PPP adjusted to prioritize very small businesses
March 4, 2021 COVID-19
PPP adjusted to prioritize very small businesses

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15 billion […]

Retiring soon? Recent law changes may have an impact on your retirement savings
March 4, 2021 Knowledge Center
Retiring soon? Recent law changes may have an impact on your retirement savings

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of […]

Should your business add Roth contributions to its 401(k)?
March 2, 2021 Knowledge Center
Should your business add Roth contributions to its 401(k)?

If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees. Key differences Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated to […]

Pension plan sponsors may need to search for “lost” participants
March 1, 2021 Knowledge Center
Pension plan sponsors may need to search for “lost” participants

For employers that still maintain a pension plan, losing contact with former employees who are vested can be problematic. The issue typically becomes most acute when it’s time for those participants to begin receiving their required minimum distributions (RMDs). Everyone’s problem From a plan sponsor perspective, incurring administrative charges for servicing “lost” participant accounts, whether […]

Take control of your charitable donations using restrictions
February 26, 2021 Knowledge Center
Take control of your charitable donations using restrictions

Did you know that you can put restrictions on charitable donations you make through your estate? If you want the peace of mind that your donations are used to fulfill your intended charitable purposes, you’ll need to take the steps to add restrictions. Reasons to add restrictions Even if a charity is financially sound when […]

Analytical procedures can help make your audit more efficient
February 26, 2021 Knowledge Center
Analytical procedures can help make your audit more efficient

The use of audit analytics can help during the planning and review stages of the audit. But analytics can have an even bigger impact when these procedures are used to supplement substantive testing during fieldwork. Definition of “analytics” Auditors use analytical procedures to evaluate financial information by assessing relationships among financial and nonfinancial data. Examples […]

David Lam Featured in Cybersecurity Roundtable | L.A. Times
February 25, 2021 In the News
David Lam Featured in Cybersecurity Roundtable | L.A. Times

“How can C-suiters and IT teams sleep better at night when there are so many mounting threats to our digital security? Los Angeles Times Brand Publishing turned to four uniquely knowledgeable cybersecurity experts for their thoughts and insights about threats businesses face in today’s digital world, and what executives can do to safeguard the privacy […]

Didn’t contribute to an IRA last year? There still may be time
February 23, 2021 Knowledge Center
Didn’t contribute to an IRA last year? There still may be time

If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from the tax […]

Fraud still matters when making business acquisitions
February 23, 2021 Knowledge Center
Fraud still matters when making business acquisitions

The COVID-19 pandemic has often made the due diligence process for business acquisitions more complex and time-consuming. But if you’re buying a company, it’s critical to dedicate your full attention to this part of the M&A process — not only to confirm that the selling business is as valuable as you believe it to be, […]

Michael Kaplan Named One of Billboard’s 2021 Top Business Managers
February 22, 2021 In the News
Michael Kaplan Named One of Billboard’s 2021 Top Business Managers

Congratulations to our managing partner, Michael Kaplan, on being recognized as one of Billboard’s top business managers for the 6th consecutive year.

Not disclosing all of your assets helps no one
February 22, 2021 Knowledge Center
Not disclosing all of your assets helps no one

People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they may have life insurance policies no one knows about. Using a fictional example, here’s why full disclosure of your assets to your family is recommended. George was a successful entrepreneur. He accumulated significant wealth during […]

Reporting restricted cash
February 22, 2021 Knowledge Center
Reporting restricted cash

Your company’s financial statements should be transparent about any restrictions on cash. Are your reporting practices in compliance with the current accounting guidance? The basics Restricted cash is a separate category of “cash and cash equivalents” that isn’t available for general business operations or investments. There are many types of restricted cash. For example, companies […]