Blog

null
down

Latest & Greatest

Sales Tax

Expanding Into New States? Here’s What You Need to Know About Sales Tax

October 13, 2026

Lacy Willis

Growing your business is exciting. Whether you’re selling to customers across the country, opening a new location, hiring remote employees, or expanding your online presence, growth often creates new opportunities. It can also create new sales tax obligations. Many businesses assume they only need to collect and remit sales tax in the state where they’re…

READ MORE

Our Articles

Nonprofit Audit

First-Time Nonprofit Audit: What to Expect and How to Prepare

October 7, 2026

For many nonprofit organizations, an audit isn’t something that receives much attention—until it’s required. Sometimes the trigger is growth. Sometimes it’s a grantor requirement. In other cases, lenders, donors, or board members may request audited financial statements to provide additional confidence in the organization’s financial reporting. Regardless of the reason, a first-time audit can feel…

Audit Findings

Different Types of Audit Findings: Not All Findings Are Created Equal

October 2, 2026

The Big Takeaway Not all audit findings carry the same level of risk. Understanding the type of finding helps your organization put it in perspective, prioritize its response, and decide what needs attention first. Remember: Put the Finding in Perspective The classification gives you useful context. Understanding what a finding means helps your organization focus…

Use Tax

Sales Tax vs. Use Tax: What Every Business Owner Should Know

September 29, 2026

Most business owners assume sales tax only applies if they sell physical products. In reality, sales and use tax rules are far more complex. Businesses can create tax obligations by selling finished goods to the consumer (in a brick and mortar store or online), selling software subscriptions and providing certain services. Many companies don’t discover…

Audit Finding

What is an Audit Finding?

September 23, 2026

The Big Takeaway An audit finding isn’t necessarily a sign that something went wrong. Think of it as an opportunity to spot a risk early and make a good process even stronger. Remember: Bottom line An audit finding isn’t a failure. It’s an opportunity to reduce risk, strengthen your processes, and demonstrate your organization’s commitment…

DSTs

Delaware Statutory Trusts (DSTs): A 1031 Strategy for Passive Investors

September 21, 2026

For many real estate investors, the biggest challenge isn’t selling a property—it’s figuring out what comes next. If you’ve built significant equity over the years but are ready to step away from being a landlord, a Delaware Statutory Trust (DST) can provide a way to complete a 1031 exchange while transitioning into passive real estate…

Documenting Processes

Documenting Processes: The Difference Between Surviving and Scaling

September 16, 2026

Many businesses can survive for years without documenting processes. The owner knows how everything works. Key employees understand their responsibilities. Problems get solved quickly because the people who built the business are still involved in the day-to-day operations. In the early stages, this works. In fact, it often feels efficient. Why spend time documenting procedures…

Tax Levers

The 5 Tax Levers Business Owners Must Manage in 2026

September 15, 2026

Tax strategy is no longer just about deductions. For years, tax planning came down to a familiar question: What can we write off before year-end? That approach doesn’t go far enough anymore. Today’s tax environment has shifted from a focus on individual deductions to something broader—how business owners manage key decisions over time. The most…

Sales and use tax

Top 6 Most Common Sales & Use Tax Mistakes (and How to Avoid Them)

September 2, 2026

Many businesses don’t intentionally ignore sales and use tax requirements. In fact, most compliance issues develop gradually as companies grow, adopt new technology, or change the way they operate. A new software subscription gets added. Equipment is purchased from an out-of-state vendor. An employee makes purchases using a corporate credit card. A new service line…

Buyers Construction

Selling Your Construction Company? What Buyers Want to See in Your Financials Before They Make an Offer

September 1, 2026

If you’re thinking about selling your construction company—whether that’s next year or five years from now—there’s one thing buyers will scrutinize long before they discuss a purchase price: your financials. While a strong reputation, loyal customers, and a robust backlog are valuable assets, buyers place significant weight on the quality and reliability of a company’s…

GASB 103 Implementation Tool Header image

Implementing GASB 103? This Complimentary Tool Can Help

August 27, 2026

GASB 103 introduces several changes to governmental financial reporting. Finance teams must determine which requirements apply, identify what needs to change and track implementation while preparing for the Annual Comprehensive Financial Report (ACFR). To make the process easier, LSL created a complimentary GASB 103 Implementation Tool for government finance teams. What Should Your Government Review?…

GASB 103 Subsidies: What Governments Need to Know

GASB 103 Subsidies: What Governments Need to Know

August 25, 2026

When a government transfers money to a utility fund, receives operating assistance for a transit system, or provides support to another activity, the accounting treatment has often been relatively straightforward. Under GASB 103, however, governments may need to take a closer look. One of the more significant changes introduced by GASB Statement No. 103, Financial…

Bank Balance

Are You Running Your Business from Your Bank Balance?

