at 2566 Overland Ave #600, Los Angeles, 90064 United States
Visit LinkedIn and our website for a complete description of our services: Linkedin: Van Gerard Dichoso Website: www.dichosoandcompany.com
Van Gerard Dichoso, CPA is the Founder and President of the Dichoso Group of Companies: Dichoso and Company, CPA, Inc. (a full service CPA firm with branch offices at the Los Angeles Airport and West Los Angeles) and Dichoso and Company, Inc. (a full service real estate, insurance, and financial services investment company in Glendale). Dubbed as one of the most prominent CPAs of Filipino-American descent, Van Gerard's business accomplishments, unwavering support to the community, and numerous awards have earned him these respectable distinctions. “Twenty Most Outstanding Filipino-Americans in the US and Canada” – Fil-Am Image Magazine (2002) “An Account of Excellence” – In-Focus Magazine (2007) “A Well-Respected Accounting Firm” – Manila-US Times (2007) “Asia’s CPA Superstar” – Philippine Times (2008) As a local business celebrity, he has also been featured in various publications, newspapers, special events, radio and TV. While his CPA firm serves clientele from states across the United States and as far away as Canada, Germany, Japan and Mexico, it also serves the entertainment industry, from Hollywood’s movie producers, directors, and actors credited with such films and TV shows as “The Godfather”, “CSI”, “NYPD Blues”, “X Files”, including some of the most beautiful girls of “Playboy”. His CPA firm has successfully represented clients in reversing IRS debts exceeding $1 million from audits and examinations, assisted start-up corporations to properly run their businesses, provided guidance to comply with the maze of accounting and tax regulations, and helped choose the right form of business entities (e.g. corporations, LLC, partnerships or sole-proprietorships). Combined with his personal background in entertainment, Van Gerard’s business acumen, professional integrity and creative personality allow him to merge business and entertainment into a successful career. As Vice President and Executive Producer of River Rock Films, Van Gerard’s responsibilities include overseeing the development of new film projects, maintaining investor relations and capital funding requirements, presenting opportunities, building relationships, and expanding the sphere of influence of River Rock Films around the world. Van Gerard Dichoso: ImdB, Linkedin, www.dichosoandcompany.com
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Have you gone through tough financial times that your bank, credit card, and other debt that you owe to others were forgiven (i.e. cancelled)? While that may ease your financial burden, a loan that is forgiven is actually considered income and generally must be reported. But many people aren’t aware that there are special tax provisions that allow you to claim these cancelled debts as nontaxable. At Dichoso Group of Companies, we have helped reduce the tax liabilities of many clients who have had their loans cancelled, whether from foreclosures of their homes or investment properties, credit cards, and so on. Give us a call if you need further assistance.
Our firm welcomes the following new associates into our family: Liel Gavdanfar, Tracie Liu, Minas Kolsozian, Leslie Truong and Angela Yu. They will be one of our many bright accounting professionals working behind the scenes to provide you with the utmost customer care when you come to any one of our offices. The Dichoso Group of Companies is an equal opportunity employer.
Did you know that choosing a name for your new business requires both “eye-catching” words and basic legal due diligence? Even if you open up a tiny business in a small town, and you inadvertently choose a name similar to another store in another continent, you may be accused of trademark infringement. So here’s a checklist of helping you pick a winning business name: 1.) Familiarize yourself with basic trademark law 2.) Draft possible list of business, product or internet domain names 3.) Search the internet whether your proposed name exists 4.) Do a trademark search by checking the US Patent and Trademark Office for free 5.) If any of your proposed names are being used, eliminate them from your lists, including similar names that may cause confusion with competing brands if you used them 6.) Register your new business, product or domain name as trademark 7.) Consider consulting an attorney specializing in trademarks As accounting, business and tax experts, the Dichoso Group of Companies works together as a team with other attorneys, financial consultants, and insurance experts to provide an overall strategy for one’s business objectives. Please contact our office for any questions.
