When signed into law on December 29, 2022, the Secure 2.0 Act had a significant impact on a variety of qualified retirement accounts. While the intent was to increase retirement savings, as well as simplify and demystify plan rules, there are substantial other effects of which to be aware. This …
Retirement and the Secure 2.0 Act Provisions, Part I: Required Minimum Distributions Read More »
Last week, President Biden introduced a proposed budget aimed at wealthy Americans with the intent of extending Medicare funding. The plan includes a series of new tax increases on asset gains, mostly targeting rich investors. According to the White House, one of the highlights is that households with a net …
On March 2 and February 24, the State of California and the Internal Revenue Service (IRS), respectively, announced postponement of the filing and payment deadlines to October 16, 2023. This applies for most calendar-year filing residents and businesses in the following California disaster-affected counties only. Alameda, Alpine, Amador, Butte, …
The State of California Franchise Tax Board (FTB) clarified the reporting requirements for partnerships and limited liability companies (LLCs), delaying California tax basis capital reporting on 2022 returns. In FTB Notice 2023-01, the FTB stated that is has “become aware that certain persons required to file Schedule K-1 (565) and …
California Changing Reporting of Investor’s Tax Capital Read More »
The IRS raised the gift tax allowance for 2023, up $1,000 from last year, to adjust for inflation. Individuals can provide a tax-free gift, whereby no filing is required, of $17,000 per recipient annually. While the greatest gift may be that of financial giving, the IRS wants its cut of …
As the 2023 filing season rapidly approaches, taxpayers should be aware of federal tax law changes and updates that will affect individual 2022 income tax returns. The tax rates are still the same for tax year 2022; however, the income thresholds for all tax brackets increased in 2022 to …
Working taxpayers earning a low-to-moderate income can save money at tax time through the Earned Income Tax Credit (EITC). Originally enacted in 1975 as a temporary tax incentive, the EITC is a refundable tax credit for lower-income workers to offset the Social Security payroll tax and the rising cost of …
How the EITC Puts Money Back in Taxpayers’ Pockets Read More »
Spiegel Accountancy Corp. announced on Wednesday, January 4, 2023, that the firm promoted Audit Director, Kadidia Traore, to Principal effective January 1, 2023. Ms. Traore joined Spiegel’s audit management team in 2016, and specializes in working with mortgage bankers, private equity lenders, and employee benefit plans. Ms. Traore received …
What are some key tax-saving strategies available to taxpayers that could potentially minimize taxes? With the 2022 tax year quickly ending, there are only a few weeks left to take advantage of the available tax breaks, detailed below. Evaluate Opportunities for Roth Conversions Investors with traditional IRAs might …
The deductibility of meal and entertainment expenses for business purposes changed, temporarily, as part of the Consolidated Appropriations Act (CAA). Certain food and beverages expenses incurred during the 2022 calendar year will be 100% deductible if purchased from a qualifying restaurant. Under Notice 2021-25, the IRS defines qualifying restaurants as …
Individuals and companies engaged in a trade or business must report certain types of payments on an Information Return. This includes payments made to an individual, partnership, or estate, to name a few. The most common types of payments requiring an Information Return filing include payments for services performed …
Requirements Necessary to File Information Returns Read More »
When most people think of research and development, they likely envision research performed to discover new products or technologies. However, the Internal Revenue Service (IRS) has a much broader definition of the Research and Development (R&D) Tax Credit, defining it as “qualified research” which is technological in nature and in …
As we reach the end of the 2022 calendar year, there are several year-end tax items an employer should consider, such as the deductibility of company-owned and company-leased vehicles provided to their employees. It is important to keep track of business use and personal use of company vehicles separately. Any …
Who takes the tax deduction when the S corporation pays health and accident insurance premiums on behalf of a greater than 2-percent shareholder-employee? There are rules to consider when it comes to the reporting and deductibility of these premiums for the shareholder-employee. When an S corporation pays the premiums …
The next round of applications for the California Competes Tax Credit (CCTC) begins January 3, 2023. Businesses looking to relocate, or stay and grow, in California should take into consideration the CCTC offering. Those seriously interested should prepare for the upcoming second round of tax credits, especially considering there is …
Jeff Spiegel founded Spiegel Accountancy Corp. in 1991, based on a need he saw in the industry. A natural entrepreneur, Spiegel envisioned a business that would reflect principles of integrity in service, responsive communication with clients, and commitment to its employees. Spiegel operated as a sole practitioner until the end …
Spiegel Accountancy would like to announce a noteworthy development within the Spiegel management structure. After 10 years with the firm, Beeta Lecha, Principal, has chosen to pursue another career path. As a result of this development, Spiegel leadership decided to offer its existing fund accounting practice to Beeta. “I …
There are two ways an employer can qualify for the Employee Retention Credit (ERC). The first is to have a decline in revenue for eligible quarters in 2020 and 2021. If you do not qualify by a decline in revenue, the second qualification is your business must have a full …
The IRS increased the Educator Expense Deduction amount from $250 to $300 for the 2022 tax year. If married and filing a joint tax return with another eligible educator, the limit increases to $600, but may not exceed $300 per spouse. To be considered an eligible educator, a taxpayer or …
As Americans look to save money on vacations, one of the best alternatives is to book a stay at a vacation home rental. Short-term rentals can save travelers on lodging and food expenses while offering a nice place to relax in-between activities. These factors, combined with the influx of remote …
What to Consider When Buying a Vacation Rental Property Read More »
September 15 marks an important deadline for S corporation and partnership income tax return filing as well as estimated tax payments for individuals, estates, trusts, and C corporations. Federal income tax returns for S corporations (Form 1120S) and partnerships (Form 1065) on extension must be filed on or before …
July was an epic month for Spiegel! We successfully hosted our first all-employee, in-person event that spanned five days of team bonding, collaboration, education, leadership and, of course, fun! Spiegel has always been a small firm, attracting those who feel they are best suited for an organization with a …
Income from foreign accounts is taxable and the account balances must be reported by filing a Report of Foreign Bank and Financial Accounts (FBAR), while foreign financial assets require disclosure via the filing of a Statement of Specified Foreign Financial Assets. Report of Foreign Bank and Financial Accounts …
Reporting of Foreign Bank and Financial Accounts and Foreign Financial Assets Read More »
With Summer here, most people are thinking of vacations, staycations, relaxation and… procrastination when it comes to filing taxes. However, the latter can lead to big headaches when suddenly September and October arrive with the realization that the time to gather and submit tax data is now. Important Dates …