The focus on transitioning the nation’s energy needs from existing to renewable sources is the shared mission and passion of most renewable energy companies. The process of transforming natural resources into usable energy is a confluence of science, technology, and even user behavior. However, many challenges remain to achieving the objective. One issue which has been preventing broader adoption of this energy source is the inconsistency of weather. While technology allows for very accurate forecasting, it’s not always correct, and this can create “spikes” in the availability of energy. That’s why companies are turning to artificial intelligence (AI) to help facilitate solutions. AI can help with better micro-grid management, improved reliability, and optimized energy storage. To help clients, prospects and others understand the impact of AI, ASL has provided a summary of key solutions below. (more…)
CPAs Talk Tech Biz
In this podcast, Chris Madrid from our Family Wealth and Individual Tax Planning Group discusses wills – how to avoid family disputes over a will and a few steps you can take now:
- Protect your will from legal challenges
- Include your family in discussions of wealth
- Discuss a no-contest clause with your attorney
- Invite witnesses, such as close friends or business associates
- Make sure your beneficiaries can locate and are aware of your will
Failing to File FBAR Form Results in Large Penalties (Again) - District Court Refuses to Dismiss FBAR Penalty Action Against Decedent’s Family
If you have an interest in (or authority over) a foreign financial account, you may have to electronically file a form called the “Report of Foreign Bank and Financial Accounts” (FBAR). Failing to file a required FBAR can result in penalties.
In the recent case of U.S. v. Park, a federal district court refused to dismiss an action to collect an FBAR penalty from a decedent’s family. In the court’s view, the IRS provided sufficient factual detail about the penalty and assessment, the penalty didn’t exceed the statutory maximum, and the assessment survived the decedent’s death. (more…)
You’ve probably seen it in the movies or on TV hundreds of times: A close-knit family gathers for the reading of the will of a wealthy patriarch or matriarch. When the terms are revealed, someone benefits at the expense of someone else, causing a ruckus. It may even come to blows. This “bad blood” continues to boil between estranged family members, who won’t even speak to one another. (more…)
As we were wrapping up the reviewed financials for my General Contractor client, I asked the Controller, “what are some of the issues often overlooked by contractors as it relates to accounting?” And she was happy to oblige me with her top three issues for contractors to consider for better reporting: (more…)
If you have a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year, you must file FinCEN Form 114, “Report of Foreign Bank and Financial Accounts” (FBAR). The Financial Crimes Enforcement Network (FinCEN) and the IRS have been stepping up enforcement of foreign account reporting requirements. Thus, it’s important to closely follow compliance rules to avoid penalty. (more…)
It’s difficult for many people to think about their own mortality, and it’s not surprising to learn that many put off planning their funerals. Unfortunately, this lack of planning can result in emotional turmoil for surviving family members when someone dies unexpectedly.
Also, a death in the family may cause unintended financial consequences. Why not take matters out of your heirs’ hands? By planning ahead, as much as it may be disconcerting, you can remove this future burden from your loved ones. (more…)
The stock market goes up, the stock market goes down. Just consider recent history. In 2018, stocks took one of their worst beatings since the Great Depression, with the Dow Jones Industrial Average (DJIA) falling 5.6% for the year and the S&P 500 down 6.2%. But the markets rebounded early in 2019, with both the DJIA and S&P 500 posting gains of more than 7% during the first six weeks of this year. (more…)
Are you a multitasker? If so, you may appreciate an estate planning technique that can convert assets into a stream of lifetime income, provide a current tax deduction and leave the remainder to your favorite charity — all in one fell swoop. It’s the aptly named charitable remainder trust (CRT).
CRTs have been around for decades, and they continue to be a viable estate planning strategy in the wake of the Tax Cuts and Jobs Act (TCJA) and other recent tax legislation. (more…)