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The SPSCPA Blog

 

A New Addition to our Firm

We are very pleased to announce that Abhi Parikh has joined our firm as a tax senior manager, after spending nine years at Deloitte Tax. Abhi worked his way up from staff to senior manager in the tax department of his prior firm, and he will continue to utilize his extensive tax experience at SPS, with a particular emphasis in Read More »

IRS to Enlist Debt Collectors to Recover Overdue Taxes

Tax Planning Advice - Sobul Primes Schenkel CPA Los Angeles

After several years of warning taxpayers of fraudulent telephone calls and e-mails from individuals posing as Internal Revenue Service debt collectors, the Internal Revenue Service has been instructed by Congress to contract with private collection agencies to attempt to collect the oldest and largest delinquent taxes. The IRS has selected four companies, CBE Group, ConServe, Performant and Pioneer Credit Recovery Read More »

How Long Do I Need to Keep Tax Returns and Related Records?

One of the most frequently asked questions that we get from clients is “ How long do I have to keep all of my records and tax returns?”. The general rule for copies of tax returns is – indefinitely. With the advent of scanning and electronic storage programs, this is slightly less onerous than in previous years. Documentation related to Read More »

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

Consult a tax specialist, Los Angeles CPA

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 »