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…)
As VC-backed companies mature, they may not be ready for an IPO or a sale, but private secondary transactions on common stock are a way to get some liquidity for the founders prior to an exit.
Any secondary transaction with the Company’s common stock should be carefully evaluated to determine the relevance and the potential impact on the common stock price for 409A Valuation purposes. The AICPA guide: Valuation of Privately-Held-Company Equity Securities Issued as Compensation establishes a clear set of rules regarding this issue. (more…)
San Jose, CA (June 27, 2019) – Abbott, Stringham & Lynch (ASL) was named to the 2019 Accounting & Financial Women’s Alliance (AFWA) Best CPA Firms for Equity Leadership list, based on the Accounting MOVE Project.
The 2019 Accounting MOVE Project delves into the perceptions and misperceptions that women and firms have about how and why women pursue partnership and other senior leadership positions. The report also outlines tactics that women, advocates for women, and firm leaders can take to ensure that all women CPAs can fully achieve their aspirations for their careers and drive firm growth in the process. (more…)