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Tax Law And Changes Archives - Page 2 of 3 - The SPSCPA Blog

 

Tax Law And Changes

Overtime Pay for Nannies and Maids

Overtime Pay for Nannies - Sobul, Primes and Schenkel - CPA Los Angeles

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, that will be 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 »

New California law (and IRS) focuses on worker misclassification

Independent Contractor or Employee Advice - Sobul, Primes & Schenkel CPA Los Angeles

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 bit of a slippery slope based on common-law tests and loose interpretation. Read More »

Newsflash – SPS Email Alert Dec 2011

Email Alerts - Sobul, Primes & Schenkel CPA Los Angeles

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 contractor is crucial for every business. The decision can have significant tax, legal, and business implications. Read More »

Rental Property Owners Don’t Have to File 1099s After All?

Rental Property Tax Law - Sobul, Primes & Schenkel CPA Los Angeles

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 you to stay tuned for further updates. Here’s the latest. Read More »

Newsflash – Important 2010 Year-End Tax Alert

Tax Year End Update 2010 - Sobul, Primes & Schenkel CPA Los Angeles

As you all probably have heard by now, a new tax act was enacted.  The “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is a sweeping tax package that includes, among many other items, an extension of the Bush-era tax cuts for two years, estate and gift tax relief, a two-year “patch” of the alternative minimum tax Read More »