August 20, 2026

For many business owners, checking the bank account has become a daily habit. Maybe even multiple times a day. A quick glance at the balance provides reassurance when cash is strong and creates stress when it isn’t. Over time, it’s easy to start using that number as the primary measure of whether the business is…

percentage of completion PCM

Why Profitable Construction Jobs Start Losing Money Mid-Project (And What PCM Is Trying to Tell You)

August 18, 2026

In construction and project-based industries, it’s not unusual for a job to start strong—only to tighten as it progresses. At the beginning, the numbers make sense. The margin is there. The job is approved with confidence. But halfway through, something changes… Costs begin to increase. Timelines shift. And the profit that once felt secure starts…

Managing Fraud Risk During Staffing Transitions

Managing Fraud Risk During Staffing Transitions

August 13, 2026

Employee turnover is a normal part of business. Employees retire, accept new opportunities, get promoted, or move into different roles. Businesses grow, restructure, and adapt to changing demands. While these transitions are often viewed through an operational or human resources lens, they can also create financial and fraud risks that many organizations overlook. When staffing…

Real Estate Syndications

Why Multi-State Tax Compliance Becomes More Complicated as Real Estate Syndications Grow

August 11, 2026

Many real estate syndicators begin with a relatively simple structure: one property, one state, and a manageable group of investors. As the portfolio grows, however, so does the complexity. Acquiring properties in multiple states can create new opportunities for diversification and growth, but it can also introduce tax obligations that are often overlooked until tax…

Stock vs Asset Sale

Asset Sale vs. Stock Sale: What Business Owners Need to Know Before Selling Their Business

August 6, 2026

Selling a business is one of the most significant financial transactions many owners will ever make. Yet one of the most important decisions often gets overlooked until negotiations are already underway: Should the transaction be structured as an asset sale or a stock sale? While buyers and sellers may agree on the purchase price, the…

Document Processes

How to Document Your Business Processes: Good, Better, Best

July 23, 2026

Most businesses don’t have a process problem. They have a documentation problem. The accounts payable process works because Sarah knows how to do it. Payroll runs smoothly because Mike has been handling it for eight years. New Customer setup happens consistently because the operations manager remembers every step. The system works until someone leaves, gets…

GASB 105 Subsequent Events

GASB 105: What Counts as a Subsequent Event?

July 22, 2026

Year-end close may be finished, but the questions about GASB 105 often keep coming. A debt issuance gets approved after year-end. A grant award is received weeks later. A lawsuit changes status during audit fieldwork. Suddenly, finance teams are left trying to determine: These are the types of discussions that frequently surface during audit season…

WIP Construction

Top 3 WIP Habits That Can Erode Construction Project Profits

July 14, 2026

In construction, the Work-in-Progress (WIP) schedule is one of the most important tools for evaluating job performance. When it’s accurate and up to date, it gives a clear view of margins and overall project health. However, when it’s not consistently maintained, it can present a misleading picture—creating a false sense of confidence until the job…

GASB 103 social

Unusual or Infrequent Items: One of the Biggest Discussion Areas Under GASB 103

July 10, 2026

When governments first begin reviewing GASB 103, many of the conversations naturally focus on the broader Financial Reporting Model changes, especially the changes to the Management Discussion & Analysis. But one area that’s already generating a significant amount of discussion is the treatment of unusual or infrequent items. At first glance, the concept may seem…

Changing Your Facts: A Framework for Strategic Tax Planning

Changing Your Facts: A Framework for Strategic Tax Planning

July 9, 2026

Many taxpayers focus on finding deductions at tax time. The challenge is that by the time tax season arrives, most of the decisions that impact your tax liability have already been made. One of the most powerful concepts in tax planning is simple: If you want to change your tax, you have to change your…

Top 5 Financial Reports Every Business Leader Should Understand (and the Questions to Ask)

Top 5 Financial Reports Every Business Leader Should Understand (and the Questions to Ask)

July 7, 2026

Most business owners receive financial statements every month. Some glance at revenue and move on. Others look at the bank balance and assume everything is fine. Many don’t review the reports at all unless there’s a problem. The reality is that financial statements are most valuable when they’re used proactively—not reactively. The purpose of monthly…

Budget Book Automation for Local Government Finance Teams: Managing Last-Minute Council Changes

Budget Book Automation for Local Government Finance Teams: Managing Last-Minute Council Changes

June 24, 2026

If you’ve ever finalized a budget book only to receive a late change request from council, you know the drill. A revised assumption. A shifted allocation. One “small” update that suddenly touches multiple tables, summaries, and charts. The challenge isn’t making the change. It’s making sure that change is reflected everywhere it needs to be—accurately…

