A Proactive Approach to Compliance
Navigating the complex landscape of higher education compliance can be daunting. However, with a proactive approach, institutions can significantly reduce the stress and potential risks associated with audits. By conducting thorough internal reviews and addressing potential issues before they escalate, institutions can streamline the audit process and maintain a strong reputation. The Benefits of Proactive…
Read ArticleCommon Bookkeeping Mistakes to Avoid: Insights from an Accounting Firm
As a small business owner, keeping your books accurate and up-to-date is critical for financial health, tax compliance, and overall success. However, many businesses struggle with bookkeeping and may make mistakes that lead to bigger financial issues down the road. At LSA CPA, we’ve seen firsthand how seemingly small errors can snowball into costly problems….
Read ArticleSpotting Financial Red Flags in Your Business
In today’s ever-evolving business landscape, financial stability is more crucial than ever. For both new entrepreneurs and seasoned executives, staying vigilant about a business’s financial health can prevent future setbacks and bolster growth. As accounting professionals, we’ve seen first-hand the signs that often point to bigger problems on the horizon. Here’s a closer look at…
Read ArticleNavigating the Holiday Hustle: Financial Strategies for Small Businesses
The holiday season is a whirlwind of activity for many businesses. While it’s a time of increased sales and heightened customer expectations, it also brings unique financial challenges. Small businesses can often get overwhelmed with the rush and lose sight of the bigger financial picture. To help you navigate the holiday season and maintain strong…
Read ArticleUnderstanding Your Composite Score: 3 Key Drivers
For post-secondary institutions, understanding the Composite Score is not just a regulatory requirement but a critical part of financial health and stability. This score, calculated by the U.S. Department of Education (ED), is a key indicator of financial responsibility. While most institutions are familiar with the basic calculation, few fully grasp the intricacies of the…
Read ArticleUnderstanding the Department of Education Composite Score for Proprietary Institutions
Institutions of higher education, including trade schools and universities, must follow financial guidelines from the U.S. Department of Education (ED). A key part of this process is the Composite Score Ratio (CSR), which measures an institution’s financial health. This blog explains what the CSR is, how it’s calculated, and why it matters. By the end,…
Read ArticleThe Importance of Bank Reconciliation for Small Businesses: Keeping Your Accounts in Check
The Importance of Bank Reconciliation for Small Businesses: Keeping Your Accounts in Check Running a small business requires attention to detail, especially when it comes to managing finances. One essential but often overlooked task in this realm is bank reconciliation. This process of comparing your business’s financial records to your bank statements is crucial for…
Read ArticleFrom Flights to Meals: A Guide to Business Travel Tax Deductions
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and…
Read ArticlePlanning your estate? Don’t overlook income taxes
The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs.
Read ArticleHiring Your Child to Work at Your Business This Summer
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of…
Read ArticleMid-Year Financial Check-Up: Course Correction or Steady As She Goes?
Captain Amelia stands at the helm of her trusty ship, the “Seaworthy,” braving the vast ocean. Back in January, she meticulously charted a course, stocked the hold with provisions, and set sail towards a lucrative new trade route. Now, with the summer sun high in the sky, she realizes they’ve reached the halfway point of…
Read ArticleWhy Year-Round Tax Planning Matters
Tax planning is often viewed as a year-end activity, with businesses and individuals alike scrambling to optimize their finances in the final months of the year. However, effective tax planning shouldn’t be confined to the last quarter. Proactive, year-round tax strategies can provide significant benefits, from maximizing deductions to ensuring compliance and avoiding last-minute stress….
Read Article