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 & … [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 … [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 … [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 … [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 … [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 … [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 … [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 … [Read more...]
Fraudulent IRS Collection Calls
We continue to receive calls from clients concerning telephone callers identifying themselves as being from the Internal Revenue Service, and demanding checking account or credit card information to pay outstanding tax balances and penalties. The callers are very aggressive, claiming that a warrant … [Read more...]
Year-End Charitable Gift Tips from the IRS
The IRS has provided tips and reminders to individuals and businesses making year-end gifts to charity. They highlighted the rules for claiming deductions for charitable contributions of clothing and household items along with the guidelines for monetary donations. Clothing and Household ItemsThe … [Read more...]
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