Reminder about Unclaimed Property

California’s Unclaimed Property Law requires banks, insurance companies, corporations, and certain other entities to report and submit their customers’ property to the State Controller’s Office when there has been no activity for a period of time (generally three years). Currently, the state has more than $8 billion in unclaimed property belonging to approximately 32.5 million individuals. Common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents.  For claims where the property is worth less than $500 and there is only one listed owner, the process is a simple online form and users could get a check for their unclaimed property within 14 days. For items such as unclaimed money orders, cashier’s checks, royalties, and the contents of safe-deposit boxes, a paper process is required. Check out the CA State Controller website at http://sco.ca.gov/upd_msg.html today and see if you or a relative has any unclaimed property!

LMGW Seeks Audit Manager

Advancement and opportunity await at LMGW Certified Public Accountants! LMGW is seeking experienced audit manager to join our team of growing professionals during this exciting growth phase in our company.

Ideal Candidates will:

• Have a passion for public accounting
• Be focused on career growth and a firm to call home
• Possess a high degree of technical competence and a strong sense of confidence in one’s own abilities
• Recognize the opportunity to be part of the growth and transition of a firm moving to the next level
• Keep the “big picture” view in mind at all times Read more

Kim Cabanayan Named Employee of the Quarter

Kim Cabanayan, Senior Bookkeeper and QuickBooks ProAdvisor has been chosen as Employee of the Quarter after receiving nominations from both LMGW Partners and Managers. Kim maintains a close relationship with many of our small and mid-size business clients, keeping abreast of deadlines and communicating their needs to our Partner group. Kim has shown outstanding leadership and continues to be a key member of our bookkeeping and consulting departments. Congratulations to Kim!

Ensuring Financial Success for Your Business

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination?

Not quite. You can’t let your business run on autopilot and expect good results. Any business owner knows you need to make numerous adjustments along the way – decisions about pricing, hiring, investments, and so on.

So, how do you handle the array of questions facing you?

One way is through cost accounting. Read more

Tax Tips for Older Americans

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are seven tax tips that could help you do just that.

1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you do not itemize your deductions, you can take advantage of a higher standard deduction amount. There is an additional increase in the standard deduction if either you or your spouse is blind.

2. Credit for the Elderly or Disabled. If you and/or your spouse are either 65 years or older–or under age 65 years old and are permanently and totally disabled–you may be able to take the Credit for Elderly or Disabled. The Credit is based on your age, filing status, and income and you must file using Form 1040 or Form 1040A to receive the Credit for the Elderly or Disabled. You cannot get the Credit for the Elderly or Disabled if you file using Form 1040EZ. Read more