If you own income-producing properties in New York City, you're likely familiar with the challenges of preparing a Real Property Income and Expense (RPIE) statement. These statements are essential for assessing the value of various property types, including commercial properties, residential buildings with more than three units, hotels, motels, and parking...
Auditing for nonprofits can be complex and challenging. Dedicated to making a positive impact on their communities, these organizations often rely on the support of donors, grantors, and government agencies. Ensuring transparency and accountability in their financial reporting is crucial to maintaining trust and credibility.
This blog is a...
As a New York-based Certified Public Accountant (CPA) serving clients nationwide, Brooklyn CPA provides individuals and businesses with first-rate accounting services tailored to their needs. A fundamental aspect of accounting is the distinction between public and private accounting. Let’s take a closer look at these two branches of accounting and how...
Starting a new business is exciting, but navigating the contemporary financial landscape can be daunting. Proper accounting and financial management are critical for the success and sustainability of any business. That’s where the expertise of a qualified accountant (CPA) becomes invaluable. Let’s explore the challenges facing startups and how an accountant...
Nonprofit organizations play an important role in society by providing essential services and addressing social issues, and their financial stability is crucial to their success. To this end, nonprofits must prepare financial statements to provide transparency about their financial health; understanding nonprofit financial statements is essential to effectively managing their finances.
As a business owner or manager, having accurate financial information is essential for making informed decisions. This is where the expertise of an accountant or CPA comes in. CPAs can provide various financial services such as audits, reviews, and compilations. Let’s take a look at compilation reports and why businesses require...
Hiring a Certified Public Accountant (CPA) is a crucial decision for small businesses. A CPA can help small business owners manage their finances, minimize their tax liability, and ensure compliance with accounting regulations. Not all CPAs are the same, however, and choosing the right one for your business can be challenging....
A CPA letter prepared by a certified public accountant (CPA) provides assurance about the accuracy and completeness of financial information in various situations. By working with an experienced certified public accountant, you can obtain a CPA letter that helps to achieve your objectives. This article will discuss when a CPA letter...
The deadline for filing income tax returns is fast approaching (April 18, 2023), and many taxpayers may be considering filing a tax extension. Doing so will give you extra time to gather financial information and avoid a late filing penalty. Here’s what you need to know.
Filing for...
Self-employed individuals enjoy the benefits of setting their schedule, choosing which projects to work on, and earning as much as they choose. But working as an independent contractor poses unique tax challenges. By consulting an experienced tax professional, you can understand your tax liabilities and filing deadlines and avoid tax penalties....
