Water Buffalo Club Spreads Holiday Cheer to Local Children
Rick Schenkel has been involved with the Water Buffalo Club — a charitable organization helping at-risk kids in the Los Angeles area — for over 30 years. The WBC's overhead is completely funded by membership dues, allowing 100% of all received donations to go to small, local charities. The Water Buffalo Club supports and funds small, under-the-radar charities. While financial…
Read More »Marta Botten Honored on Future of Business Management List by Trusted Advisor
The business management team at Sobul, Primes & Schenkel is known as one of the best in the field. So, we weren't surprised when Marta Botten (Principal) landed on another list of honorees. This month, Marta was honored on Trusted Advisor's The Future of Business Management list. “This year’s list highlights rising stars that are revolutionizing the field, alongside seasoned…
Read More »Rick Schenkel Named in Los Angeles Business Journal Top 100 Accountants of 2022
Los Angeles Business Journal has released its top 100 accountants of 2022, and our own Rick Schenkel (Managing Shareholder) has made the cut! We were thrilled to hear the news and wanted to share it with you. Top 100 Accountant 2022 – Rick Schenkel Rick Schenkel, CPA Rick Schenkel started with the Sobul, Primes & Schenkel firm in 1981 when…
Read More »Business Managers Guard and Grow Assets of Showbiz Stars
The current issue of Variety includes their list of Elite Business Managers. We are happy to share that SPS’s own Steve Levitt (Shareholder), Rick Schenkel (Managing Shareholder), and Marta Botten (Principal) were included on the list. Thanks to everyone at SPS and our business management department for providing excellent service to our clients. We are fortunate to have great employees…
Read More »SPS Partner Featured in Variety Article on Real Estate Investments
Sobul, Primes & Schenkel’s partner Steve Levitt was featured in Variety’s article “Biz Managers Advise Clients on Real Estate Investments Amid Shifting Market.” We want to share the article with you. If you have any questions or need any help, please feel free to reach out to us at (310) 826-2060. Biz Managers Advise Clients on Real Estate Investments Amid…
Read More »A tax update on expenses funded with PPP loans
The Paycheck Protection Program (PPP) is a federally guaranteed Small Business Administration loan program that was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, which became law on March 27, 2020. As of this writing, lawmakers are considering the possibility of expanding the PPP program but have yet to do so. This item discusses tax…
Read More »Trade guaranteed payments for net profits to gain from QBI deduction
By Abhi Parikh, CPA, MST, Sobul, Primes & Schenkel, CPAs, APC, Los AngelesEditor: Marcy Lantz, CPA. Read the article that Abhi wrote article on theTaxAdvisor. The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, added Sec. 199A, which allows a qualified business income (QBI) deduction that can provide valuable tax savings to individual taxpayers who receive…
Read More »12 Tips to Keep Your Online Credit Card Purchases Safe
The internet is a jungle full of predators, and your credit is their prey. According to the FBI's Internet Crime Complaint Center, most cybercrimes committed in 2017 were related to internet shopping. A record 15 million people were victimized by identity fraudsters in 2016. This surge was impelled by a 40% increase in card-not-present fraud. Criminal hackers are becoming alarmingly…
Read More »Forget the Playoffs, College Football’s All About New Tax Laws and Tickets
In 1986, two years into Ronald Reagan's second term, the Democrats regained a Senate majority. David Pryor, a Democratic senator from Arkansas, used his new position as chairman of the Senate Subcommittee on Oversight of the Internal Revenue Service, to launch an attack on what he called the IRS' "questionable, overreaching activities". Among the IRS' "overzealous, heavy-handed, and often illegal…
Read More »Opportunity Funds: Do Well by Doing Good
Opportunity Funds explained by SPSCPA.com There's a new type of investment fund available called "Opportunity Funds" that might benefit two groups of people. Interestingly, these groups are often not well-acquainted with each other: 1) those who have large investment profits and 2) low-income communities. Let’s begin with a few facts that help show why “opportunity funds” might be an idea…
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