Tax Planning

Mid-Year Checklist: Tax Planning 2026 for Businesses

June 22, 2026

By mid-year, most businesses have a clearer picture of how the year is shaping up. Revenue trends are emerging, hiring decisions are underway, and investment plans are starting to take shape. This is also one of the most important times for tax planning. Waiting until year-end often limits your options. Mid-year gives you time to…

Bank Reconciliation

How to Fix Bank Reconciliation Issues After ERP Go-Live in Local Government Organizations

June 17, 2026

If your finance team is in the middle of an ERP implementation and your bank reconciliation is no longer tying, the problem is rarely just the bank reconciliation itself. After go-live, cash that used to reconcile cleanly can suddenly develop differences between the bank and general ledger. AP warrant clearing may not zero out. Utility…

Cash Flow Construction

Cash Flow Checklist for Contractors: How to Stay Ahead of Cash Gaps

June 10, 2026

For many contractors, cash flow issues don’t come from a lack of work. Projects are active. Revenue is strong. Backlog is growing. But despite all of that, cash can still feel tight. The reason is simple: in construction, cash flow is driven by timing—not just profitability. That’s why having a clear process to monitor and…

1031 Exchange

When a Section 1031 Like-kind Exchange Isn’t the Right Fit: Alternatives for Real Estate Investors

May 21, 2026

For many real estate investors, a Section 1031, like-kind exchange, is often the first strategy considered when selling investment property. The ability to defer capital gains taxes and reinvest proceeds into another property has made 1031 exchanges a popular tool for building and preserving wealth over time. But a 1031 exchange is not always the…

Missing Link

The Missing Link in Your Accounting Team: Why Financial Data Isn’t Turning Into Decisions

May 19, 2026

Many business owners don’t have a reporting problem. They have a decision-making gap—and usually, the missing link is turning financial data into usable insight. Every month, the financials arrive on time. The reports are accurate. Revenue, expenses, margins, and cash balances are all there. But when leadership has to make an important decision, uncertainty still…

Pension Accounting

Ten Years of GASB 68: What Pension Accounting Has Taught Us—and What Comes Next

May 12, 2026

It has been a decade since the implementation of GASB Statement No. 68, and for many governments, it still feels like yesterday. When GASB 68 took effect, it fundamentally reshaped how public sector organizations report pension obligations—bringing long‑standing liabilities out of the footnotes and onto the face of the financial statements. Why GASB 68 Was…

Tax Law Changes

2026 Tax Law Changes: What the One Big Beautiful Bill Act Means for Planning

May 5, 2026

Tax planning in 2026 is not just about reacting to changes—it’s about understanding how those changes shift the strategy conversation. The One Big Beautiful Bill Act (OBBBA) introduces several updates that directly impact how business owners and high-net-worth families approach estate planning, income tax strategy, and long-term wealth transfer. While many of these provisions build…

Margin Compression in Construction: Are Rising Costs Quietly Eating Your Profits?

Margin Compression in Construction: Are Rising Costs Quietly Eating Your Profits?

April 29, 2026

Many construction companies have strong backlogs and plenty of work. But despite staying busy, profits often aren’t keeping pace. The reason is margin compression. Rising labor costs, higher material prices, project delays, and fixed contract pricing can slowly reduce the profit built into a job. If those changes aren’t monitored during the project, margins can…

Fractional CFO Budget

How a Fractional CFO Helps Turn Budget Data Into Strategic Decisions During Growth Stages

April 21, 2026

As businesses grow, financial reports often become more detailed—but not necessarily more helpful. Many leadership teams receive monthly financial statements yet still struggle to answer key questions: This is where strategic financial insight becomes valuable. A Fractional Controller or Fractional CFO helps leadership teams interpret the signals inside their budget so they can move forward…

Why Reviewing WIP Reports Every Month Protects Project Profitability for Construction CEOs and Owners

Why Reviewing WIP Reports Every Month Protects Project Profitability for Construction CEOs and Owners

April 14, 2026

Most established construction companies already produce a Work in Progress (WIP) report. Banks expect it. Sureties require it. Accountants prepare it. But the real value of a WIP report goes far beyond compliance. When reviewed consistently by leadership, WIP reporting becomes one of the most effective tools for understanding project performance, monitoring margins, and maintaining…

Bonus depreciation Meets Cost Seg

Where Cost Segregation and Bonus Depreciation Meet: A Smarter Way to Accelerate Real Estate Tax Benefits

April 7, 2026

Real estate investors often hear cost segregation and bonus depreciation mentioned in the same breath—and for good reason. While they’re two separate tax concepts, they work together to create some of the most powerful depreciation strategies available today. Understanding where these two tools meet—and how they should be used together—can help investors unlock cash flow…

