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) … [Read more...]
Old School Rules Control Taxes on New Age Cryptocurrencies
Investing in cryptocurrency moved mainstream last year and now more people are staring down tax bills from their big gains. The only official IRS guidance about the tax consequences of your adventures in the Jurassic jungle of cryptocurrency trading is from 2014. And that four-year-old … [Read more...]
Section 1031 Exchange, New Rules You Want to Know
Changes in the Tax Cuts and Jobs Act have made this strategy even more attractive to real estate investors. Under the new Tax Cuts and Jobs Act, the benefits of combining cost segregation and Section 1031 exchanges have become an even more important tax strategy for real estate investors than … [Read more...]
Online Retailers Must Charge Sales Tax to Everyone
Written by Adam Liptak, Ben Casselman and Julie Creswell Americans have done more and more of their shopping online in recent years, drawn by the promise of low prices, wide selection and buy-from-home convenience. But e-commerce has also had another edge: Many of those sales were, in effect, … [Read more...]
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, … [Read more...]
IRS to Enlist Debt Collectors to Recover Overdue Taxes
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 … [Read more...]
Stephen S. Sobul, January 17, 1936 – February 5, 2017
On February 5, 2017, Steve Sobul, the founder of our firm, passed away after a long illness. Steve founded our firm in August of 1981, bringing with him David Primes, Rick Schenkel, Trish Axt and Chris Morris from an accounting firm that we all worked for. Steve’s decision to set up his own firm … [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 … [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 … [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 … [Read more...]
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