Gursey | Schneider LLP

Our Tax team hit the pickleball courts! We love some friendly competition and fun in the sun☀

We’re thrilled to announce that we’ve ranked #77 on INSIDE Public Accounting's Top 500 CPA Firms and have been recognized as a Fastest Growing Firm! Thank you to our incredible team and clients for making this possible. Here’s to continued growth and success! 🚀✨ https://lnkd.in/gqPsEj-8 #accountingfirm #litigationsupport #businessmanagement #losangelesCPA

The International Accounting Standards Board and the International Sustainability Standards Board recently discussed the future of integrated reporting. Despite the importance of combining financial and sustainability reporting, there is currently no major push from the investment community for a new joint project. 📝🌍 Investors are prioritizing the adoption and implementation of new climate and sustainability disclosure rules (S1 and S2), which took effect recently. The focus remains on providing better sustainability information first, before diving into integrated reporting. Do you think integrated reporting should be a priority? 🔗 Read the full discussion here: https://lnkd.in/gX_sXXWv

Last week, all of our offices took part in a friendly rendition of the Olympics, but events were based around supplies you can find in the office. 📌 In true Gursey fashion, our employees competed in events like letter opener javelin, paper plate discus, and rubber band archery for prizes!

Transparency builds trust and accountability in your nonprofit. Below are 4 key steps to achieve it! 🔍 📊 Regular Financial Reports: Prepare monthly or quarterly financial statements to keep stakeholders informed and up-to-date. 📊 Open Communication: Share financial information openly with donors, board members, and other stakeholders to maintain transparency. 📊 Detailed Annual Reports: Publish comprehensive annual reports that include financial statements, achievements, and future goals to highlight your nonprofit’s progress. 📊 Third-Party Audits: Consider regular audits to ensure accuracy and enhance credibility, demonstrating your commitment to transparency. Transparent practices foster trust and support from your community, ensuring your nonprofit’s long-term success.

Artificial Intelligence is revolutionizing the financial sector, particularly in fraud detection. Machine learning algorithms can analyze millions of transactions in real-time, identifying unusual patterns and behaviors that might indicate fraudulent activity. For instance, AI systems can detect inconsistencies such as sudden changes in spending patterns or multiple transactions from distant locations within a short time frame. One of the most significant advantages of AI in fraud detection is its ability to learn and adapt. As it processes more data, AI becomes better at predicting and identifying fraudulent activities, reducing false positives and improving accuracy. This not only helps in quickly flagging potential fraud but also minimizes disruptions for legitimate transactions. By leveraging AI, financial institutions can enhance their security measures, protect customer data, and build trust. However, the adoption of AI also raises questions about privacy, data security, and the balance between automation and human oversight. 🔍 How do you feel about AI in finance? Would you trust it with your security? Let us know in the comments!

Effective grant management is crucial for your nonprofit’s success and sustainability. By managing grants well, you build accountability and trust with funders. Below are the key steps for effective grant management. 📄 Understand Grant Requirements: Thoroughly review and meet all specific requirements of each grant to avoid losing funding. Know the application process, eligibility criteria, and reporting obligations. 📄 Track Expenditures: Use dedicated software to meticulously track all grant-related expenses, ensuring accurate fund allocation and budget adherence. 📄 Regular Reporting: Keep funders updated on how the grant money is being used and the progress of funded projects. Regular, detailed reports fulfill grantor requirements and demonstrate impact. 📄 Stay Compliant: Adhere to all guidelines and restrictions set by the grantor to avoid penalties. Meet deadlines, submit required documentation, and ensure proper fund use. Proper grant management enhances accountability and builds long-term trust with funders, positioning your nonprofit for future funding opportunities.

Meet Preet Kaur, who joined Gursey in 2020 as a Tax Manager. With a Bachelor of Economics degree from UCLA and membership in the American Institute of Certified Public Accountants, Preet brings a wealth of expertise to our team. Preet specializes in accounting and tax services for high net worth individuals, corporations, and partnerships. Her strong work ethic, technical knowledge, and exceptional client relationship management skills make her an invaluable asset to our firm. Fun Facts About Preet: ❓ If you didn’t have to sleep, what would you do with the extra time? Learn as many foreign languages as I could. ❓ What fictional place would you most like to go? Hogwarts School of Witchcraft and Wizardry ❓ What would be your first question after waking up from being cryogenically frozen for 100 years? How much have my 401(k) and IRA accounts accumulated? ❓ What’s the most ridiculous fact you know? Sea otters have a pocket for their favorite stone. ❓ What would you rate 10 out of 10? Naps In her free time, Preet enjoys hiking and cheering for her hometown team, the Lakers. Her dynamic background and dedication to her clients make her an integral part of the Gursey|Schneider family!

Optimizing cash flow is essential for business growth and stability. Here are 5 steps to manage your cash flow effectively: 💰 Forecast Cash Flow: Predict future cash inflows and outflows to plan accordingly. 💰 Improve Receivables: Implement strategies to speed up collections from customers. 💰 Control Expenditures: Monitor and manage business expenses effectively. 💰 Maintain a Cash Reserve: Set aside funds for unexpected costs or opportunities. 💰 Utilize Financing Options: Explore lines of credit or loans to manage cash flow gaps. Manage your cash flow effectively to sustain and grow your business. Strong cash flow management is key to operational efficiency and long-term profitability.

Did you know the first income tax in the US was introduced back in 1861? It was all about funding the Civil War. Here’s the scoop: 📚 Why It Started: President Abraham Lincoln needed cash to support the Union troops, so he signed the Revenue Act of 1861. 📚 Tax Rates: They started with a 3% tax on incomes over $800. That was a big deal back then! 📚 Short-Lived: This tax was actually repealed in 1872. But it set the stage for what we have today. 📚 Modern Taxes: The income tax we know now was established in 1913 with the 16th Amendment, allowing the government to tax incomes. It's fascinating to see how our tax system started and evolved over time!