SLFRF April 30, 2026, Reporting Deadline: American Rescue Plan Act (ARPA)

SLFRF April 30, 2026, Reporting Deadline: American Rescue Plan Act (ARPA)

April 1, 2026

The final stages of the American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds (SLFRF) program are here. If you haven’t received Treasury’s formal closeout confirmation letter, then mark your calendar, because April 30, 2026, is your next reporting deadline. The April 30, 2026, Deadline: Do I Need to Report? All SLFRF recipients…

ACFR Automation for Government Finance Teams: Eliminate Manual Rework and Reporting Chaos

ACFR Automation for Government Finance Teams: Eliminate Manual Rework and Reporting Chaos

March 30, 2026

For many government finance teams, the Annual Comprehensive Financial Report (ACFR) has become synonymous with long nights, last-minute changes, and a constant fear that one small update will ripple into hours of rework. While ACFR preparation has always been complex, the pressure has intensified as reporting requirements grow and staffing resources remain tight. The good…

How Cost Segregation Puts Cash Back Into Your Business—Sooner

How Cost Segregation Puts Cash Back Into Your Business—Sooner

March 26, 2026

If you own real estate, your property is already generating income. What many business owners don’t realize is that it can also generate cash flow through tax timing—without changing how much you earn or how you operate. Cost segregation isn’t about finding new deductions. It’s about getting access to the deductions you already have earlier,…

Why Budgets Break During Growth — And Why Many Businesses Turn to a Fractional CFO or Controller

Why Budgets Break During Growth — And Why Many Businesses Turn to a Fractional CFO or Controller

March 24, 2026

Growth is exciting. Revenue is increasing, new opportunities are appearing, and the business is gaining momentum. But many business owners notice something unexpected during this phase. Even as revenue grows, financial pressure can start to build. You might notice things like revenue increasing, but also: If this sounds familiar, you’re not alone. In fact, this…

ADA Title II Digital Accessibility: Why Automation Helps Finance Departments Meet Compliance

ADA Title II Digital Accessibility: Why Automation Helps Finance Departments Meet Compliance

March 19, 2026

For many government finance departments, the upcoming ADA Title II digital accessibility requirements introduce a new operational challenge. Financial reports—such as ACFRs, budget books, council packets, and financial statements—must be accessible to residents who rely on assistive technologies like screen readers. To meet these requirements, digital documents must follow accessibility standards that allow assistive technologies…

SALT Deduction Limit Increase FAQs

SALT Deduction Limit Increase FAQs: $40,000 vs. $10,000 Explained

March 17, 2026

If you’ve heard the SALT deduction cap is increasing to $40,000, you’re not alone. The SALT cap update has been widely discussed—and it’s also created a lot of confusion, especially for higher-income taxpayers and business owners. These SALT Deduction Limit Increase FAQs: $40,000 vs. $10,000 Explained FAQs break down the most common questions we’re hearing,…

Bonus depreciation for real estate

Bonus Depreciation for Real Estate: What 100% Bonus Still Means—and What It Doesn’t

March 10, 2026

Bonus depreciation has been a powerful planning tool for real estate investors for years, and with 100% bonus depreciation still available, it continues to create meaningful tax-saving opportunities. But alongside the benefit comes a familiar concern: What happens later? More specifically, investors often ask about depreciation recapture and whether taking bonus depreciation now will hurt…

Fractional CFO Services

What Types of Businesses Are a Good Fit for Fractional CFO Services?

March 3, 2026

Most business owners don’t wake up one day and think, “I need a Fractional CFO.” What they actually think is: That’s where fractional CFO support comes in. Fractional CFO services are for businesses that have grown beyond what their current financial structure can comfortably support—and need higher-level guidance to make decisions with confidence. When Do…

Automation

Local Government Financial Reporting: Automation for ACFR to Budget Books and Beyond

February 25, 2026

Local government finance teams are being asked to do more with fewer resources—faster closes, tighter deadlines, more transparency, and cleaner reporting. At the same time, the reports themselves keep getting bigger and more complex. For many finance departments, the challenge isn’t a lack of data. It’s managing how that data flows across the many reports…

ADA Digital Accessibility Compliance: What This Means for Cities and Special Districts

ADA Digital Accessibility Compliance: What This Means for Cities and Special Districts

February 23, 2026

Digital accessibility is not just a technical or IT issue — it is a governance, equity, and risk-management responsibility. The April 2026 ADA Title II deadline places a clear expectation on public agencies to ensure residents can access information, services, and programs regardless of ability. Proactively addressing accessibility: Leadership support is critical. Accessibility efforts are…

Knowledge

Top 8 Tips for Closing the Knowledge Gap of New Hires in Local Government Finance Departments

