HUD Audit for FHA Mortgage Lender
The U.S. Department of Housing and Urban Development (HUD) requires audits of entities participating in various HUD programs. For example, residential mortgage lenders who provide FHA loans must re-certificate their status with HUD by submitting audit reports on their financial and compliance issues.
In order to maintain FHA approval, each lender must complete an annual recertification package within 90 days of its fiscal year end. For 2018, the deadline to recertify their FHA approval on 2018 information is March 30, 2019.
Difference with regular financial statement audit
HUD Audits must be performed in accordance with the most currently effective Government Accountability Office generally accepted government auditing standards (GAGAS), auditing standards generally accepted in the United States of America (GAAS) and HUD audit guide. In addition, HUD audits requires many additional reports and schedules that the regular audit does not demand. These regulations and requirements are updated frequently. Therefore auditors must educate themselves to meet the requirement of the standards.
Tax Planning and Reporting for Gift and Estate
The federal estate tax is imposed on the transfer of an individual's property at death and on certain other transfers considered the equivalent of a transfer at death. The tax is imposed on the decedent's taxable estate plus the decedent's post-1976 lifetime taxable gifts that are not included in the gross estate.
The federal gift tax is imposed on the lifetime transfer of property from an individual to a donee for less than adequate and full consideration. The transfer may be direct or indirect and is measured by the value of the property passing from the donor. In essence, all transactions in which property or property interests are transferred to another for less than full and adequate consideration are gifts subject to the gift tax.
Tax and Accounting Services for Cannabis Industry
Businesses that earn profits must pay taxes in the U.S., and while marijuana businesses are illegal under federal law, they are still required to pay federal income taxes on their taxable income. However, the taxable income is subject to different rules due to Section 280E which prohibits certain tax deductions for business involved in cannabis because it is still illegal at the federal level. While for federal income tax purposes, expenses related to the cultivation, marketing, and distribution of cannabis products are not deductible, they may be deductible on state income tax returns, depending on the state's specific laws.
Accountants must have an understanding of Section 280E because it is critical to businesses operating with the cannabis sector, as well as individuals and entities providing service and support to cannabis businesses.
한국에 거주하는 미국 영주권자 / 시민권자의 미국세금보고
미국세법에서는 미국 영주권자와 시민권자 그리고 미국에 일정기간이상을 체류한 외국인 또한 미국 거주자로 인식하고 이들에게 세금보고의 의무를 지웁니다. 미국에 체류를 하지 않고 있다고 해서 세금보고의 의무가 없어 지는 것은 아니며 기술의 발달로 인한 정보공유의 원활함으로 인해 세금보고의 필요성이 어느때보다 가중되었습니다.
미국세법의 가장 큰 특징은 미국 거주자가 되어 세금보고를 해야 하는 경우 전세계에서 발생하는 모든 소득이 보고의 대상이 됩니다. 따라서 미국내 소득뿐만 아니라 만약 한국에서 발생한 소득도 보고 대상입니다. 구체적으로 근로소득, 이자/배당금 소득, 임대소득, 양도소득 등이 이에 포함됩니다.
추가적으로 위의 소득과 함께 한국에 있는 금융자산 또한 신고 대상입니다. 최근 많은 분들이 FBAR와 FATCA라는 용어를 들어 보셨을 것입니다. 일반적으로 한국에 있는 은행계좌에 천만원이상의 잔고가 있었으면 계좌가 있는 은행이름과 계좌번호, 그리고 잔고등이 세금보고서에 신고됩니다.
Other Services Provided
- New Business Setup - Corporation, S-corporation, Limited Liability Company (LLC), Partnership
- Business Projection Report for New Immigrants (E2 Visa)
- Income Tax Returns - Individual, S-corporation, C-corporation, LLC, Partnership, Non-profit Organization and Fiduciary Tax Returns
- Bookkeeping Service - Monthly, Quarterly and Yearly
- QuickBooks ProAdvisor - QuickBooks Setup and Maintenance
- Financial Statement - Audit, Review and Compilation
- Payroll Tax Return, Sales Tax Return and Business Property Tax Return
- Year-Round Tax Planning for Business and Owner
- Consulting Service - Accounting Software, Business Entity Choice, Business Buy/Sell, Computer System Setup and Maintenance, Retirement/Estate (Trust) Plan
- Tax Audit Preparation for Internal Revenue Service (IRS), California Franchise Tax Board (FTB), California Employment Development Department (EDD), California Department of Tax and Fee Administration (CATFA)
Not every CPA is qualified to assist cannabis business and estate tax planning and conduct HUD program audits . Cannabis industry are under ever-changing business environments in terms of law and license requirements. HUD audits have specific audit, reporting and disclosure requirements and failure to comply can result in large penalties, increased overhead or even disqualification from HUD programs. In addition, estate planning requires in-depth and multi scenario approach. California Board of Accountancy requires each auditor who perform audit to take a peer review process. We recently passed the peer review. Our qualified and experienced tax and audit team provides tax and accounting services for cannabis industry, FHA mortgage lender and high net worth individuals at an affordable price.