefit plan that, in some ways, resembles a profit-sharing plan. As 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. The inventory turnover ratio is a good measure of just how well your dealership is generating sales for your inventory. 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. The company in question contributes its stock or money to buy the stock to the plan as a benefit to its employee participants at essentially no cost to the employees. LEARN MORE

Strategic succession planning for your business

Establishing a business succession plan should be part of any long-term business goals, especially if yours is a family-owned company. 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

While IRS audits of construction companies are a common occurrence, there some issues that are unique to the industry itself that can make an IRS audit particularly challenging. 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. Section 263A applies to retailers, wholesalers, and manufacturers who take in, on average, at least $10 million in gross receipts annually. 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. The requirements for a single audit are listed in the A-133 Compliance Supplement which is updated annually. 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

Construction assurance services

Construction companies are involved in projects that can have significant financial risks as well as costs. Construction assurance auditing can be a very valuable tool when it comes to identifying problems, determining solutions to them, and improving overall outcomes. LEARN MORE

Automotive dealership compliance auditing services

The laws and regulations governing the way that automotive dealerships are doing business are becoming more stringent. Compliance is essential to the success of today’s dealerships. Failure to comply to these mandatory regulations can result in costly mistakes for a dealership. LEARN MORE

The pros and cons of taking out a business loan right now

In the past, small business owners turned to banks and credit unions for their loans, but with disapproval rates as high as 80%, the small business owner needs to consider other loan options. LEARN MORE

How taxes on gifts actually work

According to the IRS, a gift is “Any transfer to an individual, either directly or indirectly, where full consideration is not received in return.” Paying the gift tax in the responsibility of the donor…LEARN MORE

Big tax mistakes that small business owners should avoid

If you’re a small business owner, taxes can present a real challenge for you. Many small business owners end up making costly mistakes by either failing to comply with tax laws or with filing requirements. LEARN MORE