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Tax Law Archives - The SPSCPA Blog


Tax Law

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 »

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 »

Is it Time to Make Those Gifts to Family Members?

Estate Planning, Los Angles CPA

For decades, one of the most popular and effective methods to transfer family wealth to younger generations was through Family Limited Partnerships (FLP). Parents would set up an FLP and contribute assets, such as real property, to the FLP. They would then make gifts of minority interests in the Limited Partnership to their children and grandchildren. Since a minority interest Read More »

Strategies! Sobul, Primes & Schenkel looks to the future

Tax Planning Advice - Sobul Primes Schenkel CPA Los Angeles

Now’s the time to start planning for 2013 tax liabilities Though just a few months have passed since April 15th, it’s never too early to consider strategies for the new tax year. It’s especially important this year because of the many changes as a result of the American Taxpayer Relief Act of 2012, not to mention the tax changes resulting Read More »

Newsflash: Summary of New Tax Law

Tax Law Sobul Primes Schenkel CPA Los Angeles

Dear Clients and Friends, As you may have heard, the President signed and enacted the American Taxpayer Relief Act into law to avoid the “Fiscal Cliff.” The major federal tax provisions are as follows: The Bush-era tax cuts are made permanent and individual income tax rates remain the same for all except the newly defined “high income” taxpayers.  The income Read More »

New law for employers with commissioned employees

Commissioned Employees Advice - Sobul, Primes & Schenkel CPA Los Angeles

Signed contracts will be required January 1, 2013 Like so many things, it started with a lawsuit. In the 1990s an out-of-state employer was in trouble for failing to provide California employees with a written contract detailing how commissions were calculated and paid. The ensuing legal battle produced AB 1396 – an amendment to the Labor Code that was passed Read More »

Year-end tax tips to leverage old and new rates

Tax Tips - Sobul, Primes & Schenkel CPA Los Angeles

Timing of transactions might save you some money Tax-planning is a year-round activity, of course, but the end of the year presents the opportunity to take advantage of rules and rates that will likely change. Given the impending “fiscal cliff” that you have been hearing about, year-end planning for this year is more important than ever. If Congress and the Read More »

Newsflash – “Fiscal Cliff” Rapidly Approaching

Fiscal Cliff - Sobul, Primes & Schenkel CPA Los Angeles

Dear Clients and Friends, As you have no doubt heard discussed in the media, the “fiscal cliff” is rapidly approaching. Included in this “fiscal cliff” is the expiration of some very beneficial estate and gift tax exclusions and tax rates.  Until December 31, 2012, the amount you can currently transfer, either during life or at death, without incurring any  gift, Read More »