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February 26, 2019

Beware of the New Tax Law’s Impact on Trust and Estate Income

In this podcast, Chris Madrid from our Family Wealth and Individual Tax Planning Group discusses important modifications the Tax Cuts and Jobs Act made to the income taxation of trusts and estates for 2018 and beyond.

https://www.aslcpa.com/wp-content/uploads/2019/02/Chris-Madrid-Podcast-2.25.19-FINAL.mp3

Read the Beware of the New Tax Law’s Impact on Trust and Estate Income article.

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Categories: Family Wealth & Individual Tax Planning, Tax Reform, Winter 2019
Tags: estate planning, Tax Cuts and Jobs Act, Trusts and Estates,
February 22, 2019

Rental Real Estate and the Section 199A Deduction

By Rachel Gillespie, CPA, Principal
ASL Real Estate Group

In December of 2017, the Tax Cuts and Jobs Act was enacted by Congress, which gave us the most sweeping and dramatic changes to the Internal Revenue Code in more than 30 years.  The Act created the Internal Revenue Code Section 199A deduction which has the potential to help taxpayers reduce their liabilities with a 20% deduction against their “qualified business income”.  Section 199A provides individual taxpayers and certain trusts and estates a deduction for qualified business income from a partnership, limited liability company, S-corporation, sole proprietorship, trust or estate.  The deduction applies to tax years beginning after December 31, 2017 and before January 1, 2026. (more…)

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Categories: Tax Reform, Winter 2019
Tags: Qualified Business Income, Rachel Gillespie, Rental real estate, Section 199A Deduction, TCJA,
February 12, 2019

Beware of the New Tax Law’s Impact on Trust and Estate Income

By Christine Collins Madrid, CPA, Tax Director

The Tax Cuts and Jobs Act (TCJA), signed into law in December 2017, made important modifications to the income taxation of trusts and estates for 2018 and beyond. Trust and estate income tax rates and brackets changed, along with deductibility of some estate and trust administrative expenses. Also, a new qualified business income deduction is available, under certain circumstances, that could be as much as 20% of qualified business income. (more…)

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Categories: Family Wealth & Individual Tax Planning, Tax Reform, Winter 2019
Tags: Christine Collins Madrid, estate planning, Tax Cuts and Jobs Act, TCJA, Trust and Estate Income,
February 12, 2019

Abbott, Stringham & Lynch Announces Partner and Director Promotions for 2019

San Jose, CA (February 12, 2019) – Abbott, Stringham & Lynch (ASL), one of the largest local CPA firms in Silicon Valley, is proud to announce that Jyothi Chillara has been promoted to Tax Principal, Josh Cross has been promoted to Audit Principal and Chris Madrid has been promoted to Tax Director, effective January 1, 2019.

In making the announcement, Abbott, Stringham & Lynch’s Managing Partner, Ray Scheaffer, said, “We are excited to welcome Josh and Jyothi to the partnership group. In addition, we are pleased to announce Chris’ promotion to Tax Director. Their expertise and exceptional leadership will continue to support and contribute to our firm’s growth and commitment to delivering superior quality and service.” (more…)

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Categories: Winter 2019
Tags: Chris Madrid, josh cross, Jyothi Chillara, Promotions,
By ASL Guest
•
February 6, 2019

ASC 842 - Leases, the OTHER New ASC

By Patrick Ngai, CPA, Audit Manager
ASL Technology Group

When ASC 842 – Leases (“ASC 842”) was first published in 2016, the effective date for non-public entities was scheduled for 2020.  The date seemed so far away that most people took the, “we will cross that bridge when we come to it” approach.  To be fair, most people were too concerned about the new revenue recognition standard (ASC 606) to worry about anything else.  (more…)

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Categories: The Musings of our Authors, Updates & Alerts, Winter 2019
Tags: ASC 842, Lease Accounting, Leasing Standard, Patrick Ngai,
February 5, 2019

Benchmarking Contractor Financial Statements Leads to a Wealth of Information

By Deepa Bhat, CPA, Principal
ASL Construction Group

As we head into another busy tax season, I am mentally preparing myself to answer questions from my contractor clients on how they stack up within their industry and against their peers. Lucky for me, I have access to industry benchmarking data that makes my client conversations productive and informative. In addition, as a bonus, the benchmarking reports provide a deep insight into the Company’s present and, often, their future. (more…)

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Categories: Construction Corner, Winter 2019
Tags: Benchmarking, construction companies, Deepa Bhat, financial statements,

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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.