Campbell, CA (January 8, 2024) – Abbott, Stringham & Lynch (ASL) is proud to announce that Amy Dempsey, CPA, MSAT, has been promoted to Principal, Tax and Advisory and Collin Plehiers, CPA, has been promoted to Principal, Tax and Advisory, effective January 1, 2024.
“We are thrilled to welcome Amy and Collin to ASL’s partner group. Their mentorship to our staff, excellent client service and commitment to the firm will only continue to help ASL grow,” said Deepa Bhat, Managing Partner at Abbott, Stringham & Lynch. (more…)
Campbell, CA (January 2, 2024) – Abbott, Stringham & Lynch (ASL), a full-service CPA firm in Silicon Valley, is pleased to announce that Deepa Bhat, CPA, CFE, ACA, has been elected Managing Principal, effective January 1, 2024. She succeeds Carol Wagner, CPA who served in the role since 2020. Deepa is ASL’s seventh managing principal since the firm’s inception in 1977, and the third woman managing principal. Carol will continue at the firm as an Assurance Principal. “I am pleased to welcome Deepa Bhat as Managing Principal. Her leadership, client focus and ability to drive the success of the firm will only continue to advance ASL,” said Carol. (more…)
The end of the calendar year means it’s time to get ready for another tax season. Here are 10 issues that owners, financial officers, and tax executives in closely held businesses should consider as part of their year-end activities. (more…)
Tax reporting can pose a challenge for any business, but the complexities grow when a company has operations in more than one country. A business with international operations or foreign ownership faces a large—and frequently changing—array of reporting requirements designed to provide information about a taxpayer’s foreign activities.
Failure to submit all required reports can lead to sizable fines, even if the business owners were simply unaware of the mandated obligations. Willful violations can also lead to criminal charges. (more…)
Categories: Uncategorized
With bonus depreciation starting to phase out this year and limits on Section 179 deductions increasing, now is a good time to re-evaluate capital asset depreciation strategies. The 2023 changes could also affect the timing of upcoming purchases to maximize potential tax savings. (more…)
As the tight labor market continues to put upward pressure on wages, many businesses are struggling to attract and retain qualified workers at salaries the company can afford to pay. One often-overlooked tax credit could provide some relief for companies in this situation while also pointing them to a potential source of new employees they might not have considered otherwise. (more…)
By Chris Madrid, CPA, Director, Tax & Advisory
ASL Family Wealth & Individual Tax Group
“Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes“. This is a famous quote by Benjamin Franklin and it still holds true today. However, what is currently uncertain is what will happen to the amount of estate and gift lifetime exemption and how to effectively estate plan now in light of that uncertainty. (more…)
By Carmen Barrett, CPA, MST, Senior Manager, Tax & Advisory
ASL Real Estate Group
You may have seen the social media trend about the benefits of short-term rentals (Airbnb, VRBO, etc.), the catch is simple, if you have a vacation home or other dwelling unit that is non-income producing, you can make it profitable by using it as a short-term rental, vacation or otherwise. This all sounds great but there are unintended tax consequences to consider if the operation of this venture is not set up correctly, which many catchy articles, blogs and posts do not address. Additionally, most every taxpayer is unique so don’t go it alone and heed the well-intentioned advice on social media but simply contact your trusted and knowledgeable tax advisor to determine the best path forward. After all, no one wants to become the next social media post about what not to do. (more…)