LMGW Continues to Grow

We are pleased to announce our new team member Michael (Mike) R. Johnson, CPA. Mike joins us as a Senior Accountant. Mike received his Bachelor of Science Degree in Business Administration/Accounting from San Jose State University in 2006. He worked with Abbott, Stringham and Lynch in San Jose, CA as a tax senior for five years, and most recently, from 2011 through 2014 as a Senior Business Management Accountant with Tanner, Mainstain, Blatt, Glynn and Johnson in Los Angeles, CA.  Mike’s wife recently completed medical school and they are happy to have returned to their home in the Bay Area.

Keith Plottel, CPA, Managing Partner, said, “We are excited to have Michael Johnson join our team, so we are able to expand our offerings to local businesses.”

New Accounting Standards for Revenue Recognition

The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have approved new accounting rules on recognizing revenue in customer contracts.  The new rules are principles-based, eliminating most of the industry specific revenue recognition guidance by generally accepted accounting principles in the United States of America. This change will remove inconsistencies in existing revenue recognition standards and improve comparability of revenue recognition practices over a range of industries and geographic boundaries to provide more useful information to users of financial statements.

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New online tool to pay taxes

The new IRS Direct Pay lets taxpayers pay tax bills or make estimated tax payments directly from checking or savings accounts without any fees or pre-registration.

The New LLC Act in California – What Does it Mean for You?

California has a new Limited Liability Company (LLC) act which took effect January 1, 2014. The new law automatically applies to existing LLCs and the new law contains provisions that can result in forfeiture of LLC member rights, if action is not taken. If you are a member of a LLC, now would be a good time to have an attorney review the LLC operating agreement to ensure you are protected against possible forfeiture of your member rights. This is applicable to existing California LLCs and does not apply to foreign LLCs that have qualified to do business in California. Also, the new rules are not important for single-member LLCs or husband-and-wife LLCs. Please contact us if you need a referral to an attorney that can review your current operating agreement and make amendments to prevent forfeiture.

State Launches New Online Tool for Unclaimed Property

The California Controller’s Office is making it easier to claim your missing money through a new online tool. Currently, the state has more than $6.9 billion in unclaimed property belonging to approximately 24.9 million individuals. The online tool (www.calimit.ca.gov) launched in January 2014 is for claims where the property is worth less than $500 and there is only one listed owner. The process is simple 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, the old paper process is still required. Check out the site today and see if you or a relative has any unclaimed property!