Blog | Pogosian Nazaryan & Company

16Oct2015: The CPA: A Vital Team Member for Any Law Practice

When it comes to practicing law, we tend to think of grueling cases and extensive research. However, law firms are businesses, and, as such, it’s crucial to dedicate time and resources into the financial side of things. Having a qualified CPA on the team is necessary to ensure the firm is able to successfully operate, and there are more ways they can help the law practice than often meets the eye. We’ve highlighted some of the ways we add…

05Oct2015: IRS October 15 Deadline

For all Americans, the regular tax filing deadline is April 15th of each year. For people who are dealing with extenuating circumstances and can’t meet that deadline, the IRS allows for the requesting of a final extension date of October 15th. For tax filers who are currently faced with the final extension deadline, it’s time to for you to gather your tax information and start the tax filing process. (more…)

23Sep2015: Study Shows Taxpayers Overpay Their Income Tax

Studies show that every year millions of Taxpayers overpay their income tax or get a smaller tax refund than they legally deserve.

Are You One of Them? (more…)

18Sep2015: Sorting Through California’s Filing Requirements for Legal Business Entities

The Business Entities Unit of the California Secretary of State (CASOS) recently released a “Misleading Business Solicitations” warning promoting caution to California registered businesses regarding the aggressive and deceptive marketing practices of several firms representing themselves as agents of the CASOS. The firms mentioned in the advisory have promoted, in addition to other deceptions, misleading facts concerning the annual filing requirements of California Corporations and Limited Liability Companies (LLC’s) with respect to their meeting minutes. California does not require…

20Aug2015: Goodwill Accounting for Private Companies

Last winter, private companies received a beneficial accounting update as a recommendation from the Private Company Council (PCC). On December 23, 2014, with thanks to the PCC, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014 -18. The new update gives private companies an alternative for recognizing intangible assets such as trademarks, business methods and patents. It should be noted that favorable contracts are also intangible assets, and therefore lie within the scope of ASU 2014-18….

07Aug2015: How to Survive an IRS Audit

One thing that will certainly send shivers of terror down the spine of any taxpayer is receiving a notification of an IRS audit in the mail. While this can be a nerve racking experience, there are ways to do deal with the situation and make it a less stressful process. Below are 5 do’s and don’ts to follow when you receive an IRS notice. (more…)

15Jul2015: Ask a CPA: Accounting and Bookkeeping Basics

With stringent government regulations and ever-changing policies, it is crucial to know and understand how your business and personal finances can and should be documented. We are here to help people everywhere learn and refresh their understanding of basic accounting and bookkeeping. (more…)

07Jul2015: Most Common Bookkeeping Questions

Bookkeeping FAQs

Accounts payable is the section of your ledger that must be paid out to vendors for your business. You make payments on these accounts to fulfill your obligations to your vendors, and you will have accounts payable paying out to many different companies at once. Consultants, supply companies, temp agencies and other companies all have a business relationship with you wherein you pay for their services. You must handle your accounts payable in…

25Jun2015: 10 Tax Deductions for Your Small Business

Tax deductions. They can dramatically effect how much your business is taxed in the long run, but the catch is that they must be legitimate expenses. Adding deductions to your taxes really boils down to knowing exactly what does — and doesn’t — count as a deduction. Don’t forget these 10 deductions the next time you sit down to sort through your taxes!

1. Startup Costs

Keep in mind that your expenses used for getting your business up and running are…

12Jun2015: What to do if you get an IRS audit notice?

If you get an IRS audit notice, the letter you received has a form number. The Internal Revenue Service (IRS) website contains a ton of information and will explain your audit form in detail. Simply search under the form number and the IRS will provide the necessary information about the audit. Now, if you’re freaking out at this point, then we advice you give a CPA or a tax attorney a call immediately. Setup an appointment and let…