Are you ready for this year’s tax season? Maybe not. This year’s 2015 tax filing season will be very difficult. AOL News reports that the Internal Revenue Service is warning taxpayers that 2015 could be a tough year to get the tax help you need. IRS Commissioner John Koskinen recently pointed that the budget cuts could result in operational shutdowns and furloughs, poor telephone customer service, and delays in return processing and refund payments. National Taxpayer Advocate Nina Olson characterized the cutbacks as telling "millions of taxpayers who seek help each year, in essence, 'We're sorry. You're on your own.'" These governmental inefficiences can also translate to increased accounting fees. Long waits and delays to close a case will translate into unnecessary additional billable time that will be charged to clients.
This is the 2nd topic of a series about the choices available for a business entity. So let’s say you have or are considering a partner(s) in your new business: family member, friend, business associate, another partnership, trusts, and even another corporation. Simply put, you need at least two (2) of these “persons” to have a partnership business. Then a general (or limited) partnership may be for you. A partnership is like a “gloried” sole-proprietorship with similar sole-proprietorship tax attributes mentioned earlier. The advantages of forming a partnership are: 1.) Easy to operate and form. 2.) Can provide a partner mix of different talents and management skills. 3.) Partnerships do not pay tax. Rather, its net income or loss are “pass-through” and reported on each of the partners’ income tax returns according to their allocated agreement. 4.) Property may generally be distributed to partners without taxable gain (in contrast to corporations). The disadvantages of forming a partnership are: 1.) Each partner are generally liable for 100% of partnership liabilities, including lawsuits arising from torts committed by other partners. (The same general liability that sole-proprietors face.) 2.) Partnerships have limited life that can be (and inadvertently) terminate upon the death, retirement, withdrawal or bankruptcy of a partner. 3.) Partners enjoy less independence and control than a sole-proprietor. 4.) There are limitations to tax-favored fringe benefits for partners than corporate owners. There may be an infinite number of reasons to choose or reject a partnership form of entity: going public, protection from liability, reduction of taxes, ease of operation, etc. Each business is different; thus requiring a complete analysis of the owners’ goals and objectives. Please contact us for more information.
You now have your great business idea for the new year. You also have created a well-thought out marketing plan for your products or services, and now are ready to do business. So how do you actually go about starting your new business? First, you have to figure out what form of business entity that you will operate as: sole-proprietorship, general or limited partnership, C Corporation, S Corporation, limited liability companies (LLCs) or partnerships (LLPs). You cannot operate a business without first knowing the type of entity that you can legally form. To help you decide, we will discuss the “pros” and “cons” of each type of business entity. For now, we will start with the “sole-proprietorship” concept as our first topic in our upcoming topic of series. Generally, sole-proprietors are individuals (e.g. general contractors, computer consultants, per diem individuals) who are in business for themselves. Frequently, many people are not even aware that they are a “sole-proprietor”. This often occurs when you have a full-time job as an employee and you may perform small, side jobs for other companies as a contractor. In these cases, you are automatically classified as a “sole-proprietorship” with all the legal and tax obligations that come with it. Moreover, what may be a hobby may turn out to be a bona fide business. So take caution! The advantages (“pros”) of sole proprietorships are: 1.) simple to setup and operate. By simply registering your business at your city for a city business license, you are free to operate. You may also need to obtain a separate permit from your professional license board (if required). 2.) complete control. You have complete control of your business. No one else makes the business decisions for you. 3.) inexpensive to operate. Tax preparation fees are minimal due to less filing and reporting requirements. The disadvantages (“cons”) are: 1.) unlimited personal liability. If you are involved in a lawsuit, the creditors can run after your business assets plus your personal assets such as house, car, personal effects, etc. 2.) high income taxes. If your business is profitable, you will be paying more in taxes. 3.) increased IRS audit risk. Sole-proprietorships are easy targets for IRS agents whether you have the best accounting records or not. IRS audits involve more than just providing receipts. The IRS can challenge your tax return based on numerous tax laws and regulations, and even criminal intent. CPA fees at our firm starts at $5,000 and up for an IRS audit representation cases involving sole-proprietorships. At the Dichoso Group of Companies, we have successfully consulted business owners as to the right form of business entity to choose. Each business is unique, thereby requiring a complete analysis of your individual situation and objectives such as: will you have other partners/shareholders?; is your business going public?; what type of industry; how to minimize audit and liability risks, etc. Please contact us for more information.
