Hidden Costs of 1099 Non-Compliance

Watch Video News Release: Hidden Costs of 1099 Non-Compliance

This tax season was marked by increased IRS scrutiny of 1099 compliance, according to Abbott, Stringham & Lynch Tax Manager Jonathan Laddy, and it is “a trend likely to continue.”  Laddy says, “The hidden costs of non-compliance can be significant, but there are steps your company can take now to reduce your risk.”

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Unreasonable Loan Covenants? Review Key Performance Indicators

“If you feel that your loan covenants are unreasonable, the problem may be that your bank does not understand what drives your business,” says Carol Wagner, a principal at the Silicon Valley accounting firm of Abbott, Stringham & Lynch.  Wagner advises, “Review your business’ key performance indicators with your accountant or management consultant in relation to the loan covenants.  If there is a disconnect between what the bank is expecting and your key performance indicators, go to the bank and request a review.”  Wagner says that loan covenants based on inappropriate key performance indicators can adversely affect a business’ line of credit, constraining cash flows and reducing investments.

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Plan Now for 2013 Tax Increases, Says CPA Rob Trammell

“Many tax rates are set to increase in 2013,” says Rob Trammell, a principal at the Silicon Valley accounting firm of Abbott, Stringham & Lynch.  “This means taxpayers will want to plan now, and monitor that plan to ensure they take appropriate action throughout 2012 before tax rates increase next year.”  Trammell says if you wait until next tax season when you file your 2012 return to assess, plan and take action, it may be too late to fully enhance your tax position.  Trammell says the scheduled 2013 rate increases include the tax rate on ordinary income, additional tax on investment income for high-income individuals, and long-term capital gains tax rates, “As you consider the impact of these increases, one of the questions you’ll want to ask yourself is does it make sense for me to accelerate income into 2012.”

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2012 Tax Season: Opportunities & Updates for Businesses & Individuals

With the 2012 Tax Season approaching, Abbott, Stringham & Lynch, a CPA firm headquartered in San Jose, provides this tax guide to the media concerning some key issues businesses and individuals should be aware of.

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ASL Principal Rob Trammell Joins Builders' Exchange BOD

Abbott, Stringham & Lynch Principal of Tax and Construction Rob Trammell, CPA, has been elected to the Builders’ Exchange of Santa Clara County’s board of directors for a three-year term beginning January 2012.  The Builders’ Exchange is a member-run, nonprofit association of licensed contractors, suppliers, and construction-related professionals founded in San Jose in 1893.  According to the Builders’ Exchange, their goal is to provide a central location to review current construction blueprints and to collect timely construction information.

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ASL Tech Seminar: the Role of Accounting in VC Funding & Management

The ASL Technology Group is producing a seminar titled, “VC Funding & Management: What’s Accounting Got to Do with It?”  The speakers are  Partner Graham Burnette of Red Planet Capital Partners and the ASL Technology Group’s Senior Audit Manager, Sarah Dryden.  The seminar takes place on September 21, 2011 at the Abbott, Stringham & Lynch accounting firm office at 1550 Leigh Avenue in San Jose, Calif.  

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ASL Principal Carol Wagner to Serve as Secretary on CalCPA Board

ASL Principal Carol Wagner began serving in the role of Secretary for the California Society of CPAs (CalCPA) in May 2011.  She will serve as Secretary until April 2012, and most recently served on the CalCPA board as Treasurer.  Carol has been a member of CalCPA since 2001, and is also the Chair of the Silicon Valley/San Jose Chapter’s Accounting Principles and Auditing Standards committee since 2006.  Carol is also in charge of ASL’s Audit and Accounting department, and has more than 20 years of experience.

ASL Principal Carol Wagner Presents at Law Conference on Accounting

ASL Principal Carol Wagner is presenting an accounting and audit overview for attorneys on July 21^st at Practicing Law Institute’s (PLI) “Basics of Accounting for Lawyers 2011 conference” in San Francisco.  According to PLI, attorneys frequently encounter accounting in the course of their work, and a basic understanding is crucial to effectively assisting and representing their clients’ interests.

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Pam Hedblad Re-elected to NAWBO-SV Board

ASL Principal Pam Hedblad announced she has been re-elected to serve as Corporate Partner Director on the National Association of Women Business Owners’ Silicon Valley (NAWBO-SV) board of directors.  In this role, Hedblad will continue to lead NAWBO-SV’s corporate sponsorship fundraising efforts with companies interested in doing business with women-owned enterprises.

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ASL Seminar Helps Startups Better Deal with Hiring Foreign National Talent

On June 29th, ASL Principal Mark Sheffield is hosting Fragomen Managing Partner Cynthia J. Lange, a global immigration specialist.  Lange is presenting at ASL’s luncheon seminar on the challenges emerging businesses are facing in hiring foreign national talent.

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