February 17, 2026

While knowledge loss during staff transitions is a challenge for any organization, it’s especially impactful for local government finance departments. The specialized nature of the work requires deep institutional knowledge that’s often held amongst a few long-tenured employees. Add to that the reality of leaner staffing resources, a single departure can create gaps that disrupt…

California Worker Classification for Construction: What You Need to Know About AB 5 and the ABC Test

California Worker Classification for Construction: What You Need to Know About AB 5 and the ABC Test

February 16, 2026

If your construction business operates in California, worker classification comes with extra layers of regulation and enforcement. California assumes that a worker is an employee — unless the company can prove otherwise. This presumption is built into Assembly Bill 5 (AB 5) and subsequent legislation, and it means businesses must meet a very specific standard…

SALT Deduction Limit Increase and PTE Interplay

SALT Deduction Limit Increase and PTE Interplay

February 9, 2026

Key Takeaways: The $40,000 SALT deduction increase is real—but it doesn’t apply evenly to everyone. Higher-income taxpayers may still be limited to a $10,000 deduction, which is why pass-through business owners shouldn’t assume the headline tells the whole story. That’s where revisiting PTE tax elections can still make a meaningful difference. The SALT Cap Increase…

Fractional CFO

What Does a Fractional CFO Actually Do for Business Owners?

February 4, 2026

A Fractional CFO provides high-level financial support in budgeting, forecasting, cash flow management, KPI development, financial reporting, and strategic planning. They help business owners make better decisions—with support that can scale up or down as needs change. A common question business owners ask is: “What does a Fractional CFO actually do for my business? Fill…

7 Reasons Why Business Owners Should Meet with Their CPA Year-Round (Not Just at Tax Time)

7 Reasons Why Business Owners Should Meet with Their CPA Year-Round (Not Just at Tax Time)

January 23, 2026

It’s tax season. Your inbox is full. Deadlines are looming. You’re gathering documents, signing returns, and hoping everything lines up the way it should. For many business owners, this is the only time they talk to their CPA all year. And while that annual meeting may satisfy a filing requirement, it rarely supports proactive planning,…

What Local Governments Need to Know About GASB’s New Standard (GASB 105) on Subsequent Events

What Local Governments Need to Know About GASB’s New Standard (GASB 105) on Subsequent Events

January 21, 2026

GASB has released a new standard—Statement No. 105, Subsequent Events—and it’s something every local government should have on its radar as year‑end reporting approaches. While governments have long been required to evaluate events that occur after the financial statement date, this new guidance sharpens the definitions, strengthens disclosure expectations, and aims to eliminate inconsistencies that…

Worker Classification in Construction: Contractor or Employee?

Worker Classification in Construction: Contractor or Employee?

January 19, 2026

In the construction industry, using independent contractors is common — in fact, it’s often essential to getting projects done efficiently. But that also means construction businesses face greater scrutiny when it comes to worker classification. And if a worker is incorrectly classified as an independent contractor instead of an employee, the consequences can get expensive…

UPDATED: Key Figures 2025 & 2026

UPDATED: Key Figures 2025 & 2026

January 9, 2026

As we begin the new year, we’re sharing updated tax planning figures for 2025, along with a preview of key considerations for 2026. These updates are designed to help you plan proactively and make informed decisions throughout the year. If you have any questions or would like to discuss how these figures apply to your…

Social Security OBBBA

Is Social Security Now Tax-Free Under the OBBBA? Here’s What You Need to Know

December 18, 2025

If you’ve heard that the One Big Beautiful Bill Act (OBBBA) made Social Security “tax-free,” you’re not alone. Many retirees are asking the same question — and for good reason. While the OBBBA does bring significant tax relief for seniors, it does not automatically make Social Security income tax-free for everyone. Instead, it introduces a…

Your OBBBA Year-End Playbook 2025

Your OBBBA Year-End Playbook 2025

December 9, 2025

Key Takeaways for OBBBA Your 2025 Tax Strategy Window Is Closing Fast With just weeks left in the year, business owners and high-net-worth families are looking at one of the most pivotal year-ends in recent memory. The One Big Beautiful Bill Act (OBBBA) reshaped key areas of the tax code—bringing back full bonus depreciation, expanding…

Reconciling Opening Balances

How Local Government Finance Teams Bridge the Books: Reconciling Opening Balances After Go-Live

November 20, 2025

Months of configuration, data cleanup, and testing culminate in a single moment: turning on your new financial system. But your first test is reconciling opening balances after go-live to confirm that your financial history transferred accurately from your legacy system. If not, every dashboard, report, and decision is on a shaky foundation. Decide What to…

