ProfitSense

Understanding Percentage of Completion Accounting

askus@lgt-cpa.com (Kyle Pacheco, CPA, CCIFP) — Mon, 28 Sep 2026 21:16:32 GMT

"What gets measured gets managed."

In the construction industry, that principle applies not only to project schedules and productivity, but also to your financial reporting.

Year-End Tax Planning: 9 Moves to Make Before December 31

askus@lgt-cpa.com (Kim Huynh, CPA) — Tue, 22 Sep 2026 20:56:19 GMT

Most people wait until January to think about taxes. By then, a lot of best tax saving opportunities are already gone. Here is what to do before December 31.

Effective tax planning happens before December 31. By taking a proactive approach now, you may be able to reduce your tax liability, improve cash flow, and position yourself for a stronger financial year ahead.

The IRS's New Tax Compliance Report: A Simpler Way to Prove Your Tax Standing

askus@lgt-cpa.com (Meghan Dunshee, CPA) — Tue, 08 Sep 2026 17:16:01 GMT

Proving your tax compliance just got simpler.

The IRS has launched a new on-demand report that gives taxpayers a secure, verified way to share their compliance status with lenders, employers, and government agencies.

A New Auditing Standard for Fraud Is Coming. Here's What It Means.

preilly@lgt-cpa.com (Patrick Reilly, CPA) — Tue, 08 Sep 2026 17:02:28 GMT

The AICPA's Auditing Standards Board has adopted SAS No. 151, a new standard that sharpens the rules around auditor responsibilities when fraud is identified or suspected.

While the effective date is still a few years away, the direction it sets matters now.

Annual Gift Taxes: What You Need to Know for Compliance

David Hill, CPA — Thu, 27 Aug 2026 22:39:06 GMT

Planning to gift cash, property or other assets to somebody this year?

If so, then you'll want to be aware of the unique tax rules that are in effect, particularly the federal gift tax. These rules provide guidance for individuals and married couples to ensure that gifts are properly reported and that any required gift tax is paid on them.

What It Takes to Claim the IRA's Enhanced Energy Tax Credits

askus@lgt-cpa.com (Matt Dobay, CPA, MAcc) — Thu, 27 Aug 2026 16:33:18 GMT

If your business plans to invest in any clean energy projects in the near future, you may be able to qualify for larger tax incentives through the Inflation Reduction Act (IRA) but only if your business meets specific requirements.

More specifically, increased energy tax credits through the IRA make it possible to claim as much as five times the base amount, meaning your business could turn a 6% energy tax credit into a 30% one simply by meeting the requirements.

What Employers Need to Know About the 2026 Form W-2 and W-3 Updates

askus@lgt-cpa.com (Michelle Le, CPA) — Wed, 12 Aug 2026 17:21:29 GMT

The IRS has issued Rev. Proc. 2026-27, detailing updated specifications for privately printed substitute 2026 Forms W-2 and W-3.

Superseding Rev. Proc. 2025-24, the new guidance introduces structural form changes, two new Box 12 codes, and an increased wage reporting threshold. Here is what employers need to know before year-end.

How to Build a Stronger Month-End Closing Process

askus@lgt-cpa.com (Yvette Garcia, CPA) — Tue, 11 Aug 2026 14:52:20 GMT

Accurate financial information is critical to making informed business decisions.

Yet many organizations still treat month-end close as a last-minute accounting exercise rather than a structured process that supports management throughout the month.

5 Tips to Protect Grant Funding Through Compliance

askus@lgt-cpa.com (Chadd Dearen) — Tue, 04 Aug 2026 18:04:17 GMT

For many nonprofits, grant funding serves as a critical lifeline that supports programs, operations, and mission-driven initiatives.

However, accepting grant funding also means accepting the responsibility to comply with specific requirements, reporting obligations, and funding restrictions.

Rethinking the Digital Transformation in Manufacturing

askus@lgt-cpa.com (Sara Godecke, CPA) — Tue, 04 Aug 2026 17:55:10 GMT

It's no secret that a digital transformation is affecting most (if not all) industries, and manufacturing is no exception.

From the rise of artificial intelligence (AI) to automation and the push for increased data analytics, manufacturing businesses across the globe now have access to more digital tools and technologies than ever before.