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 […]
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 […]
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 […]
Why Every Business Needs an Independent Audit: The Key Benefits
An independent audit offers an objective, third-party review of your business’s financial statements, providing valuable insights and boosting credibility. At Duner and Foote, we specialize in delivering thorough audits that ensure financial accuracy and compliance, helping businesses succeed and grow. 1. Enhanced Credibility An audit validates the accuracy of your financial statements, enhancing trust with […]
Augusta Rule: A Tax Benefit for Homeowners
Homeowners have the opportunity to take advantage of a unique tax benefit, commonly referred to as the Augusta Rule. Officially known as Section 280A(g) of the Internal Revenue Code, this provision allows homeowners to rent out their primary residence or a second home for up to 14 days per year without having to report the […]