Recently, California Governor Newsom signed SB 113 into law, greatly expanding the benefits of the elective pass-through entity tax commonly referred to as the SALT workaround. Here is some background and highlights of the enhanced tax savings and reduced eligibly requirements.

Under the Tax Cuts and Jobs Act of 2018, taxpayers could only deduct a yearly combined maximum of $10,000 of their state in

Trustees who are not presently seeking court approval have flexibility in the format of their trust accounting, but they still must meet certain substance requirements. When it comes to trust accounting, the best defense is a good offense by filing proper fiduciary accountings each year.

Sexual harassment, discrimination, wrongful termination…in the world of employment litigation, tax issues are not the most pressing concern for attorneys. However, the consequences of not effectively planning for them can be substantial.

Summary of eligibility, how to claim the credit, and more!

One of the commonly overlooked changes of the Tax Cuts and Jobs Act of 2017 is the effect on taxable settlement or judgment recipients.

General counsel, whether in-house or outside counsel, often find themselves dealing with fraud in their businesses. In these situations, it is crucial to work with a CPA firm that is highly experienced in fraud investigations and litigation support.

The Tax issues may not be the most dazzling and intriguing aspect of your engagements. However, the consequences of not effectively planning for them can be substantial.

The role of a forensic accountant is to transform complex financial data into calculations and a narrative that non-accountants can understand. Unlike lawyers, however, the rules governing the professional conduct of forensic CPAs forbid advocacy.

At the inception of the Covid-19 stay-at-home orders, we heard from clients whose business activities decreased or operations ceased overnight. To help we worked diligently with them to secure Paycheck Protection Program (PPP) loans

Local Experts Explain PPPs, NOLs, Taxes

It is important to identify potential financial fraud as quickly as possible in order to limit damages. Understanding how it happened to others can help. The following is a recent engagement in which Smith Dickson provided forensic accounting services…. 

Most employers never would expect that a trusted employee might commit fraud, yet every year numerous businesses are forced into bankruptcy due to fraud. Even when it isn’t that extreme, the Association of Certified Fraud Examiners’ (ACFE) 2018 Global Fraud Study revealed that the typical organization loses a median of 5% of revenues each year due to fraud. The fraud triangle is …

Ryan Nguyen, CPA, Forensic Auditing Manager, and Gina Lara, MBA, CFP ®, Forensic Accounting Analyst, recently wrote an article for the Orange County Business Journal in the “Intellectual Property” special supplement. The article offered overviews of recent Smith Dickson intellectual property cases...

Debbie Dickson recently wrote an article for the Orange County Business Journal in the “Real Estate Law” special supplement. The article provided examples of how Smith Dickson has been involved in a wide range of these matters.

Gina Lara, MBA, CFP®, Tax & Forensic Accounting Manager, recently wrote an article for the Orange County Business Journal in the “Law Specialties” special supplement. Excerpt from the article “Beneficiary Wars”:
Some families are just antagonistic; but, when individuals are suddenly bequeathed multi-million-dollar estates, even the most reasonable and harmonious families can become embroiled in “beneficiary wars.”

Richard Warner, Senior Tax Manager, recently wrote an article for the Orange County Business Journal in the “General Counsel Awards” special supplement. Excerpt from the article “New Ruling on Independent Contractors Impacts Many Employers“

Debbie Dickson recently wrote an article for the Orange County Business Journal in the “Banking & Finance” special supplement. Here is an excerpt from the article:

A proactive, knowledgeable and well connected CPA firm can make a major impact on the ability of a company to obtain bank financing. Recently a $30 million company was declined a renewal of its working capital line of credit and term loan due to failure to meet its required ratio covenants. Management had tried to find replacement financing through a loan broker but had been unsuccessful. Smith Dickson CPAs were called upon to make introductions and to arrange this critical financing.

Gina Lara, MBA, CFP®, Forensic Accounting Analyst at Smith Dickson, published an article in the November 20th issue of the Orange County Business Journal in the “Law Specialties” special supplement. An excerpt from the article: “Forensic accounting plays a critical role in trust litigation by providing attorneys with the independent financial analysis often necessary to resolve disputes.”

General counsel, whether in-house or outside counsel, often find themselves dealing with fraud in their businesses. Recent Examples: A company’s CEO suspected that something was wrong because the business was continually under-performing in profitability. He suspected that someone in the accounting department was committing financial crimes, so he needed evidence to not only prove wrongdoing but also to stop the behavior.

Obtaining or renewing bank lines of credit or loans isn’t always a simple process. A business may be declined credit and not have a clear answer as to why it was refused the financing it needed. Banks consider the “Five C’s of Credit” (capacity, capital, collateral, conditions and character) in extending financing, which can be difficult to evaluate from a typical commercial applicant’s perspective. On top of those criteria, other factors can play a key role when credit is not approved, such as lack of preparation, poor records, and the bank’s level of risk aversion for certain types of loans or industries. It is in these more challenging situations that a qualified CPA firm can prove to be particularly helpful.

The Orange County Business Journal sought input from top local accounting firms to share their thoughts on the new lease accounting requirements enacted by the Financial Accounting Standards Board. Debbie Dickson gave her advice, including how the new FASB standard will impact banking relationships.