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 … [Read more...]
Overtime Pay for Nannies and Maids
Domestic Workers Bill of Rights went into effect on January 1 If you employ nannies, maids, or personal attendants, then you need to know that they are now entitled to time and-a-half overtime if they work more than nine hours a day or 45 hours a week. And, by the way, if they are paid minimum wage, … [Read more...]
Strategies! Sobul, Primes & Schenkel looks to the future
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 … [Read more...]
Newsflash: Summary of New Tax Law
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: In addition to the various provisions discussed above, some new taxes took effect … [Read more...]
New law for employers with commissioned employees
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 … [Read more...]
Year-end tax tips to leverage old and new rates
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 … [Read more...]
Newsflash – “Fiscal Cliff” Rapidly Approaching
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 … [Read more...]
New California law (and IRS) focuses on worker misclassification
Employee vs. independent contractor -- it’s not just a matter of semantics There’s nothing new about the battle between the IRS (and other agencies) and businesses that classify workers as independent contractors primarily to save money on taxes and benefits. In the past, the legal battlefield was a … [Read more...]
SPS Newsflash, Dec 2011
SPS Email Alert Dear Clients and Friends: In light of renewed attention and legislation surrounding the classification of workers, we want to share with you some important information. Determining whether someone you hire (or someone who provides services) is an employee or an independent … [Read more...]
Rental Property Owners Don’t Have to File 1099s After All?
President Obama signs 1099 repeal act In a recent client letter, and our February 2011 newsletter, we notified you of a new law requiring rental property landlords to file 1099s for all individuals and businesses that provide services to their properties totaling $600 or more a year. And, we told … [Read more...]