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August 18, 2016

IRS claims Facebook may have undervalued IP transferred to Ireland

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…)

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Categories: International Business Issues, Summer 2016
Tags: Facebook, Intangible Property Transfer, Ireland, IRS, Sheba Dalaney, Technology Company Tax Planning,
August 18, 2016

FASB’s Changes to Nonprofit Reporting

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…)

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Categories: Nonprofits, Summer 2016
Tags: ASU No. 2016-14, Changes, FASB, josh cross, Lease Accounting Standards, Nonprofit, reporting, Revenue Recognition, Topic 606, Topic 842,
August 18, 2016

Should you get a California State Seller’s Permit?

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…)

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Categories: Emerging Businesses, Summer 2016
Tags: California, California State Seller’s Permit, Rummage Sale, Sales Tax, San Jose Sales Tax Planning, Tangible Personal Property, Temporary Seller Permit,
August 18, 2016

The Gray Areas of 409A Valuations

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…)

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Categories: Summer 2016, Valuation Services
Tags: 409A Valuation, CPA Firm, important, Jeff Faust, Planning, Questions, San Jose Business Valuations, updates, Valuation services,
August 18, 2016

Pokémon Go and State Taxes

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…)

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Categories: Summer 2016
Tags: corporate sponsorships, niantic, pokecoins, pokemon, Silicon Valley CPA Firm, state tax, Taxes,
August 18, 2016

Estate Planning for Spouses – to Port or Not to Port?

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…)

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Categories: Family Wealth & Individual Tax Planning, Summer 2016
Tags: Credit Shelt Trust, Estate Planning for Spouses, Lifetime Estate Tax Exemptions, Portability,
August 18, 2016

Financial Reporting: How New Lease Accounting Rules Will Affect Contractors

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…)

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Categories: Construction Corner, Summer 2016
Tags: Carol Wagner, Construction, Contractors, New Lease Accounting Rules,

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