PPP Loan Payments May Be Due for Some Borrowers – PPP loan borrowers have ten months after their “Covered Period” ends (anywhere between 8 and 24 weeks after receiving loan proceeds) before loan payments are required. Borrowers can apply for forgiveness at any time before the loan matures but will need to start making payments if they apply after this ten-month period. For those who received a PPP loan at the beginning of the COVID pandemic, it may be close to the end of their ten-month window, and payments may be required soon. (more…)
Tax Considerations for the Sale of Real Estate
By Ivette Carrasco, CPA, Tax Manager
ASL Real Estate Group
There are different tax treatments to consider when selling your real estate property. The property can be classified as a primary residence, a real estate rental, an investment property, or a second home/vacation rental. The applicable tax consequences on the sale of a property depends on how the asset was classified in the current and prior tax years. It is important for real estate owners to be aware of the various tax implications that a real estate sale can trigger. (more…)
Fraud Trends in the Construction Industry
By Deepa Bhat, CPA, CFE, ACA, Principal
ASL Construction Group
The COVID-19 pandemic created challenging circumstances for many Bay Area construction contractors. The combination of government orders and fear of virus transmission led to the delay or cancellation of many scheduled projects. And unfortunately, even prior to the COVID-19 pandemic, construction companies were dealing with another challenging situation, employees and vendors perpetrating fraud schemes against the company. According to the ACFE 2020 Report to the Nations, the median fraud-related loss experienced by construction companies was $200,000 per incident (based on investigations that occurred between January 2018 and September 2019). This means, construction is in the top six of the highest median loss experienced, behind mining at $475,000; energy at $275,000; real estate at $254,000; telecommunications at $250,000; and health care also at $200,000. This unfavorable ranking reflects the need for construction companies to do more to prevent and detect fraud schemes to limit losses. (more…)
The Art of Estate Planning
An art collection is a special asset to account for in an estate plan.
It goes without saying that your art collection, including paintings, sculptures, and other pieces of art, can represent a significant portion of your estate. Thus, it’s critical to account for these assets in your estate plan.
While you can apply many traditional estate planning strategies to an art collection, this asset type can present unique challenges. Of course, you’ll want to preserve the value of your collection and avoid unnecessary taxes but knowing how your collection will be managed and displayed after your death may also be of importance. (more…)
New Infrastructure Plan - A “Once in a Generation” Investment in Renewable Energy
By Steve Carter, CPA, Principal
ASL Renewable Energy Group
In March 2021, President Biden announced his $2.3 trillion infrastructure bill, The American Jobs Plan. The package targets both traditional and non-traditional infrastructure, for example, roads, bridges, and water systems as well as the caregiving industry. The Plan also calls for substantial investments in research and development and expanding broadband internet access to rural areas.
Renewable energy is a focal point of the Plan, from calls to upgrade and modernize existing electrical infrastructure to investing in electric vehicles and clean energy. Part of the Plan looks to involve the private sector while other financing options include tax credits and incentives. (more…)