LFL Veritas’s Jesse M. Herschbein, CPA, CGMA, Recognized with the NJCPA Volunteer Award

Congratulations to LFL Veritas’s own Jesse M. Herschbein, CPA, CGMA, on being one of the 29 NJCPA Volunteer Award recipients. Ralph Albert Thomas, CEO and executive director, NJCPA, says, “The Volunteer Award is a great way to say ‘thank you’ to many of our members who truly give back to their communities, their local schools […]

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5 Things to Know Before You Turn Your Home into a Rental Property

There are a number of reasons to turn a home into a rental property, or investment property, whether it’s your primary residence or a second/vacation home. If you had planned to sell and the housing market is weak, it might make sense to hold onto that property, rent it out to cover the mortgage payment, […]

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Have Foreign Bank Accounts? Know the Rules and Tax Implications or Else

It’s common, and perfectly legal, for Americans to have bank accounts in foreign countries. Many Americans are or were citizens of foreign countries and visit those countries often, while others live abroad full-time. They might have a family, own property and pay bills in another country. Some people just travel frequently to certain destinations and […]

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The Value and Core Components of a Business Plan

Think of a business plan as a roadmap for a new company. An effective business plan is a document that provides an overview of your operations, objectives, and expectations for the next three to five years, as well as an explanation of your strategy for achieving those goals and meeting those expectations. Maybe you want […]

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7 Questions to Ask when Planning Your Exit Strategy

When you mention “exit strategy,” the average business owner hears “cha-ching.” In other words, “my exit strategy is to sell my company for a huge profit.” That may very well be the end result, but it’s not the only exit strategy, and many things need to happen before you get to that point. Here are […]

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What Are the Differences Between a Traditional IRA and a Roth IRA?

An IRA, or individual retirement account, is a great vehicle for building wealth and saving for retirement. Although there are many different types of IRAs, each with their own pros, cons, and rules, the two most common IRAs are traditional IRAs and Roth IRAs. Traditional IRAs were introduced in the Employee Retirement Income Security Act […]

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8 Common but Preventable Tax Filing Mistakes Made by Individuals

The IRS doesn’t like mistakes. Neither should you. Mistakes translate to a longer processing time for your tax filing. Mistakes could mean a delay in a refund. Even worse, mistakes could result in an audit, which takes time and money to respond to and manage. Depending on the nature of your mistake, you could face […]

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Understanding the Basics of Charitable Giving

There’s a reason why nonprofits devote so much time and energy to end-of-year fundraising campaigns. According to Network for Good, 30 percent of all charitable giving happens during the month of December. In fact, 12 percent of all giving happens in the final three days of the year. While many people are in a giving […]

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Virtual CFO: What It Is and Why You Might Need One

As businesses grow, their financials become more complex. As financials become more complex, it becomes more difficult to measure and manage cash flow, inventory, production costs, payroll and other critical financial information and tasks. This is why many companies grow themselves right out of business. They’re unable to maintain the financial controls and systems required […]

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Phone Scam Alert: People Posing as Social Security Employees

Last year, the Social Security Administration (SSA) issued a warning about suspicious phone calls from people claiming to represent the SSA. In one specific case, Kentucky residents who used a certain law firm to assist with applying for Social Security benefits were receiving the bogus calls. The caller would offer people $9,000 from a compensation […]

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