Key Figures 2025 & 2026

Key Figures 2025 & 2026

November 19, 2025

As we approach the end of the year, we want to provide you with essential tax planning figures for 2025 and a preview for 2026. If you need any further assistance or clarification, please do not hesitate to contact us. We are always happy to help you with your tax needs. Download PDF: Key Figures…

California

California Doesn’t Play by Federal Rules: What §179 and Bonus Depreciation Really Mean for 2025

November 18, 2025

Key Takeaway: Even though the One Big Beautiful Bill Act (OBBBA) restored 100% bonus depreciation at the federal level, California still doesn’t conform. The state limits §179 expensing to $25,000 and completely disallows bonus depreciation—creating a big difference between your federal and state taxable income. California and Bonus Depreciation: Still a No-Go While federal law…

Binding Contract Rule

100% Bonus Is Back Under OBBBA—But Watch Out for the “Binding Contract” Rule

November 11, 2025

Key Takeaway: 100% bonus depreciation is back—great news for businesses looking to accelerate write-offs. But a new binding contract rule could catch early-year buyers off guard. A Quick Recap: From Phase-Down to Full Recovery When the Tax Cuts and Jobs Act (TCJA) passed in 2017, businesses celebrated a historic opportunity: 100% bonus depreciation for assets…

QPP

Qualified Production Property (QPP): How Manufacturers Can Unlock 100% Expensing Under the OBBBA

November 6, 2025

Key Takeaways: What Is Qualified Production Property (QPP)? In simple terms, QPP allows companies that build or substantially renovate facilities used in manufacturing, production, or refining tangible products to deduct the full cost of those facilities in the year they’re placed in service. For manufacturers, that means skipping the traditional 39-year depreciation schedule and taking…

What the OBBBA 1099 Reporting Changes Mean for Local Governments

What the OBBBA 1099 Reporting Changes Mean for Local Governments

October 29, 2025

When Congress passed the One Big Beautiful Bill Act (OBBBA) earlier this year, most of the headlines focused on tax cuts and business incentives. But tucked within the legislation are important changes to IRS information reporting rules—specifically, how and when organizations (including local governments) must issue Form 1099s. These updates may sound minor, but they…

Maximize Deductions

2025 Charitable Giving Deadline: Maximize Deductions Before 2026 Tax Laws Change

October 23, 2025

Charitable giving has always been about generosity, but it’s also about being strategic with the goal being to maximize deductions. With new tax law changes taking effect in 2026, the way your contributions are deducted could look very different. That means 2025 is the year to act—both to support the causes you care about and…

Year-End Tax Planning for Generous Donors: Bunching vs. Donor-Advised Funds (Before 2026 Tax Changes)

Year-End Tax Planning for Generous Donors: Bunching vs. Donor-Advised Funds (Before 2026 Tax Changes)

October 22, 2025

When it comes to charitable giving, your heart may guide your generosity—but your tax strategy should guide when and how you give. With the new charitable contribution rules starting in 2026, now is the time to ask: should you bunch your contributions or contribute to a donor-advised fund (DAF)? Both approaches can help you maximize…

Federal Government Shutdown

Navigating the Federal Government Shutdown: What It Means for Local Government Finance Departments—and How to Bounce Back

October 16, 2025

A federal government shutdown doesn’t just stop activity in Washington, D.C.—it creates ripple effects that reach all the way to city halls, county offices, and special districts across California. For local government finance departments, a shutdown can upend budgets, delay reimbursements, and throw carefully planned projects into uncertainty. But while the short-term disruption can be…

Investments

Investments Made Simple: What Every Local Government Should Know About Reconciling, Reporting, and Preparing for Audit

October 13, 2025

Investments are an important part of managing public funds—but they can also be one of the most confusing areas of accounting for local governments. Between pooled cash, fair value adjustments, and detailed disclosures, it’s easy for this area to get overlooked until year-end. The good news? With the right processes in place, investment accounting doesn’t…

Fractional CFO Outsourced Accounting

Outsourced Accounting vs. Fractional CFO: Which One Does Your Business Really Need?

October 8, 2025

Running a business comes with a lot of big questions:“Should I expand into a new market?”“Can we afford to hire that next key employee?” And the one no one really likes to ask:“Are my books even right?” If you’ve ever wondered whether you need outsourced accounting services, a Fractional CFO, or both—you’re not alone. Many…

Tax Considerations Divorce

Top 5 Tax Considerations When Going Through a Divorce in California

October 2, 2025

Divorce reshapes nearly every corner of your life—your home, your finances, your future. In the middle of all the legal decisions, parenting changes, and life adjustments, taxes might be the last thing on your mind. However, it needs to move up on the list, and getting your CPA involved early in the divorce process can…

CalSavers

Still Using CalSavers for Your 401(k) Plan? Here’s Why It’s Time to Reconsider

September 25, 2025

California’s retirement mandate has been in place for a while now. If you have 5 or more employees, you’re legally required to offer a retirement plan. Many businesses signed up for CalSavers simply to stay compliant—and that worked as a short-term solution. But here’s the challenge: CalSavers is the starting line, not the finish line….

