Top 3 Reasons To Review/ Audit Your Annual Financial Statements
September 07, 2021
We here at Cambaliza McGee LLP believe that there are some major benefits of having your company’s financial statements reviewed or audited outside of those pesky requirements brought about banks, government agencies or other outside organizations. As a business owner, a timely audit or review can provide valuable information which will allow you to make more informed business decisions, which bring us to our first point.
Why Engaging a Cost Segregation Study can be a Tax Benefit
August 05, 2021
One of the most significant and often overlooked IRS-sanctioned tax strategies for Real Estate investors is a Cost Segregation Study of your properties. A cost integration study can allow various subcomponents of a building to be depreciated in an accelerated timeframe reducing your tax liability, therefore, freeing up your cash flow.
How to Ensure a Smooth 401(k) Audit Process
July 13, 2021
A 401(k) audit is required by the Employee Retirement Income Security Act (ERISA) to ensure that your 401(k) plan is compliant with the IRS and Department of Labor regulations. The audit process can appear harrowing and tedious; however, if you take some time to understand the process and requirements, you set yourself up for success and ensure the audit goes smoothly.
The Balancing Act of Fatherhood
June 16, 2021
Let's face it, becoming a parent is a blessing that can come with some challenges. Balancing family and work is difficult, but being a partner in a firm and building your business while your children are young takes determination and space to carve out your priorities. So in honor of Father's Day, we sat down with our partners at Cambaliza McGee, LLP, Lino Cambaliza and Robert McGee, to chat about fatherhood. Lino has two children, Lino Bach (LB), age 5, and Camile, age 1. Robert is Dad to Robert, age 10, and Demetri, age 3.
Bookkeeping, Accounting, and CPAs - Aren’t They All the Same?
May 07, 2021
We tend to toss around these terms interchangeably, but there is a drastic difference between these three positions and how they impact your business. When it comes to your business, taxes, and money, you need to understand who to contact, their specialty, and how they will work with you and for you.
Federal Funds Trigger Single Audits
April 27, 2021
In January of last year, our economy was doing well until COVID-19 came along and punched U.S. businesses and industries in the gut. The federal government responded by creating new programs to assist businesses suffering economic hardship due to the pandemic. Privately-held entities that have never relied on federal funding found themselves in a position where they needed these funds to survive.