Flash reports: Real-time financial reporting
October 27, 2021 Knowledge Center
Flash reports: Real-time financial reporting

Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S. Generally Accepted Accounting Principles (GAAP). And many companies only produce GAAP financials at the end of the quarter or year. […]

Navigating the tax landscape when donating works of art to charity
October 25, 2021 Knowledge Center
Navigating the tax landscape when donating works of art to charity

If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of […]

10 financial statement areas to watch for COVID-related effects
October 22, 2021 Knowledge Center
10 financial statement areas to watch for COVID-related effects

The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into its financial statements? You might not have considered this question since last year if your organization prepares statements that comply […]

Employers may “designate” certain payroll tax payments
October 21, 2021 Knowledge Center
Employers may “designate” certain payroll tax payments

As an employer, you’re no doubt aware of your obligation to submit payroll tax payments to the federal government. However, you may have more control of those payments than you’re aware. In recent guidance, Chief Counsel Advice 202129007, the IRS clarified when an employer may tell the tax agency how to apply — that is, “designate” […]

What goes into a fraud damages calculation?
October 20, 2021 Knowledge Center
What goes into a fraud damages calculation?

At first glance, calculating restitution for fraud damages may seem relatively simple. If someone steals $10,000 from a company, that person should repay that amount, perhaps with interest, right? Not quite. Financial experts also consider the profits the business lost because of the fraud — and weigh different methods of computing damages. The appropriate approach […]

Alexandra Chernyak & Denise Balcazar named among Leaders of Influence
October 18, 2021 In the News
Alexandra Chernyak & Denise Balcazar named among Leaders of Influence

The Los Angeles Business Journal recognized Alexandra Chernyak (partner) and Denise Balcazar (senior manager) among the 2021 Leaders of Influence: Women in Accounting.

Debate continues in Congress over proposed tax changes
October 15, 2021 Knowledge Center
Debate continues in Congress over proposed tax changes

Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as the Infrastructure Investment and Jobs Act. The final provisions remain to be seen, but the BBBA and, to […]

EVENT: National Association of Federal Equity Receivers (NAFER) Annual Conference
October 13, 2021 Resources
EVENT: National Association of Federal Equity Receivers (NAFER) Annual Conference

October 21-23, 2021 in Marina del Rey, CA | We are proud to sponsor this year’s National Association of Federal Equity Receivers (NAFER) Annual Conference. Throughout the conference, attendees can attend educational sessions focused on the issues facing the receivership industry today, and network with fellow receivers, attorneys, judges, and regulators. The National Association of […]

Don’t forget to take state estate taxes into account
October 11, 2021 Knowledge Center
Don’t forget to take state estate taxes into account

A generous gift and estate tax exemption means only a small percentage of families are currently subject to federal estate taxes. But it’s important to consider state estate taxes as well. Although many states tie their exemption amounts to the federal exemption, several states have exemptions that are significantly lower — in some cases $1 […]

Double-check the rules on spousal consent for 401(k) distributions
October 8, 2021 Knowledge Center
Double-check the rules on spousal consent for 401(k) distributions

Some 401(k) plans require spousal consent whenever a participant takes a distribution. Others don’t require spousal consent for distributions or loans. Rather, it’s required only if a participant wants to designate a primary beneficiary other than his or her spouse. Such variations in plan design may leave an employer’s HR staff uncertain about when they […]

Related-party transactions draw attention from auditors
October 7, 2021 Knowledge Center
Related-party transactions draw attention from auditors

Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad rap because dishonest people sometimes use them to disguise poor performance or dishonest activities. So, identifying related parties and evaluating your interactions with them are important parts of the external audit process — especially in […]

The tax score of winning
October 4, 2021 Knowledge Center
The tax score of winning

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win […]