SBA Loan guidance on Single-Audits for Nonprofits

On May 5, 2020, the Government Audit Quality Center (GAQC), issued an industry alert No. 404 to professionals that serve organizations subject to Government Auditing Standards. Below are the two key items that impact the not-for-profit entities (NFPs):

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Topics: Audit, NFP, loans

How to Maximize Your Dealerships' Performance

Like all businesses, improving financial performance is a top priority for dealerships.  One way to maximize dealership performance is for owners to obtain CPA-prepared financial statements.  These financial statements can help identify financial and operational deficiencies and discover areas to cut costs and generate sales.  To reap these benefits, dealers must learn how to identify the information that will be most valuable to their business. 

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Topics: Auto, Audit, dealer services

News for Not-for-Profits — June 2018 edition

Do you qualify for the new family leave credit?

The new tax law creates a credit for eligible employers in 2018 and 2019 based on paid leave for up to 12 weeks, granted under the federal Family and Medical Leave Act ("FMLA"). Employers aren’t required to pay employees for FMLA leave, but — for 2018 and 2019 — those that do may qualify for a tax credit of 12.5% of the wages paid. That’s if the rate of payment under the leave program is at least 50% of employees’ regular rate.

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Topics: Accounting Tips, Not-for-Profit, Audit, Financial, consulting

Are you ready for the new revenue recognition standard?

It’s been eight years since the Financial Accounting Standards Board ("FASB") first proposed an overhaul of its revenue recognition standard and four years since it issued the new standard. Now the standard’s effective date is finally approaching — Jan. 1, 2019, for calendar-year nonpublic companies that comply with generally accepted accounting principles ("GAAP"). Is your company ready?

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Topics: Accounting Tips, Audit, Construction, consulting, revenue, guide

2018 Promotions at LGT

Posted by lgtcpa on Feb 27, 2018

On February 2, 2018 we held our annual State of the Firm. The staff has been moving and shaking throughout the last year. Numerous employees have shown their potential and talent, and they were rewarded for it.

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Topics: Firm News, Tax, Audit

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