Due to the recent COVID-19 pandemic, working from home has very quickly become the new normal for a lot of us. For some, it’s convenient to skip the commute and jump right into a day’s work, for others, it may be a little uncomfortable and challenging to juggle a work-life balance. Here are a few tips to help keep you productive while working from a home office: (more…)
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Property Tax Payments Must be Paid April 10th — see details below
For the past few weeks, the world around us and our economy have been rapidly changing due to the COVID-19 pandemic. In reaction, the federal and state governments have instituted new programs and tax changes impacting both individuals and business entities. The changes being made by both federal and state governments are rapidly evolving in response to ever-changing conditions. Below are links to some of the latest information.
As always, the Partners and staff of ASL are here to support our clients and answer any questions or concerns. In this new virtual environment, our employees are working remotely to continue to serve our clients as usual.
If you are constructing a new building, expanding a current facility, or purchasing an existing commercial or residential property, you might be able to save significantly on taxes by arranging for an engineering-based cost segregation study. Such studies can help improve cash flow on new construction, but they also can provide tax and cash flow benefits for existing structures—even those you acquired several years ago. (more…)
I recently attended our annual Board retreat for the Builders’ Exchange of Santa Clara, and came away with some fascinating data – both historical and predictive. As someone who routinely works with contractors, I was intrigued by the statistics and forecast data presented to the group. Here’s a list of my top takeaways from the meeting: (more…)
In December 2019, the Internal Revenue Service unveiled the final version of its new Form W-4, Employee’s Withholding Allowance Certificate. The new withholding form, which is mandatory for all employees hired in 2020, incorporates several major revisions and could require significant reprogramming of your company’s payroll systems. (more…)
UPDATE — The California Assembly is currently drafting Assembly Bill 1850 that seeks to clarify the rules and modify the exceptions for employee classification created by Assembly Bill 5 discussed below. Check back for further updates.
In 2018, the California Supreme Court rendered its decision in the Dynamex case that significantly altered the rules used to classify workers as employees or independent contractors. In an attempt to “simplify the rules” and “help” workers in the gig economy the California legislature passed, and the Governor signed, Assembly Bill 5 (AB 5) in 2019. The bill codified the worker classification tests used by the California Supreme Court. Prior to the passage of AB 5 many industry lobbyists were busy in Sacramento getting exceptions and special rules included in AB 5. As a result, the worker classification rules are now very complex, have many exceptions and come with significant penalties for noncompliance. (more…)
San Jose, CA (January 7, 2020) – Abbott, Stringham & Lynch (ASL), one of the largest local CPA firms in Silicon Valley, is pleased to announce that Carol Wagner, CPA has been elected managing partner, effective January 1, 2020. She succeeds Ray Scheaffer, CPA who served in the role for 15 years. Carol is ASL’s sixth managing partner since the firm’s inception in 1977, and the second woman managing partner. Ray will continue at the firm as a Tax Principal. “We are very excited to welcome Carol as our new managing partner. Her strategic thinking and exceptional leadership will guide the firm’s growth, shape the culture, and continue to provide our clients with unparalleled service,” said Ray. (more…)
One provision of the 2017 Tax Cuts and Jobs Act (TCJA) that has generated considerable concern among business owners is the new limitation on deductions for business interest expenses.
Prior to the provision, interest paid on business loans or credit lines could be deducted as an ordinary business expense. One section of the Internal Revenue Code—Section 163(j)—limited the deductions for certain types of interest expense that some C corporations paid, but most businesses were able to fully deduct business interest expense in the year it was accrued or paid. (more…)