By Sheba Dalaney, CPA, Principal
ASL International Group
Facebook may have understated the value of intangible property transferred to its Irish holding company by “billions of dollars.” That’s according to a petition the U.S. Justice Department and the IRS filed in the U.S. District Court for the Northern District of California.
The petition was filed to enforce certain summonses served on the social media company in connection with outstanding information requested as part of an IRS audit. It makes the following claims: (more…)
By Josh Cross, CPA, Principal
ASL Nonprofit Group
Recently the men and women at the Financial Accounting Standards Board (FASB) have been busy providing accountants with no shortage of nighttime reading. In the middle of putting the accounting world on its head with the release of the new Revenue Recognition (Topic 606) and Lease (Topic 842) Accounting Standards, the Not-For-Profit Advisory Committee has been hard at work re-tooling the way nonprofits will have to present their financial statements. (more…)
Tags: ASU No. 2016-14,
Changes,
FASB,
josh cross,
Lease Accounting Standards,
Nonprofit,
reporting,
Revenue Recognition,
Topic 606,
Topic 842,
By Mark Sheffield, CPA, Principal
ASL Emerging Business Group
Yes, if you engage in business in California and sell tangible personal property that is typically subject to sales tax if sold at retail. If your business is just selling temporarily, such as a rummage or liquidation sale, you should apply for a temporary seller’s permit. (more…)
By Jeff Faust, CVA, Director of Valuation Services
ASL Business Valuation Services
Generally, most companies understand what a 409A Valuation is and why they need it, but questions commonly arise regarding the timing and subsequent updates of their 409A Valuation. Not all of these questions have clear cut answers and ASL prides itself in helping our clients navigate these “gray areas” of 409A Valuations.
409A Valuations – Frequently Asked Questions
Here are some commonly asked questions: (more…)
By Blake Larum, Senior Tax Manager
ASL Technology Group
The recent worldwide phenomenon of Pokémon Go raises some interesting questions regarding state taxation. The app itself is free, however there are premium features that cost the user money and thus create revenue for the Company who developed it. Niantic, Inc., who collaborated with Nintendo to develop Pokémon Go, also generates revenue from corporate sponsorships. This is similar to “product placement” in movies and television shows, a form of advertising revenue for the Company. This advertising revenue, along with the direct digital revenue generated from the purchase of premium features within the game, results in roughly $1.5M of revenue per day for Niantic. This article will focus on the digital revenue and its potential state tax impact. (more…)
By Julie Malekhedayat, CPA, Principal
ASL Family Wealth and Individual Tax Planning Group
In planning their estates, married couples now have an option that could make it simpler for spouses to share their lifetime estate tax exemptions, or port from one spouse to the other, without the use of a traditional credit shelter trust in their estate plan. In recent years, lifetime exemptions have become even more valuable as the standard amounts have increased dramatically from $675,000 per taxpayer in 2000 to $5,450,000 each in 2016. Thus, a married couple now has a potential combined estate tax exemption of $10,900,000 to shelter their combined assets from estate tax at their deaths. But without proper planning, fully half of this amount could go unused, exposing the estate to estate taxes. (more…)
By Carol Wagner, CPA, Principal
ASL Construction Group
Earlier this year, the Financial Accounting Standards Board (FASB) issued its long-awaited revised lease accounting standard. The new standard – Accounting Standards Update (ASU) No. 2016-02, “Leases (Topic 842)” – could have a significant impact on many contractors that lease vehicles, equipment or buildings. (more…)