Do you know of any college students interested in the rewarding career of accounting? The August 2014 issue of Fortune rated the accounting industry as the #1 most profitable profession and business sector. The Dichoso Group of Companies continues to successfully train aspiring students into this rewarding career. From California State University Northridge (CSUN), Loyola Marymount University (LMU), UCLA, UC Riverside, and USC, accounting students have found that our CPA division Dichoso and Company, CPA, Inc. have instilled outstanding education and experience. The Dichoso Group of Companies is also an approved equal-opportunity employer by the UCLA Career Center. Contact the UCLA Career Center for our current career opportunities and participation in job fairs and recruiting at: (310)206-1915.
Do the donation letters you receive from your favorite charity comply with the legal requirements for deductible charitable donations? Scenario: You’ve donated money or in-kind items to your favorite charity. Now you are happy that you can also deduct the value of those donations on your income tax return. And, you also have the “Thank You for Your Donation” letter (including your cancelled check) from the charity to prove it! Does this automatically qualify you that you can deduct the amount of your donation? The answer is “No”. Only if the letter (located in any part of its body) contain the following IRS-required sentences “No goods or services were exchanged for your donation” can you legally deduct your donations. There have been numerous tax court cases in which the taxpayers charitable deductions have been disallowed because the charity did not include this IRS-required sentence: “No goods or services were exchanged for your donation” (or similar wording). Hence, these taxpayers had to pay back taxes. What You Can Do: When you receive your donation “Thank You” letter from your charity, review it. No matter how long or how short the letter is, somewhere in the body should include (or similar language): “No Goods or Services Were Exchanged For Your Donation”. If it does not, you cannot claim your deductions. It is not legal. You can contact your charity to revise the letter and send you another one. Not all charities are aware of this requirement. The Dichoso Group of Companies has assisted both nonprofit organizations and individual clients comply with applicable laws in relation to charitable reporting requirements.
Is starting a business one of your new year’s resolutions? How about starting a restaurant? Here are some business “food for thought” as to the primary reasons why restaurants fail: 1.)lack of equity funding and poor marketing positioning 2.)lack of experience 3.)poor business sense 4.)excessive purchase price, renovation costs, and expensive equipment 5.)lack of daily financial controls 6.)failure to monitor prime costs (e.g. food costs, beverages, labor) 7.)lack of budgeting practices 8.)lack of portion control and internal controls 9.)theft 10.)poor food quality 11.)poor kitchen layout and design The high mortality rates of restaurants are well-documented and in most cases, preventable. The Dichoso Group of Companies provides business consulting services to implement methods and controls that may reduce a restaurant’s demise. Please contact us for any questions.
The Dichoso Group of Companies welcomes you into the new 2015 year. One of your new year’s resolutions can be to have us become more involved with your individual or business financial decisions. What many people may be unaware of are that simple and basic life activities and changes such as getting married or divorce, having children, deciding to buy an electric car, remodeling your home, choosing your charities, and even becoming unemployed can have significant financial and tax consequences. And for the more complex lifestyles such as owning investments, businesses, and starting new business ventures, accounting is the “lifeblood” of them all. At the very minimum, our accounting, business, financial, tax and real estate experts at our group of companies will keep you regularly informed of new laws and regulations, business trends, and practical tips that may affect you as individuals or business owners. Stay tuned for this new year.