New Tax Return Due Dates for 2016 Tax Returns
The Internal Revenue Service has made several changes in due dates for some Federal tax returns, effective for the filing of 2016 tax returns, due in 2017. The changes affect Partnership, LLC and C Corporation tax returns. The due dates for S Corporation returns, individual income tax returns and estimated tax payments have not changed, however, there is one due…
Read More »IRS Proposes New Regulations to Limit Discounts for Gifts Of Family Owned Entities
For the last few decades, one of the most popular methods for transferring assets to a next generation was the gifting or sale of partnership, LLC or closely held corporate interests, the valuation of which could take advantage of “discounts” due to “lack of marketability” and “lack of control”, and result in the transfer of assets at a significant discount for estate and…
Read More »Moving Up at SPS
We have had some significant promotions in the last month. Emily Huang, Brandon Gattis and Carrie Chiang have been promoted to Manager. Leonalyn Khanh and Dave Berman have been promoted to Senior Accountant. We congratulate them on their hard work and commitment to Sobul, Primes & Schenkel, and look forward to their continued valuable contributions to the success of the…
Read More »New IRS Estate Tax Regulations Proposed
For the last few decades, one of the most popular methods for transferring assets to a next generation was the gifting or sale of partnership, LLC or closely held corporate interests, the valuation of which could take advantage of “discounts” due to “lack of marketability” and “lack of control”, and result in the transfer of assets at a significant discount…
Read More »Fraudulent IRS “Collection Calls”
For the third newsletter in a row, we are including some old and some new information on a telephone scam which continues to be a problem, based on the increasing number of calls which we are receiving from our clients. Previously, the calls were made by a “live” person, claiming to represent the U.S. Treasury or the Internal Revenue Service,…
Read More »SPS Hits the Road after April 18th
A favorite SPS tradition is to let loose with the staff after all of the hard work that they put in during the busiest months of the year. Last year, we took the staff to Las Vegas for a night. This year, SPS decided to “double down” with a two-night stay at the MGM Grand Hotel in “The City of…
Read More »Does Extending Your Personal Income Tax Return Increase the Odds of an IRS Audit?
Rumor has it among our clients that extending your tax returns may increase the likelihood of an IRS audit. Is there any truth behind it? The fact of the matter is, there’s really no way to know for sure. Although the IRS releases information on audit rates based on income levels and types of tax returns, they have never released…
Read More »IRS Security Awareness Tax Tips
Following a number of high-profile security scares, the IRS has begun to publish tips for taxpayers to protect personal information from identity theft. One of the most helpful posts is “Seven Steps for Making Identity Protection Part of Your Routine,” published on IRS.gov. Be sure to monitor your financials closely and follow up with us if you have any questions…
Read More »Mortgage Interest Deduction for Unmarried Couples
The Ninth Circuit Court of Appeals has recently concluded that the $ 1.1 million home mortgage interest limitation for unmarried co-owners of a qualified residence applies on a per-taxpayer basis. This reverses an earlier tax court decision, in which the limitation was applied on a per-residence basis. The case involved California domestic partners, who had purchased a home in Beverly…
Read More »SPS Spotlight: Jeff Cameron Acknowledged by Nature of Wildworks
We are very proud of members of the SPS team and all that they do away from the office. One of our principals, Jeff Cameron, was recently honored by the charitable organization, the Nature of Wildworks, for his long service to the organization. The Nature of Wildworks was founded in 1998 by Mollie Hogan, to continue her work of providing…
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