News
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IRS Grants Relief to California Storm Victims
- January 20, 2023
- Posted by: Hood & Strong
- Category: Tax
No CommentsIRS issued tax filing and paying relief for California winter storm victims. The extended due date is May 15, 2023.
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Cohen Anderson CPAs Joins Hood & Strong LLP
- January 18, 2023
- Posted by: Hood & Strong
- Category: News Releases
SAN FRANCISCO (January 18, 2023) — Hood & Strong LLP, one of the Bay Area’s largest independent full-service public accounting and business advisory firms, today announced that Cohen Anderson CPAs, a San Rafael-based boutique public accounting firm focused exclusively on serving the nonprofit sector, has joined the firm. “The addition of Cohen Anderson extends Hood
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Deferring a Tax Hit with a Sec. 1031 Exchange
- January 12, 2023
- Posted by: Hood & Strong
- Category: Tax
Do you own commercial or investment real estate that has substantially increased in value? If you sell the property, you may be hit with a huge capital gain tax liability. Possible solution: Consider a Section 1031 exchange (also known as a like-kind exchange) in which you swap qualifying properties while paying zero or little current
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FASB Issues New Proposal for Recognizing and Derecognizing Financial Statement Items
- January 12, 2023
- Posted by: Hood & Strong
- Category: Tax
When should a company incorporate an item into its financial statements — or remove it altogether? On November 22, 2022, the Financial Accounting Standards Board (FASB) issued a proposal to help address this fundamental question. Bringing the conceptual framework into the 21st century The FASB’s conceptual framework consists of eight chapters that provide the foundational
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How Much Does Your Company Disclose About COGS?
- January 12, 2023
- Posted by: Hood & Strong
- Category: Tax
The cost of goods sold (COGS) can account for 70% of a company’s expenses, according to recent discussions by the Financial Accounting Standards Board’s (FASB’s) Investor Advisory Committee. However, some companies skimp on details around the costs they incur to produce goods. To help rectify this situation, the FASB has launched a project to study
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Warning: Going Concern Opinions Reach All-time High
- January 12, 2023
- Posted by: Hood & Strong
- Category: Tax
After trending downward prior to the pandemic, going concern opinions increased substantially in fiscal year 2021, according to a recent report by Audit Analytics. Here’s an overview of the going concern assumption and the responsibility to identify “substantial doubt” about a company’s ability to operate as a going concern over the next year. Evaluating future
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Key Takeaways for Employers Under the SECURE 2.0 Act of 2022
- January 11, 2023
- Posted by: Hood & Strong
- Category: Tax
SECURE 2.0 Act significantly changes the tax rules governing qualified retirement plans and individual retirement accounts (IRAs).
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2023 Tax Calendar
- January 10, 2023
- Posted by: Hood & Strong
- Category: Tax
To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 10
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Treasury and IRS Release Interim Guidance on Corporate Minimum Tax
- January 4, 2023
- Posted by: Hood & Strong
- Category: Tax
Notice 2023-7 provides interim guidance on certain items related to the new corporate minimum tax in anticipation of forthcoming proposed regulations.
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Year-end Spending Package Tackles Retirement Planning, Conservation Easements
- January 2, 2023
- Posted by: Hood & Strong
- Category: Tax
On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering retirement savings The original SECURE Act,