GASB

Making Sense of GASB 102, 103, and 104: What’s Changing and How to Prepare

September 22, 2025

Government finance never stands still—just as teams are wrapping up implementations of recent standards like GASB 87 and 96, new updates are here. GASB 102, 103, and 104 bring important changes to risk disclosures, financial reporting models, and capital asset notes. While the technical language can feel overwhelming, these updates are designed to improve transparency,…

401(k) Plan Sponsors

Year-End Checklist for 401(k) Plan Sponsors: What to Review Before December 31

September 17, 2025

As the calendar year wraps up, now’s the time for 401(k) plan sponsors to double-check that everything is in order—from contributions to compliance notices. Whether you’re a business owner or part of the HR team, this checklist outlines key responsibilities and who in your organization should be handling them. 1. Review Employee Deferrals and Employer…

Fractional CFO

How a Fractional CFO Drives Revenue, ROI, and Long-Term Success for Business Owners

September 16, 2025

When most business owners think of a CFO, they imagine someone making sure the books are accurate and compliant. But a great CFO—especially a Fractional CFO—does far more than manage financial statements. They take your numbers and turn them into a roadmap—helping you make better decisions, uncover growth opportunities, and avoid costly mistakes. The result?…

EBITDA

EBITDA Is Back: Bigger Interest Deductions in 2025

September 10, 2025

In 2025, manufacturers and other capital-intensive industries get a rare bit of good news from Washington. Thanks to a provision in the One Big Beautiful Bill Act (OBBBA), the limitation on business interest deductions is once again based on EBITDA—not EBIT. For these companies, that technical-sounding change can mean real tax savings and more flexibility…

Uniform Guidance Revisions

Uniform Guidance Revisions in Effect: Key Impacts for Local Government Finance Departments

September 8, 2025

In April 2024, the Office of Management & Budget (OMB) released the most significant revisions to the Uniform Guidance in a decade. While the rules officially took effect for new awards on October 1, 2024, the impact is only beginning to hit local government finance departments in 2025—and will be even more visible in 2026…

401k plan rules 2025

Top 3 New 401(k) Plan Audit Rules for 2025

September 3, 2025

The SECURE 2.0 Act of 2022 was enacted to enhance retirement savings and financial security. With more than 90 provisions affecting a wide range of retirement plans, the law is being implemented in phases over several years, from 2023 through 2033. While some key changes took effect in 2023 and 2024, more significant updates are…

Clean Vehicle Tax Credit Labor Day

Revisiting Clean Vehicle Tax Credit Just in Time for Labor Day

August 26, 2025

Happy Labor Day!  Are you shopping for a car this weekend?  Perhaps you should be! Labor Day is the unofficial end of summer.  Many of us are planning one more beach trip, hike, bike ride, picnic, or barbeque this long weekend.  Here’s why you might want to add car shopping to your list. We have…

GASB 87 & 96

Lessons Learned from GASB 87 & 96: How to Simplify Your Year-End Close

August 25, 2025

When GASB 87 (Leases) and GASB 96 (Subscription-Based Information Technology Arrangements) first went into effect, many organizations underestimated just how much work these standards would require. What seemed like a straightforward change quickly revealed itself to be one of the more complex accounting challenges in recent years. Finance teams often found themselves scrambling at year-end,…

Permanent Bonus Depreciation QBI

OBBBA Restores Major Business Tax Breaks: What Permanent Bonus Depreciation and QBI Mean for You

August 22, 2025

The One Big Beautiful Bill Act (OBBBA) brings long-awaited good news for business owners: several key provisions from the Tax Cuts and Jobs Act (TCJA) are not only back—they’re back for good. Gone are the days of guessing whether bonus depreciation or the QBI deduction would be renewed. The OBBBA makes them permanent, offering long-term…

Are R&D Tax Credits Still Worth It in 2025?

Are R&D Tax Credits Still Worth It in 2025?

