By Alex Ho, ASL Tax Senior
Did you know that California has recently passed a new Tax Credit, setting aside over $500 million in tax credits over the next five years? The California Competes Tax Credit is a negotiated tax credit via an application process that just begun. The California Competes Tax Credit was designed for businesses that wish to come to California or businesses in California that are growing and staying, offering an incentive to develop California’s economy by mitigating its high corporate tax rate.
By Becky Watson, ASL Audit Senior
Due to accounting software producers acquiring other companies, some of our clients may be facing the possibility of migrating their accounting software system to another product. Here are a few tips to help you plan your implementation of the new software:
By Jyothi Chillara, ASL Senior Tax Manager
The 2010 Foreign Account Tax Compliance Act (FATCA) contains a number of provisions that are intended to make it more difficult for U.S. taxpayers to use foreign accounts to shelter income from U.S. tax. These provisions are designed to prevent U.S persons from evading U.S Tax by holding income producing assets through accounts at foreign financial institutions (FFI’s) or through other foreign entities (non-financial foreign entities or “NFFEs”).
By Carol Wagner, ASL Principal
The new accounting standard for revenue recognition is finally here! It’s officially referred to as ASU 2014-09 – Revenue from Contracts with Customers. FASB issued the final revenue recognition standard in May 2014.
By Rob Trammell, ASL Principal
For years there has been a conflict between the IRS and taxpayers regarding how to treat purchases of tangible property. Of course, taxpayers want to expense purchases for the tax deduction while the IRS wants capitalization and depreciation. Even though this is a timing difference, as the deduction will come at some time, a tremendous amount of resources have been spent arguing this issue both at the audit level and in the Courts.
By Mark Sheffield, ASL Principal
The value of the Executive Summary is two-fold:
- It crystallizes your business in your mind and will give you confidence and focus.
- It will give you a crisp and concise business overview that a potential funder, partner, team member, or other key player can grasp in 5 minutes.