San Jose, CA (January 7, 2020) – Abbott, Stringham & Lynch (ASL), one of the largest local CPA firms in Silicon Valley, is pleased to announce that Carol Wagner, CPA has been elected managing partner, effective January 1, 2020. She succeeds Ray Scheaffer, CPA who served in the role for 15 years. Carol is ASL’s sixth managing partner since the firm’s inception in 1977, and the second woman managing partner. Ray will continue at the firm as a Tax Principal. “We are very excited to welcome Carol as our new managing partner. Her strategic thinking and exceptional leadership will guide the firm’s growth, shape the culture, and continue to provide our clients with unparalleled service,” said Ray. (more…)
Start the Year with a Clean Slate – Tax and Accounting Compliance
Life can become a blur when you are devoting so much time to a start-up business or to a new product release. As accountants, our job is to keep recordkeeping as up to date as possible while engineering and marketing move quickly to make sure the product hits the sales window at just the right time. Recordkeeping is especially critical at yearend. Now is a good time to take a minute to make sure all your company’s compliance requirements are being handled. To assist you in this assessment, here is a list of items that should be addressed in the next couple of months to make sure your company’s recordkeeping is maintained at the level expected by investors or other third parties. (more…)
Revenue Recognition Update - Step 2: Identify Performance Obligations
To continue the discussion of the ASC 606, Step 2 of the revenue recognition process requires examining what the seller has promised to do for the customer, and if there are multiple promises, whether these promises should be accounted for separately or combined. This examination determines the performance obligations which are the basis for the revenue recognition. (more…)
Revenue Recognition Update - Step 1: Identify the Contract with the Customer)
Revenue recognition is getting a lot of attention since ASC Topic 606 “Revenue from Contracts with Customers” was first issued in 2014. Since that date, we have had several posts on our blog that focus on some of the details and changes related to the new standard. As we get closer to implementation, it is time to take a closer look. (more…)
Important Tax Considerations When You Sell Your Business: Accounting Perspective (Part III)
Selling a business may be a natural progression for your company as discussed in Parts I and II of this series by Senior Tax Manager, Naila Sharifova. As Naila explained, there are tax considerations for your company and shareholders which impact the amount of income generated by the sale. But whether you are selling a startup with intellectual property or you are selling your company as part of your retirement plans, the acquirer will want to review your company’s financial statements to determine what they are willing to pay for your company. (more…)
Principal Carol Wagner Now CalCPA Silicon Valley/San Jose Chapter President
By Colette Gonsalves, ASL Marketing
Abbott, Stringham & Lynch is very pleased to announce that Carol Wagner, our Principal in charge of Audit & Accounting and the Technology Group, has accepted a one-year term as President of the California Society of CPAs Silicon Valley/San Jose Chapter. Carol has a long history of active participation in CalCPA, and is the former Chair of the Accounting Principles and Auditing Standards Committee. The entire firm congratulates Carol on this honor.