August 13, 2025

Short answer: Yes—and they may be more valuable than ever. For established businesses investing in process improvements, product development, or new technologies, the R&D tax credit remains a powerful tool in 2025. With recent tax law changes restoring full expensing of domestic R&D and new opportunities to reclaim past deductions, the credit can provide a…

Liabilities

Tackle Accounts Payable, Accrued Liabilities, and Long-Term Debt Reconciliations with Confidence

August 5, 2025

Government finance departments have a lot to juggle—tight deadlines, strict compliance requirements, and complex financial records. Among the most important areas to stay on top of: Accounts Payable, Accrued Liabilities, and Long-Term Debt. These liabilities may seem routine, but they can derail an audit or lead to inaccurate financials if not carefully managed. This guide…

Clean Energy Tax Credit Rollback

Clean Energy Tax Credit Rollback: Final Countdown for Tax Breaks Under the OBBBA

July 31, 2025

If you’ve been thinking about installing solar panels, purchasing an electric vehicle, or upgrading your property’s energy efficiency, now is the time to take action. The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, significantly rolls back many clean energy tax credits starting as early as the end of this…

Accounts Receivable Reconciliations

Accounts Receivable Reconciliations: A Helpful Checklist for a Smooth Year-End Close

July 29, 2025

For many local government finance departments, reconciling accounts receivable (AR) can feel like an ongoing challenge. With accuracy and transparency on the line, getting it right is more than just a year-end task—it’s a year-round responsibility that ensures your books are clean, your audits go smoothly, and your leadership team has the data they need…

Charitable Contributions

Upcoming Limits to Charitable Contributions: Why 2025 Is a Critical Year for Giving

July 23, 2025

The One Big, Beautiful Bill Act (OBBBA) brought sweeping changes to the federal tax code, many of which we covered in our recent overview for businesses and high-net-worth individuals. One area that deserves a closer look? Charitable giving. New limitations will apply starting in 2026, which makes 2025 a key window for maximizing your donations—for…

Internal Controls

10 Common Misconceptions About Internal Controls

July 16, 2025

When your company first started, it was easier to keep a pulse on everything. You knew who was handling what, decisions happened quickly, and financial oversight was manageable with just a few people involved. Internal controls? They were probably the last thing on your to-do list—and back then, that made sense. But as your company…

Pension and OPEB

Pension and OPEB Year-End Checklist: What to Gather, Calculate, and Report

July 10, 2025

Author Riley Greenlee Riley became interested in accounting after an entrepreneurship club in college. The group project was to create a start-up company, and Riley naturally fell into the accounting role due to his interest in economic planning and transactional tracking. From then on, he knew that there was nothing else he would rather do…

OBBBA

One Big Beautiful Bill Act (OBBBA) for Businesses + High-Net Worth Individuals

July 9, 2025

Author Mike Agresti Practicing since 1998, Michael decided to focus his practice on high net worth tax clients and closely held companies at LSL CPAs because of the complexity and multiple advisory needs. He not only provides tax planning and reporting, but he also consults on business strategic planning and has represented clients before tax…

TCJA

6 Things Business Owners Should Know and Do About the Looming TCJA Expirations

June 24, 2025

The Tax Cuts and Jobs Act (TCJA) was passed in 2017, bringing various tax changes. Several major provisions are set to expire after 2025, which could have a significant impact on business owners. We have provided a summary followed by a brief explanation and discussion of each action item to help you in your planning….

Bank Reconciliations

Steps to Smooth Bank Reconciliations (and Fewer Headaches at Audit Time) for Local Governments

June 19, 2025

Author Steven "Berrett" Warnick

Navigating Multi-State Payroll Taxation and Remote Work Compliance

Navigating Multi-State Payroll Taxation and Remote Work Compliance

June 16, 2025

Author Mike Agresti Practicing since 1998, Michael decided to focus his practice on high net worth tax clients and closely held companies at LSL CPAs because of the complexity and multiple advisory needs. He not only provides tax planning and reporting, but he also consults on business strategic planning and has represented clients before tax…

Capital Asset Management in Local Government: A Guide for Your Finance Department

Capital Asset Management in Local Government: A Guide for Your Finance Department

June 9, 2025

Author LSL Staff We are always engaged in ongoing education, to better serve you and your account. Please contact us for more information about the latest developments in our assurance, tax, and advisory services.

How the Cost-to-Cost Method Improves Profitability in Construction Projects

How the Cost-to-Cost Method Improves Profitability in Construction Projects

May 29, 2025

Author Maria Arriola Maria Arriola is a Partner at LSL CPAs with over 30 years of experience delivering assurance and tax services to privately held businesses, nonprofits, and employee benefit plans. Her deep industry knowledge spans real estate, healthcare, and manufacturing and distribution, where she helps clients navigate complex financial reporting, optimize tax strategies, and…

GASB 101

Understanding GASB 101: What Government Finance Teams Need to Know About Compensated Absences

May 19, 2025

Author James Butera James Butera is a Director in LSL’s Assurance & Advisory department, specializing in governmental and not-for-profit clients. His expertise includes financial audits, Single Audits, ACFR and financial statement preparation, as well as GASB implementation consulting and Director of Finance/Controller-level advisory services. James thrives on helping clients operate more efficiently, drawing on his…

SIGN UP FOR THE LATEST BLOG CONTENT