James Liggett CPA

  The United States Department of Labor (“DOL”) generally requires employee benefit plans (“EBP”) with 100 or more participants to have an audit as part of their annual Form 5500 filing. Employee benefit plan audits are unique in several ways. Most importantly, employee benefit plan audits should do more than support financial statements, EBP plan audits should also evaluate plan operations. These unique attributes of employee benefit plan inquiries require an intimate knowledge of the specific plan being audited, the Employee Retirement Security Act of 1974 (“ERISA”), the disclosure and disclosure requirements of the Department of Labor of the United States, in addition to generally accepted accounting principles and the AICPA audit rules The employee benefit plan accounts represent an area of ​​significant opportunity for auditors. In an article published in April 2020, Accounting Today reported that there are currently more than 83,000 audits of employee benefit plans conduc...

In the United States, companies have deductible expenses which can be subtracted from the taxes payable on the tax return. All of them are related to the performance of any business and must justify their validity by means of an invoice and presented in a timely manner.

The audit plays a very important role in a company : it review s the accounting, administrative, labor, etc. procedures of a company and verifies that certain previously established criteria are met. James Liggett CPA , who has decades of experience in this field, define s the concept of auditing as the process by which a company or independent professional (auditor) is hired to collect accounting information. T his information , as specified by Liggett CPA is valuable to verify that the company being audited has complied with the accounting standards.  

  Changes, reorganization or restructuring of an organization are as important as the evolution of the business. As markets change, so do needs. In this way, having a team to guide you on the most appropriate way to carry out these structural changes is important. To give you a clear idea of the definition of strategic consulting, we will begin by explaining to you that consulting is a service that you can get through independent professionals called consultants, consulting companies or the so-called consulting agencies. On the other hand, normally those who provide this type of service have comprehensive experience in the business field, with solid knowledge in business management, planning, processes, business models, value chain, etc. Thanks to this knowledge, you can develop a holistic vision of the company to bring it to market and be competitive. James Liggett CPA, an accomplished Certified Public Accountant with more than 25 years of industry experience, knows this an...

  Did you know that the total equity in private assets in the world in 2015 reached an impressive US $ 250 trillion? It's hard to imagine such amounts without literally losing count. In order to avoid this from happening, it is of paramount importance to have a public accounting system capable of maintaining these amounts in an orderly and transparent manner. The average wealth for each adult on this planet is estimated to be about US $ 52,000, a figure that, as you can imagine, varies greatly, depending on the region, between US $ 4,500 and US $ 342,000 per capita, in the case of the richest on the planet. As a Certified Public Accountant , the first question that occurs to James Liggett CPA when looking at these figures is: how much is public assets? The reality is that there is still no answer to this question, since most countries have incomplete public accounting, which is still in the process of transition to equity accounting that reliably incorporates the current values...

Limited Liability Companies, better known as LLCs, are the simplest and least expensive business structures in the United States. This legal structure combines the tax advantages of a company with the protection of personal responsibilities enjoyed by corporations. Unlike a sole proprietorship, an LLC is a completely separate entity from its owner or owners. In this way, business owners are protected from personal liability. However, according to James Liggett CPA , who has years of experience in assisting taxpayers and small businesses with taxes in the state of New York, when it comes to filing taxes, an LLC works much like a sole proprietorship. Here, James Liggett CPA answers the most frequently asked questions about how LLCs are taxed. What taxes must an LLC pay? For tax purposes, the IRS treats a member's LLCs as sole proprietorships. Liggett CPA explains that this means that the LLC itself does not pay taxes and you do not have to file a return with the IRS. If you are the s...