News & Resources

LMGW Seeks Experienced Audit Senior – Advancement and Opportunity Await You!

Advancement and opportunity await at LMGW Certified Public Accountants! LMGW is seeking experienced audit senior to join our team of growing professionals during this exciting growth phase in our company. Potential candidates must be dedicated to a rewarding and successful long-term career in public accounting and be focused on personal and professional growth.

Applicants will:

• Have a passion for public accounting
• Be focused on advancement to partner and a firm to call home for their career
• Possess a high degree of technical competence and a strong sense of confidence in one’s own abilities
• Be eager to put in the hours it takes to achieve rapid professional growth
• View constructive criticism as an opportunity for improvement
• 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

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LMGW Seeks Experienced Tax Staff

Advancement and opportunity await at LMGW Certified Public Accountants! LMGW is seeking experienced tax staff to join our team of growing professionals during this exciting growth phase in our company. Potential candidates must be dedicated to a rewarding and successful long-term career in public accounting and be focused on personal and professional growth.

Applicants will:

• Have a passion for public accounting
• Be focused on advancement to partner and a firm to call home for their career
• Possess a high degree of technical competence and a strong sense of confidence in one’s own abilities
• Be eager to put in the hours it takes to achieve rapid professional growth
• View constructive criticism as an opportunity for improvement
• 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

Recent Changes in California Apportionment

During 2012 some very significant developments emerged in California that will impact California corporations that operate in other states and out-of-state corporations that operate in California. These recent decisions impact how taxable income (or losses) are apportioned for California corporate income tax purposes.

Income apportionment determines the ratio of income that is subject to tax in a particular state. There are several different methods used to determine state apportionment and acceptable methods for determining apportionment vary by the applicable state law. The acceptable methods have changed numerous times over the past couple of years in California due to a law change beginning with the 2011 tax year, the recent court decision in the Gillette Case and the passage of Proposition 39 in November 2012.  Click here for a reference chart showing the different apportionment formulas referred to in this article. Read more

LMGW Employees Choose Charitable Organizations to Receive Donations

In our 4^th quarter 2012 newsletter we mentioned that LMGW would be making charitable donations in lieu of mailing holiday cards in December. We did things a little bit differently and allowed our employees to choose the charitable organizations to make a donation to. LMGW then matched the employee’s donation, up to $50 per person, to each charity. Below are the charities our employees chose:

• The David Andrew “Pooh” Maddan Foundation
• Students Rising Above
• Wildlife Center of Silicon Valley
• Earth Island Institute-Save Japan Dolphins
• Saint Francis High School Alumni Class Endowed Scholarship Program
• Second Harvest Food Bank
• St. Jude Children’s Research Hospital
• Humane Society Silicon Valley
• American Red Cross – Hurricane Sandy Relief

If you are not familiar with any of the organizations listed feel free to ask us about them. Several members of the LMGW team are personally involved with the charities and would be happy to tell you about them!

Make 2012 Charitable Distributions from your IRA Now

If you are age 70½ or older and have an IRA there are two tax savings clauses in the 2012 Taxpayer Relief Act that you may want to take advantage of. First, eligible taxpayers can make a tax-free transfer from their IRA to an eligible charity by January 31, 2013 and treat the transfer as made on December 31, 2012. This strategy can help lower your Adjusted Gross Income (AGI) in future years by lowering the value of your IRA, which in turn lowers the amount of your required minimum distribution. Note the charitable distribution is limited to $100,000 per taxpayer per year. Essentially you have the ability to reduce your IRA value by $200,000 by making a $100,000 transfer by January 31, 2013 and allocating it to 2012 and then making another $100,000 transfer in February 2013 for the 2013 year. With all the tax increases and surtaxes taking effect in 2013, this can be a valuable tool to reduce your future tax liability.

A second option is for taxpayers to treat an IRA distribution received in December 2012 as a qualified charitable distribution as long as the taxpayer transfers the money to an eligible charity by January 31, 2013. This gives taxpayers a way to retroactively reduce their 2012 taxable income.

Remember, charitable IRA transfers are not included in taxable income. Additionally, a qualified charitable IRA transfer is beneficial because the charitable deduction is directly offset “above-the-line” against the IRA withdrawal. Without the charitable transfer the IRA distribution will increase your AGI, which impacts numerous other tax calculations and deduction phaseouts including how much of your Social Security is taxable, allowable deductions for charitable and medical expenses, as well as a myriad of tax credits. You must act quickly to take advantage of either, or both, of the provisions discussed above as transfers must be made by January 31, 2013 in order to qualify.