• Skip to main content
  • Skip to the end
  • People
  • Services
    • Tax
    • Assurance & Accounting
    • Accounting Solutions for Business
    • Estates & Trusts
    • Business Advisory
      • Start-up Advising
      • Corporate Governance
      • Internal Control
      • Growth Management
      • Succession Planning
    • Valuation
      • Valuation Services
      • ESOPs
      • Start-up Funding
      • Stock Options
      • Valuation Process
    • Litigation Services
    • Benefit Plans
  • Expertise
    • Construction
    • Emerging Businesses
    • Family Wealth & Individual Tax Planning
    • International
    • Manufacturing & Distribution
    • Nonprofit
    • Real Estate
    • Recreation & Entertainment
    • Renewable Energy
    • Technology
  • Resources
    • Estate Planning Podcast
    • Estate Planning Year-End Check Up
    • Insight on Estate Planning Blog
    • Founder’s Pit Crew
    • International Tax Articles
    • Nonprofit Insights Blog
    • Tech Company Life Cycle Chart
    • Tech Blog
  • News & Events
    • ASL Talks
    • COVID-19 Articles
    • Newsletters
    • Press Releases
    • Media
  • Careers
  • About
    • About Us
    • Our Mission
    • Our Community
    • Associations
  • Contact
  • File Sharing
  • Pay Online
  • About
    • About Us
    • Our Mission
    • Our Community
    • Associations
  • Contact
  • File Sharing
  • Pay Online
ASL
  • People
  • Services
    • Tax
    • Assurance & Accounting
    • Accounting Solutions for Business
    • Estates & Trusts
    • Business Advisory
      • Start-up Advising
      • Corporate Governance
      • Internal Control
      • Growth Management
      • Succession Planning
    • Valuation
      • Valuation Services
      • ESOPs
      • Start-up Funding
      • Stock Options
      • Valuation Process
    • Litigation Services
    • Benefit Plans
  • Expertise
    • Construction
    • Emerging Businesses
    • Family Wealth & Individual Tax Planning
    • International
    • Manufacturing & Distribution
    • Nonprofit
    • Real Estate
    • Recreation & Entertainment
    • Renewable Energy
    • Technology
  • Resources
    • Estate Planning Podcast
    • Estate Planning Year-End Check Up
    • Insight on Estate Planning Blog
    • Founder’s Pit Crew
    • International Tax Articles
    • Nonprofit Insights Blog
    • Tech Company Life Cycle Chart
    • Tech Blog
  • News & Events
    • ASL Talks
    • COVID-19 Articles
    • Newsletters
    • Press Releases
    • Media
  • Careers
Search | Menu

Current Buzz

Cutting edge business wrap-up
Next
December 5, 2023

Work Opportunity Tax Credit - Don’t Overlook a Valuable Hiring Incentive

As the tight labor market continues to put upward pressure on wages, many businesses are struggling to attract and retain qualified workers at salaries the company can afford to pay. One often-overlooked tax credit could provide some relief for companies in this situation while also pointing them to a potential source of new employees they might not have considered otherwise. (more…)

Share Article
Print
Categories: Execs & Owners
Tags: Work Opportunity Tax Credit,
November 15, 2023

Happy Thanksgiving From All of Us at ASL

(more…)

Share Article
Print
Categories: Holidays
November 14, 2023

Think Twice Before Joining the Short-Term Rental Trend

By Carmen Barrett, CPA, MST, Senior Manager, Tax & Advisory
ASL Real Estate Group

You may have seen the social media trend about the benefits of short-term rentals (Airbnb, VRBO, etc.), the catch is simple, if you have a vacation home or other dwelling unit that is non-income producing, you can make it profitable by using it as a short-term rental, vacation or otherwise. This all sounds great but there are unintended tax consequences to consider if the operation of this venture is not set up correctly, which many catchy articles, blogs and posts do not address. Additionally, most every taxpayer is unique so don’t go it alone and heed the well-intentioned advice on social media but simply contact your trusted and knowledgeable tax advisor to determine the best path forward. After all, no one wants to become the next social media post about what not to do. (more…)

Share Article
Print
Categories: Fall 2023, Real Estate
Tags: Airbnb, Carmen Barrett, Short-Term Rentals, VRBO,
November 14, 2023

Hot Topic in Valuation - Inflation Reduction Act Impact on Business Valuation

By ASL Business Valuation Group

The Inflation Reduction Act provided the Internal Revenue Service (IRS) with $79.4 billion in additional funding to transform tax administration and services. Earlier this year, the IRS released its 2023 to 2031 Strategic Operating Plan that sets forth a framework for using this funding. One of the IRS’s goals is to improve the audit procedures and possibly select more valuation cases for examination. (more…)

Share Article
Print
Categories: Fall 2023, Valuation Services
Tags: Business Valuation, Inflation Reduction Act,
November 13, 2023

