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August 16, 2019

Impact of Artificial Intelligence on Renewable Energy

By Steve Carter, CPA, Principal
ASL Renewable Energy Group

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…)

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Categories: Renewable Energy, Summer 2019
Tags: Artificial Intelligence, renewable energy, Renewable Sources, Steve Carter,
August 8, 2019

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…)

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Categories: International Business Issues, Summer 2019
Tags: FBAR penalty, Report of Foreign Bank and Financial Accounts,
By Jeff Faust
•
August 6, 2019

Secondary Transactions and 409A Valuations - Part 1: The Potential Impact

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…)

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Categories: Summer 2019, Valuation Services
Tags: 409A Valuation, Jeff Faust, Secondary Transactions, VC-backed companies,
August 1, 2019

Protect Your Will from Legal Challenges

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…)

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Categories: Family Wealth & Individual Tax Planning, Summer 2019
Tags: estate planning, No-contest clause, Revocable Living Trust,
July 31, 2019

Top Three Considerations for Better Reporting – Are You Doing These?

By Deepa Bhat, CPA, Principal
ASL Construction Group

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…)

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Categories: Construction Corner, Summer 2019
Tags: construction companies, Construction contractors, Deepa Bhat, Project Management Software,
June 27, 2019

Abbott, Stringham & Lynch Named One of Accounting & Financial Women’s Alliance Best CPA Firms for Equity Leadership

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…)

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Categories: Summer 2019
Tags: Accounting & Financial Women's Alliance, MOVE Project, Women in Accounting,

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Accounting | Tax | Audit | Consulting – Abbott Stringham & Lynch is a top 30 CPA firm serving San Jose, the heart of Silicon Valley and the greater Bay Area. Our experienced team offers audit, accounting, tax, valuation, and consulting services to companies and individuals. With expertise in the areas of real estate, construction, technology, nonprofit, emerging business, international, family wealth & individual, recreation and entertainment, and renewable energy. San Jose CPA – Silicon Valley CPA. Regretfully, we are unable to refund payments made through our online processing system.