What is the reasonable amount of prerequisites for licensing? As with any professional designation, there are many steps to becoming a Certified Public Accountant (CPA) in the United States. Licensing is controlled at the state level. Since 1988, most US states have required individuals to have 150 credit hours from a qualifying institution prior to […]
Archives for February 2025
Understanding Land Banking and the Taxes Involved
The concept of Land Banking refers to buying land with the plan to holding it while the value appreciates and selling later for a profit. It seems straightforward, but with taxes involved, things can quickly become complex. The key question is whether the profit you make gets taxed as ordinary income (which can be a […]
Is Your Favorite Pastime Turning Into a Small Business? The IRS Wants to Know.
If you’re making $400 or more on your hobby, it’s time to start declaring it on your income taxes. We take on hobbies because we enjoy them. But at some point, we sometimes get enough people wanting the woven towels or the birdhouses or the Christmas ornaments we make that it’s time to start charging […]
The Transformation of Accounting: ASC 326 and the Evolution of Loan Loss Reserves for Private Money Lenders
The arrival and implementation of ASC 326, the Current Expected Credit Loss (CECL) model, has stirred a philosophical discussion about the nature of accounting and the goals of those who shape accounting standards. For lenders, ASC 326 has not only brought about a change in the way they calculate and disclose loan loss reserves, it […]
Navigating LA Wildfire Deferrals: What You Need to Know
If you’re a resident or business owner in Los Angeles County affected by the recent wildfires, relief is on the way when it comes to tax deadlines. Thanks to various emergency tax deferrals, you have additional time to file your taxes without facing penalties or interest. Here’s a breakdown of the key tax deferrals available […]