Complicated Entity Ownership Reporting Requirements Begin in 2024

By Abe Livchitz, CPA, Senior Manager, Tax & Advisory
ASL Tax Group

In 2021, Congress enacted the Corporate Transparency Act in an effort to provide law enforcement agencies with the ownership information of business entities doing business in the U.S. This information is to be used to help prevent money laundering, the use of shell companies, and other financial crimes.  The Treasury Department’s Financial Crimes Enforcement Network (FinCEN, the same agency that administers the foreign bank account reporting rules) was charged with running this program often called “Beneficial Ownership Information Reporting” (BOI). The program’s rules apply very broadly so nearly all privately held businesses will be required to comply beginning January 1, 2024. FinCEN expects over 32 million entities will be filing their initial reporting in 2024. The program was designed to help prevent financial crimes but the compliance burden is falling on privately held businesses across the U.S. and according to recent surveys, most business owners are completely unaware of this new program. FinCEN has created a guide, Small Entity Compliance Guide, FAQs, and informational videos to help businesses understand and comply with these new rules. (more…)

Share Article
Print
Categories: Fall 2023, Updates & Alerts
Tags: Abe Livchitz, Corporate Transparency Act, Entity Ownership Reporting Requirements,
November 13, 2023

From Heart to Paper: The Essentials of Documentation of Charitable Contributions

By Claire Ding, CPA, Tax Senior
ASL High Net Worth Group

Charitable contribution deductions are one of many deductions that taxpayers frequently claim, and for many, it is a heartfelt way to make a positive impact. The most frequent contributions come in the form of cash, household items, and clothing—items often earmarked for donation during moves or home cleanups. Often, taxpayers don’t realize that proper documentation is necessary. In this article, we will cover the essential substantiation requirements for documenting these donations. (more…)

Share Article
Print
Categories: Fall 2023
Tags: Cash Contributions, charitable contributions, Claire Ding, Noncash Contributions,
August 17, 2023

Multistate Tax Issues - Changing State Income Tax Rules Could Surprise Businesses

Recently updated guidelines from the Multistate Tax Commission (MTC) are generating considerable uncertainty—and growing concern—for companies that do business online. As more states adopt the new guidelines, businesses with a web presence could find themselves subject to unexpected new state income tax liabilities and filing requirements. (more…)

Share Article
Print
Categories: Business Taxation
Tags: Income Tax, Interstate Income Act, Multistate Tax Issues,
August 15, 2023

Some RMD Relief from the SECURE 2.0 Act

The SECURE 2.0 Act, enacted in December 2022, made a number of changes to retirement distributions, including the age for receiving required minimum distributions (RMDs), ultimately creating compliance issues for many taxpayers and plan administrators. As a result, in July the IRS provided some relief,  issuing Notice 2023-54, relating to certain distributions made in 2023 to individuals that technically were not RMDs as a result of the Act. (more…)

Share Article
Print
Categories: Updates & Alerts
Tags: RMD, SECURE 2.0 Act,
August 1, 2023

Qualifying as a Real Estate Professional

By Samantha Ramirez, CPA, Manager, Tax & Advisory
ASL Real Estate Group

General Passive Rules

The general passive activity rules under Internal Revenue Code Section 469 define passive activities as any trade or business in which the taxpayer does not materially participate, OR a rental activity without regard to the level of participation.  Passive activities that produce losses, can only be offset against passive income.  If the taxpayer has no passive income, the losses will be suspended until the activity is sold in a taxable transaction. (more…)

Share Article
Print
Categories: Real Estate, Summer 2023
Tags: Passive Activities, Real Estate Professional, Samantha Ramirez,
Next Entries

Categories

  • Execs & Owners
  • Holidays
  • Fall 2023
  • Real Estate
  • Valuation Services
  • Updates & Alerts
  • Business Taxation
  • Summer 2023
  • Family Wealth & Individual Tax Planning
  • Construction Corner
  • Fraud
  • International Business Issues
  • Winter 2023
  • tax
  • Individual Retirement Accounts
  • Renewable Energy
  • Tax Reform
  • COVID-19
  • Summer 2022
  • Audit & Accounting Errors, Myths & Guidelines
  • Fall 2021
  • Emerging Businesses
  • Summer 2021
  • Nonprofits
  • Winter 2021
  • Human Resources
  • Winter 2020
  • Fall 2019
  • Revenue Recognition
  • Spring 2018
  • Winter 2018
  • Operations Management
  • The Musings of our Authors

Archives

  • December 2023
  • November 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • March 2023
  • February 2023
  • December 2022
  • November 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • August 2018
  • May 2018
  • April 2018
  • February 2018
  • January 2018
  • November 2017
  • August 2017
  • May 2017
  • February 2017
  • November 2016
  • August 2016
  • June 2016
  • September 2014

subscribe:
asl advisor

Subscribe today to receive the ASL Advisor!

Sign Me Up!
Contact Us Join Our List Follow
Privacy Policy | Site Map | Design by HDSF
© 2023 Abbott, Stringham & Lynch - Silicon Valley CPA Firm - 1901 South Bascom Avenue, Suite 105, Campbell, CA 95008
Phone: 408-377-8700 - Fax: 408-377-0821 - info@aslcpa.com

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.