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August 9, 2021

Section 1202 Offers Attractive Tax Treatment for Capital Gains on Qualified Small Business Stock

By Jyothi Chillara, CPA, Principal

Section 1202 of the Internal Revenue Code is gaining greater interest from shareholders and investors in start-ups and small businesses. It offers favorable tax treatment for capital gains to those holding qualified small business stock (QSBS). A qualified small business (QSB) is an active C corporation with assets of less than $50 million at the point of or immediately after the issuance of stock.

According to IRC Section 1202, QSBS holders may have gains of 50 percent to 100 percent excluded from their tax obligations, depending on the date the stock was acquired. The exclusion is generally limited to either $10 million or 10 times the taxpayer’s basis in the stock, whichever is greater. (more…)

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Categories: Emerging Businesses
Tags: Jyothi Chillara, QSBs, Qualified Small Business Stock, Section 1202,
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 Jyothi Chillara
•
May 23, 2018

Proposed Tax on Digital Services in the EU Threatens Tech Giants

The European Union (EU) proposed a tax on digital services in the draft package for “Fair and Effective Taxation of the Digital Economy”, which it released on March 21, 2018.

According to the European Commission, top digital companies pay an average tax rate of only 9.5% in EU, which is less than the 23.3% paid by traditional companies. The aim of the proposal is to tax the business in the member state in which value is created, even though the business has little or no physical presence in that state. (more…)

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Categories: Spring 2018, The Musings of our Authors, Updates & Alerts
Tags: Digital companies, Digital services tax, Digital tax, Jyothi Chillara,
November 16, 2017

Crowdfunding – Alternative Financing for Start-Ups

By Jyothi Chillara, CPA, Principal
ASL Emerging Business Group

Crowdfunding is a method of raising financing for projects from the public via crowdfunding platforms and social media. Some of the most common crowdfunding platforms are Kickstarter, Indiegogo and GoFundMe. According to Investopedia, Kickstarter has raised over $2 billion since 2009.

Forbes predicts that crowdfunding eventually will surpass venture capital for investing. According to Business News Daily, ““Crowdfunding is here to stay. By 2025, the global crowdfunding market potential could be between $90 billion and $96 billion,” said Bill Clerico, co-founder and CEO of WePay, citing data from the World Bank.” (more…)

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Categories: Emerging Businesses
Tags: crowdfunding, Emerging Businesses, GoFundMe, Indiegogo, Jyothi Chillara, Kickstarter, Start-ups,
May 1, 2017

IRS Explains How Foreign and Domestic Losses Affect Foreign Tax Credit

In a further indication of the IRS’s continued focus on international tax issues, the tax agency updated an International Practice Unit (IPU) summarizing the calculation and recapture of foreign and domestic losses and their impact on the foreign tax credit.

(more…)

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Categories: International Business Issues
Tags: Double taxation, foreign tax credit, international tax, IPU, Jyothi Chillara, separate limitation loss,
By Jyothi Chillara
•
January 24, 2017

Trump Presidency, Taxes, and Stock Option Compensation

We all have heard and know of people becoming millionaires overnight with “stock option” money, especially in Silicon Valley. Stock options are an important part of the compensation package for many employees in the technology sector. For companies, it is a tool to retain employees and motivate them to perform better as the company’s growth and success translates to their success.

The most common types of stock options are Incentive Stock Options (ISO’s) and Non-Qualified Stock Options (NQSO’s). The tax consequences to employees are as follows:

Incentive Stock Options (ISO) (more…)

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Categories: Business Taxation, Execs & Owners, Updates & Alerts
Tags: Incentive Stock Options, ISO, Jyothi Chillara, Non-Qualified Stock Options, NQSO, Stock Option Compensation, Taxes, Trump,
August 19, 2016

Abbott, Stringham & Lynch Employees Complete the IBFD-AG Advanced Professional Certificate in International Taxation

San Jose, CA August 16, 2016 — we are pleased to announce that Jyothi Chillara and Naila Sharifova of Abbott, Stringham & Lynch have successfully earned the IBFD-AG Advanced Professional Certificate in International Corporate Taxation. Jointly created by Allinial Global and IBFD, one of the world’s foremost authorities on international taxation, this rigorous program allows participants to differentiate themselves by becoming certified experts in international taxation.

On their way to certification, program participants earn 100 CPE credits and engage in a combination of self-study courses and live webcasts, followed by a final three-day training event. Course materials focus on three central components: fundamentals of international taxation, corporate international tax structuring, and treaty and transfer pricing aspects of international tax planning. In order to complete the certification process, participants must pass an assessment during each stage of the program, as well as a two-hour final exam. (more…)

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Categories: Uncategorized
Tags: Corporate, CPA, IBFD-AG, international, Jyothi Chillara, Naila Sharifova, Tax,
By Jyothi Chillara
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July 6, 2016

Foreign Bank Account and Reporting (FBAR) - The Fight Continues!

June 30th deadline for filing the Form 114 – Individuals Filing the Report of Foreign Bank and Financial Accounts has passed, but the IRS continues its fight to secure US tax revenue from foreign financial accounts. (more…)

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Categories: Business Taxation, International Business Issues, Updates & Alerts
Tags: Deadline, FATCA, FBAR, Foreign Bank Account and Reporting, Form 114, Jyothi Chillara, Letters, Steps,
By Jyothi Chillara
•
June 8, 2016

India - Mauritius - Tax Love Affair Ends!

The treaty signed between India and Mauritius in 1983, a decade before India opened its door to foreign investors made Mauritius the most favored route to invest in India. Many foreign companies incorporated a holding company in Mauritius which held shares in an Indian company. The sale of shares in Indian company would not result in capital gains tax in India and Mauritius- thereby making it a preferred vehicle for foreign investment.

According to government data, from 2000 – 2015, about $94 billion, a third of all foreign direct investment into India, came via Mauritius. It was a boon to the Indian economy at the brink of liberalization in 1990’s, but gave rise to “round tripping” i.e., Income on which taxes were not paid was routed via Mauritius companies to avoid tax, revenue loss and treaty abuse. (more…)

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Categories: Business Taxation, International Business Issues, Updates & Alerts
Tags: India, Jyothi Chillara, Mauritius, Tax Treaty,
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