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 offered David, Rick and Chris a Read More »
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 previous years. Documentation related to Read More »
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 estimated tax payments have not changed, however, there is one due Read More »
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 result in the transfer of assets at a significant discount for estate and Read More »
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 & Schenkel, and look forward to their continued valuable contributions to the success of the Read More »
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 result in the transfer of assets at a significant discount Read More »
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 the U.S. Treasury or the Internal Revenue Service, Read More »
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 City of Read More »
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 types of tax returns, they have never released Read More »
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 your financials closely and follow up with us if you have any questions Read More »