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February 9, 2017

We Are Exempt From Paying Tax, But What Do We File With the IRS?

By Samantha Ramirez, CPA, Tax Manager
ASL Nonprofit Group

For nonprofit organizations, no income tax may be due, but an annual return must be provided by certain exempt organizations in order to maintain tax-exempt status.  Tax-exempt organizations typically file a Form 990, but depending on the amount of gross receipts or the total value of assets, the organization may have options for filing a more simplified form.  Below we have outlined the requirements for each form: (more…)

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Categories: Nonprofits
Tags: Income Tax, IRS, Nonprofit, Samantha Ramirez, Tax Exempt Organizations,
February 9, 2017

Spotlight: Impact of Estate Tax Repeal on Income Taxes

By Julie Malekhedayat, CPA, Principal
ASL Family Wealth & Individual Tax Group

Estate tax repeal is on the wish list of both the Republican party and the new President and is an idea that is generally popular with voters. However, a repeal of the existing transfer tax system would likely impact taxpayers in ways they are not aware of.  In 2015, only 4,918 estates paid estate taxes, but the beneficiaries of all estates benefited from the income tax savings of a higher tax basis for the assets they inherited.  Historically the repeal of an estate tax has been accompanied by changes in income tax rules that could reach far more taxpayers than the estate tax itself. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: estate tax, Family Wealth, Individual, new President, Republican Party, tax planning,
February 9, 2017

Update on IRS' Proposed 2704 Regs

By Jeff Faust, CVA, Director of Valuation Services
ASL Business Valuation Services

Late last year, we wrote a few times about the looming regulations affecting valuation discounts under the IRS Proposed Section 2704 Regulations.

The comment period ended on November 1st and the public hearing in Washington D.C. was held on December 1st to a capacity crowd. Here are some quick highlights from the hearing that were published by BV Wire: (more…)

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Categories: Valuation Services
Tags: 2704 Regs, Business Valuation, IRS, Jeff Faust, Update, valuation,
February 9, 2017

Diligent Learning is Imperative for Business Success Today

By Mark Sheffield, CPA, Principal
ASL Emerging Business Group

In a previous Emerging Business Group seminar, we talked about the importance of diligent learning. In case you missed it, here is a snapshot:

Some experts on learning say the world is changing so rapidly that only fifteen percent of what we know today is likely to be relevant in five years. So, in five years our knowledge will be 85% irrelevant unless we are diligent learners. Diligent learners are not necessarily the smartest people, but they usually surpass the smartest people, like the tortoise and the hare, in their accomplishments. They know how to persistently learn. Diligent learners are on a constant trajectory in gaining relevant knowledge; while the relevant knowledge of average learners decreases over time. Here are two attributes of diligent learners: (more…)

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Categories: Emerging Businesses
Tags: Diligent Learning, Emerging Business, How to Learn,
February 9, 2017

Tax Reform - A Question of When, Not If

By Tony Dai, CPA, Senior Tax Manager
ASL Technology Group

The combination of a Republican president and Republican majorities in both the House and Senate significantly increases the prospects for enactment of comprehensive tax reform, including legislation to repeal the Affordable Care Act (commonly known as ObamaCare). Below is a chart comparing the current law to the various proposals.

Overview of various proposals: (more…)

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Categories: Tax Reform
Tags: republicans, Tax Reform, technology,
February 9, 2017

Five Key Performance Indicators That Sureties Watch

By Josh Cross, CPA, Principal 
ASL Construction Group

When surety underwriters review your financial statements, they are looking for evidence of sound financial condition. Every underwriter has its own standards and expectations, but here are five key performance indicators (KPIs) many bonding companies look at closely: (more…)

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Categories: Construction Corner
Tags: backlog, Construction, debt-to-equity ratio, financial statements, josh cross, profit fade, Sureties, working capital,

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