The Coronavirus Aid, Relief and Economic Security (CARES) Act created several new funding options and tax opportunities for Bay Area businesses. This includes the Paycheck Protection Program, changes to Economic Injury Disaster Loans (EIDL), and the introduction of payroll tax credits for qualifying paid sick leave and for employee retention efforts. The central focus of the changes was to provide immediate cash flow opportunities through low-interest loans, payroll tax credits, and other incentives. While these provisions in the CARES Act often receive the most attention, there was another change that can provide immediate cash flow benefits to both landlords and tenants. Through a technical correction provided in the CARES Act, Qualified Improvement Property (QIP) placed into service in 2018 or later, is now considered 15-year property and eligible for 100% bonus depreciation. This technical correction opens the door to new saving opportunities for qualifying taxpayers. (more…)
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…)
San Jose, CA (November 17, 2016) – Abbott, Stringham & Lynch, one of the largest local CPA firms in the Silicon Valley, is proud to announce that Deepa Bhat has been promoted to Audit Principal and Rachel Gillespie has been promoted to Tax Principal, effective January 1, 2017.
In making the announcement, Abbott, Stringham & Lynch’s Principal-in-charge of the Assurance and Accounting Department, Carol Wagner, said, “We are pleased to welcome Deepa and Rachel to the partnership group. These exceptional leaders have the experience and proven skills to take on their new responsibilities that will considerably contribute to our growth and build our reputation for providing remarkable client service.” (more…)