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    SPSCPA (A Professional Corporation)

    Freeing clients to pursue their passions since 1981

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    THE SPSCPA BLOG

    THE SPSCPA BLOG

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    Opportunity Funds: Do Well by Doing Good

    Posted November 14, 2018 | by The Team at Sobul, Primes & Schenkel (last updated 7-3-2023)
    Opportunity-Funds

    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) low-income communities. Let’s begin with a few facts that help show why “opportunity funds” might be an idea…

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    posted in Tax Law And Changes, | Leave a comment

    Old School Rules Control Taxes on New Age Cryptocurrencies 

    Posted September 4, 2018 | by The Team at Sobul, Primes & Schenkel (last updated 22-3-2023)
    1322826e-8ff9-4c08-9ef9-15e366a89b3d-1.jpg

    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 publication offers mere guidance, rather than strictly controlling rules. So the best basic advice when…

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    posted in IRS, Tax Law And Changes, | Leave a comment

    Section 1031 Exchange, New Rules You Want to Know

    Posted August 15, 2018 | by The Team at Sobul, Primes & Schenkel (last updated 22-3-2023)
    New-IRS-Regs.jpg

    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 ever. With the recently passed TCJA, the rules for Section…

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    posted in Tax Law And Changes, | Leave a comment

    Online Retailers Must Charge Sales Tax to Everyone

    Posted June 27, 2018 | by The Team at Sobul, Primes & Schenkel (last updated 22-3-2023)
    Supreme-court.jpg

    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, tax-free. The Supreme Court on Thursday moved to close that loophole, ruling…

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    posted in Tax Law And Changes, | Leave a comment

    A New Addition to our Firm

    Posted May 22, 2017 | by The Team at Sobul, Primes & Schenkel (last updated 22-3-2023)
    Abhi-featured.jpg

    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, with a particular emphasis in…

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    posted in About the staff, | Leave a comment

    IRS to Enlist Debt Collectors to Recover Overdue Taxes

    Posted April 15, 2017 | by The Team at Sobul, Primes & Schenkel (last updated 24-3-2023)
    Planning-Financial-Future-Sobul-Primes-Schenkel-CPA-Los-Angeles.jpg

    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 largest delinquent taxes. The IRS has selected four companies, CBE Group, ConServe, Performant and Pioneer Credit Recovery…

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    posted in IRS, | Leave a comment

    Stephen S. Sobul, January 17, 1936 – February 5, 2017

    Posted March 7, 2017 | by The Team at Sobul, Primes & Schenkel (last updated 22-3-2023)
    Stephen-Sobul-Featured.jpg

    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…

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    posted in About the staff, | Leave a comment

    How Long Do I Need to Keep Tax Returns and Related Records?

    Posted December 14, 2016 | by The Team at Sobul, Primes & Schenkel (last updated 22-3-2023)
    tax-forms

    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…

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    posted in IRS, Tax Law And Changes, | Leave a comment

    New Tax Return Due Dates for 2016 Tax Returns

    Posted December 7, 2016 | by The Team at Sobul, Primes & Schenkel (last updated 22-3-2023)
    shutterstock_239424322.jpg

    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…

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    posted in IRS, Tax Law And Changes, | Leave a comment

    IRS Proposes New Regulations to Limit Discounts for Gifts Of Family Owned Entities

    Posted November 30, 2016 | by The Team at Sobul, Primes & Schenkel (last updated 24-3-2023)
    New-IRS-Regs.jpg

    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…

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    posted in Gift Tax, IRS, Tax and Estate Planning, | Leave a comment
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