Archived Resource Articles
Archived articles for your accounting and business needs in the following categories, Tax Advice, Business Industry Services, Automotive Dealerships, Non-Profit Information and Help, Managing and Protecting Your Business, CPA Help and Accounting Information, and Long-Term Business and Financial Planning.
Non-Profit Information and Help
- 501(C)(3) Financial audit checklist Details501(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.
- Agreed upon procedures engagement for Not-for-Profit companies DetailsThere 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.
- What you need to know before starting you Not-for-Profit business DetailsIf 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…
- OMB A-133 compliance supplement information for non-profit organizations DetailsIf 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.
Long-Term Business and Financial Planning
- Rules for investing in presidential election years DetailsThe 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.
- Will your life be what you planned in 10 years DetailsIn a decade what area of your life do you want to master? Is it attainable?
- Your next 5 year business plan DetailsA good 5 year business plan should be clear and concise and without superfluous items that distract potential investors.
- Strategic succession planning for your business DetailsStatistics have shown that seven out of ten family owned businesses don’t survive the transition from the first to the second generation of owners.
- Business succession planning DetailsA 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.
Business Industry Services
- What makes a good manufacturing CPA? DetailsA 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.
- The Inland Empire continues to grow DetailsThe 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.
- Managing commercial real estate risk before it’s too late DetailsNew legal fail-safes have been put into place to help avoid another mortgage lending crisis. It’s important for you to protect your investments.
Automotive Dealerships
- How Coronavirus is impacting car dealerships
DetailsShortages, 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.
- Car dealers are preparing for these changes in 2020 DetailsRecent 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.
- Could you really open your own car dealership DetailsYes, if you have a passion for automobiles and are ready to be your own boss, then opening a dealership may be right for you.
- The role of dealership reconciliation DetailsIs an effective tool with respect to controlling costs and ensuring maximum profits.
- Common mistakes that you can avoid when opening a new car dealership DetailsWhile 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.
- Common car dealership tax filing mistakes DetailsThe 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.
- Car dealership marketing ideas DetailsIncrease sales with creative marketing for your dealership. Then assure you get the most out of your increased revenue.
- How to do inventory calculations for auto dealerships DetailsManaging 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.
- Automotive dealership compliance auditing services DetailsThe 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.
Managing and Protecting Your Business
- Construction assurance services DetailsConstruction assurance auditing can be a very valuable tool when it comes to identifying problems, determining solutions to them, and improving overall outcomes.
- How a small business can survive an economic DetailsWith 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.
- Reviewing employee retirement plan DetailsOur services include expertise with ERISA audits for employee benefit plans. GYL has undergone and passed scrutiny by the AICPA peer review and DOL.
- Growing industries in the Inland Empire DetailsSince 2011 I.E. has enjoyed steady job growth creating hundreds of thousands of jobs in the areas of logistics, healthcare and construction.
- Business accounting & management tips Q4 DetailsQ4 is the time to maximize end of year profits and strategize end of fiscal year and 2020 taxes.
- Employee stock ownership plan DetailsAn employee stock ownership plan or ESOP provides benefits for employees of a company and for its owners. However, ESOPs have their pros and cons.
- How an ESOP plan could work for you DetailsOne 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.
- Are Employee Stock Ownership Plans (ESOP) best for your company? DetailsESOP’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.
- The pros and cons of taking out a business loan right now DetailsIn 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.
CPA Help and Accounting Information
- Paycheck Protection Program (PPP) Loan Audits: Everything you need to know DetailsThe 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.
- What accountants do that software doesn’t DetailsAccounting software is a line by line calculation whereas a professional understands past, current and the future of your business
- Is it time to fire your business accountant DetailsReasons to dismiss your accountant or CPA and how to protect your critical business data.
- Your business shouldn’t rely too heavily on accounting software DetailsAutomated accounting systems reduce time and manpower, however programs don’t identify omissions, errors and fraudulent activity.
- QuickBooks files deleted by your CPA DetailsBig mistakes, small mistakes, potential mistakes, are all costly to your business.
- The 3 rules to manufacturing industry accounting DetailsHow does “lean accounting” differ from “lean manufacturing”? Its focus is cash flow because inventory doesn’t pay the bills.
- Can your accountant help with tax planning DetailsYes, 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.
- What to know before you hire an accountant DetailsIf 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.
- Accounting consultant benefits DetailsWhen and why is it a good time to hire an accounting consultant?
- When should a small business hire an accountant DetailsWhen 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.
- It’s time for a new CPA. Here’s how you know… DetailsAre you considering replacing your accountant or CPA or other business advisor? Let’s review why and how…
- The top questions you should be asking your CPA DetailsHiring a CPA for your 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.
- CPA estate planning services DetailsThere 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.
- Checklists for accounting firm peer review DetailsAll 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.
Tax Advice
- Can your accountant help with tax planning DetailsYes, 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.
- Tax considerations for business mergers DetailsSelling, 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…
- 1031 Exchange Rules for investors in 2019 DetailsThe 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.
- Common car dealership tax filing mistakes DetailsThe 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.
- Tax rules specific to the construction industry DetailsWhile 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.
- We represent construction companies against the IRS DetailsThe 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.
- 263A cost capitalization calculations DetailsSection 263A of the IRS Code details the uniform capitalization rules or UNICAP for business owners when it comes to cost capitalization calculations.
- Manufacturing industry tax credit deductions DetailsOn 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.
- How taxes on gifts actually work DetailsAccording 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…
- Big tax mistakes that small business owners should avoid DetailsIf 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.