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December 22, 2017

Highlights of the New Tax Reform Law

The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers.

Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are effective for tax years beginning after December 31, 2017. (more…)

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Categories: News, Tax Reform, Updates & Alerts
Tags: Tax Cuts and Jobs Act, Tax Reform,
November 16, 2017

San Jose’s Business Tax Now Impacts All Landlords

By Abe Livchitz, CPA, Senior Tax Manager

For many years San Jose required residential landlords with rentals within the city to pay an annual Business (License) Tax. A license was required if the landlord owned three or more residential rentals. In March, 2016 voters passed Measure G which “modernized” the city’s Business License rules effective July 1, 2017. The exception for property owners holding one or two residential rental properties was eliminated. As a result all taxpayer’s owning residential rental property within San Jose must register for and pay the $195 San Jose Business License Tax. Registration under measure G was required prior to September 30, 2017 but the City has extended the deadline until December 15th. The City will waive penalties and interest if property owners register and pay their Business License Tax prior to December 15th. Registration and payment can be made on-line at:
http://www.sanjoseca.gov/index.aspx?NID=5599

Measure G also increased the tax rates and maximum tax imposed on commercial landlords and mobile home park owners.

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Categories: Fall 2017
Tags: Abe Livchitz, Business Tax, Measure G, San Jose,
November 16, 2017

2017 Gifting and Gift Tax Returns

By Jackie Phan, CPA, Tax Manager
ASL Family Wealth & Individual Tax Group

The season of giving is almost upon us, but will generosity to friends and family trigger a gift tax return filing requirement? The main tax advantage of gifting during your lifetime is the removal of assets that would otherwise be included in your gross estate and be subject to federal estate tax upon your passing. But even if your estate is under the current estate tax filing threshold of $5.49 million per taxpayer for 2017 (or $5.6 million in 2018), you may still be required to report gifts you made during the tax year. The annual gift tax return, IRS Form 709, is due April 15th following the calendar year the reportable gifts were made.

(more…)

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Categories: Fall 2017, Family Wealth & Individual Tax Planning
Tags: Family Wealth, Gift Tax Annual Exclusion, Gift Tax Returns, Gifting Strategy, individual tax, Jackie Phan, Transfer of Assets,
November 16, 2017

Revenue Recognition Standard and Timeline

By Deepa Bhat, CPA, Principal & Carol Wagner, CPA, Principal
ASL Assurance & Accounting

No time like the present to prepare a game plan for the new revenue recognition standard. To ensure a smooth transition from your current approach, be sure to explore all available resources, read and review practical guidance to understand how these new standards affect your business practices and then develop your implementation strategy. A brief overview of this process is outlined here:

Revenue Recognition Standard and Timeline

 

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Categories: Fall 2017, Revenue Recognition
Tags: Carol Wagner, Deepa Bhat, Revenue Recognition,
November 16, 2017

IRS Proposed 2704 Regulations Have Been Withdrawn

By Jeff Faust, CVA, Director of Valuation Services
ASL Business Valuation Services

Earlier this year we wrote about the looming regulations affecting valuation discounts under the IRS Proposed Section 2704 Regulations. The proposed regulations would have curbed valuation discounts, resulting in increased estate taxes on the deaths of owners of family businesses.

The Treasury, after extensive deliberation in furtherance of the policies stated in Executive Order 13789, decided to withdraw these regulations entirely for the following reasons: (more…)

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Categories: Fall 2017, Updates & Alerts
Tags: 2704 Regulations, Family-Owned Businesses, Jeff Faust, Valuation services,
November 16, 2017

Does Your Not-For-Profit Have These Policies in Place?

By Samantha Ramirez, CPA, Tax Manager
ASL Nonprofit Group

Several questions on the Federal Form 990, Return of Organization Exempt from Income Tax, ask about the existence of certain governance policies. While these questions may seem insignificant, the implications of not having these policies in place could be detrimental to the organization. This article will briefly discuss what these policies are and why they are important. (more…)

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Categories: Fall 2017, Nonprofits
Tags: Conflict of Interest, Document Retention and Destruction, Form 990, nonprofits, Return of Organization Exempt from Income Tax, Samantha Ramirez, Whistleblower,
November 16, 2017

IT Concerns Facing the Construction Industry

By Deepa Bhat, CPA, Audit Principal
ASL Construction Group

These days, a lot of our business gets done on mobile devices, whether we are checking e-mail, tracking appointments or even reviewing plans and paperwork. Smartphones and tablets have given us the ability to accomplish as much in the field as we would at our desk. This is especially true if you are working in the construction industry as you are likely always on the go and moving from site to site.

Being able to manage your people and projects from the field may be convenient, but it also introduces new security concerns. Malware and viruses designed to steal information and, in some cases, your money are becoming more prevalent on mobile devices. Distractions at the job site can also cause you to let your guard down, leaving you vulnerable to scams and other attacks. (more…)

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Categories: Construction Corner, Fall 2017
Tags: Construction, Deepa Bhat, IT Concerns, IT Risks,
November 16, 2017

Crowdfunding – Alternative Financing for Start-Ups

By Jyothi Chillara, CPA, Senior Tax Manager
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: Fall 2017
Tags: crowdfunding, Emerging Businesses, GoFundMe, Indiegogo, Jyothi Chillara, Kickstarter, Start-ups,
November 16, 2017

Common Payroll Tax Issues

By Tony Dai, CPA, Senior Tax Manager
ASL Technology Group

The Social Security Administration announced that the maximum wages in 2018 subject to the 6.2% Social Security tax, or “FICA”, will rise from $127,200 to $128,700, an increase of just over 1%. The FUTA (Federal Unemployment Tax Act) taxable wages ($7,000) is expected to remain unchanged. It is important to calculate both FICA and FUTA taxes correctly when an employee has multiple employers during the year. (more…)

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Categories: Fall 2017
Tags: Federal Unemployment Tax Act, FICA, FUTA, Social Security Tax, Technology Group, Tony Dai,
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