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November 17, 2016

Important Due Date Changes for 2017

By Sheba Dalaney, CPA, Principal

Recent legislation has made changes to due dates for some tax and information returns that will be filed for the 2016 and following tax years. These changes will require modifying the timing of the preparation work in many cases.

Payroll and information reporting returns (Forms W-2 and 1099)

These forms historically were sent to the recipients by January 31st of each year, and government reporting copies of these forms were transmitted by either February 28th or March 31st , depending on whether they were mailed or electronically filed. For 2016 returns filed in 2017, all copies of the forms must be sent to recipients and filed by January 31st. This change was made to combat identity theft by allowing the IRS to match withholding information when tax returns are filed and reject fraudulent refund claims. The due dates for filing all other information reporting returns remain unchanged. See the table below for specific details: (more…)

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Categories: Fall 2016, Updates & Alerts
Tags: 1099, C Corporations, important, legislation changes, New tax due dates, partnerships, S Corporations, Sheba Dalaney, W-2, W-3,
November 17, 2016

Why Obtain a Business Valuation for Your Start-up Before You Exchange Equity for Funding

By Mark Sheffield, CPA, Principal
ASL Emerging Business Group

Which is the better deal for a founder:  1) $500,000 for 10% of the start-up; or 2) $500,000 for 25% of the start-up? Of course, option 1) is better because it values the start-up at $5 million vs. 2) which values it at $2 million. A start-up business valuation for investment purposes is complicated and subjective; so many founders just wing it. That’s the wrong approach because founders risk undervaluing their start-up. It is better to negotiate from a position of knowledge and strength. The complexity in determining investment value is why founders need help. (more…)

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Categories: Fall 2016
Tags: Start-up, valuation,
November 17, 2016

Updated U.S.-Mexico accord lets maquiladoras avoid double taxation

Luis Ramirez, Principal
ASL International Group

U.S. taxpayers with maquiladora operations in Mexico won’t be exposed to double taxation if they enter into a unilateral advance pricing agreement (APA) with Mexico’s tax agency under terms that were negotiated by the U.S. and Mexico.

The companies would have to reach the agreements with the Large Taxpayer Division of Mexico’s tax agency, the Servicio de Administración Tributaria (SAT). (more…)

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Categories: Fall 2016
Tags: Avoid, Double taxation, Maquiladora operations, Mexico, SAT, U.S.,
November 17, 2016

Want To Give Your House Away? Consider a QPRT

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

Qualified personal residence trusts (QPRTs) are an estate planning technique that can provide both tax and non-tax benefits to certain taxpayers looking to gift a principal residence, second home, or vacation home slowly over a number of years using a discounted gift value.  However, before entering into a QPRT, you should consider the advantages and disadvantages in order to determine if it is right for you. (more…)

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Categories: Fall 2016, Family Wealth & Individual Tax Planning
Tags: benefits, discount, estate planning, gift, Julie Malekhedayat, non-tax, QPRT, Tax, taxpayer,
November 17, 2016

New Legislation Promises Support for Start-ups and Private Companies

By Michael McAndrews, CPA, Principal
ASL Technology Group

Tech community, take note: new legislation may be changing the way employee stock options are taxed. In an effort to strengthen growing companies and promote stronger employee ownership, Senators Dean Heller (R-NV) and Mark Warner (D-VA) recently introduced The Empowering Employees through Stock Ownership Act (EESO), which aims to give employees greater flexibility when handling the tax liabilities associated with their stock options. (more…)

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Categories: Fall 2016
Tags: Accounting, EESO, Michael McAndrews, technology,
November 17, 2016

Indirect Cost Allocation – Finding Your True Bottom Line

By Abe Livchitz, CPA, Senior Tax Manager
ASL Construction Group

Most contractors are very careful to keep a close eye on project costs such as labor and materials. But direct job costs like these are only part of the picture.

It is equally important to have a clear understanding of indirect costs such as rent, utilities, taxes and insurance. These costs must be accurately and consistently allocated among the various projects the company undertakes. (more…)

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Categories: Construction Corner, Fall 2016
Tags: Abe Livchitz, Accounting, Construction, Contractors, Indirect cost allocation, subcontractors,
November 17, 2016

COSO and Nonprofit Organizations

By Steve Carter, CPA, Principal
ASL Nonprofit Group

Most people who know the acronym COSO (Committee of Sponsoring Organizations of the Treadway Commission) immediately think of publicly traded companies. COSO came upon the scene when Sarbanes-Oxley became a household name.

So why bring up COSO in the context of nonprofit organizations?

The recently issued Uniform Grant Guidance from the Office of Management and Budget stresses the need and importance of strong internal controls for nonprofits, and especially for those receiving federal awards and grants. Adoption of the COSO framework is not mandatory but strongly encouraged. (more…)

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Categories: Fall 2016, Nonprofits
Tags: COSO, Internal control, Nonprofit Organizations, Steve Carter,
November 17, 2016

Update on IRS’ Proposed 2704 Regs

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

Earlier this year, we wrote about the looming regulations affecting valuation discounts. Now the IRS’ Proposed Section 2704 Regulations have been officially presented and they intend to eliminate discounts currently available for gifts between family members inside family controlled entities. Despite court cases and revenue rulings to the contrary, the IRS’ proposals assume that families always work together and do not keep the restrictions in place that are the basis for the minority interest discount. (more…)

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Categories: Fall 2016, Valuation Services
Tags: 2704 Regs, discount, IRS, Jeff Faust, proposed, Services, valuation,
November 17, 2016

Abbott, Stringham & Lynch Announces Deepa Bhat and Rachel Gillespie as new Principals

San Jose, CA (November 17, 2016) – Abbott, Stringham & Lynch, one of the largest local CPA firms in the Silicon Valley, is proud to announce that Deepa Bhat has been promoted to Audit Principal and Rachel Gillespie has been promoted to Tax Principal, effective January 1, 2017.

In making the announcement, Abbott, Stringham & Lynch’s Principal-in-charge of the Assurance and Accounting Department, Carol Wagner, said, “We are pleased to welcome Deepa and Rachel to the partnership group. These exceptional leaders have the experience and proven skills to take on their new responsibilities that will considerably contribute to our growth and build our reputation for providing remarkable client service.” (more…)

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Categories: Fall 2016
Tags: Abbott Stringham & Lynch, Deepa Bhat, new Principals, Promotion, Rachel Gillespie,

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