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 …
June 15th marks the deadline to make the first of two Passthrough Entity (PTE) elective tax payments for qualifying PTEs. Qualified entities can make an election to pay a passthrough entity tax equal to 9.3% of its qualified net income. This tax is deductible on the federal entity return and …
For the first time in many years, long-standing residents are leaving California. According to the California State Department of Finance, the population declined by 173,000 between July 1, 2020 and July 1, 2021. This departure trend began in 2020, as many Californians headed for Texas and other western states. The …
The number of people investing in cryptocurrency is increasing as more investors become familiar with how this asset functions, may be acquired, held as an investment asset, or used in purchase transactions. Cryptocurrency, or what the IRS calls Virtual Currency, is a digital representation of value, aside from the U.S. …
Millions of taxpayers file for an extension each year, and for good reason. Filing an extension comes at no cost or penalty and provides up to an extra six months to complete the tax return filing process. There are additional benefits and considerations for taxpayers to keep in mind as …
California legislature recently passed SB 113, modifying the state’s elective tax on passthrough entities (PTE). The signing of this much anticipated bill makes taxpayer-friendly adjustments to the existing PTE tax law beginning (retroactively) on January 1, 2021, through January 1, 2026. In doing so, California joins the list of other …
California Expands Passthrough Entity Elective Tax Read More »
The deductibility of meals and entertainment expenses for business purposes changed, temporarily, as part of the Consolidated Appropriations Act (CAA) signed into law on December 27, 2020. Certain food and beverages expenses incurred during the 2021 and 2022 calendar year will be 100% deductible if purchased from a qualifying restaurant. Under Notice …
As the 2022 filing season rapidly approaches, taxpayers should be aware of federal tax law changes and updates that will affect individual 2021 income tax returns. For the 2021 tax year, tax rates remained the same; however, the federal government made certain changes to the income tax brackets to account …
With inflation hitting a 30-year high, now would be the time to consider tax-savings strategies for 2022. All taxpayers should be aware of the most significant tax deductions and credits to ensure they are taking advantage of those most applicable. Adding more funds to retirement accounts is one …
Tax-Saving Strategies for 2022 & Changes to Taxable Income Brackets Read More »
Gifting financial or personal assets in the present day offers immediate resources to a person’s beneficiaries and provides the extra enjoyment of watching the gifts enrich their lives. While it can be personally rewarding to bask in their delight, there are added tax benefits, such as reductions in the taxable …
The 2021 tax year is quickly ending, with only weeks left to take advantage of the available tax breaks. Below are some key strategies to potentially help minimize taxes. Evaluate Opportunities for Roth Conversions Investors with traditional IRAs might consider converting to a Roth IRA. Investors who move …
If an individual or company pays individual, partnership, estate, or corporation (in some cases) taxes, they are most likely required to file an Information Return with the IRS. The most common types of payments requiring an Information Return filing include payments for services performed by someone who is not …
What Requirements Must Be Met to File Information Returns? Read More »
Does your S corporation pay health and accident insurance premiums on behalf of a greater than 2-percent shareholder-employee? If so, there are rules to consider when it comes to health and accident insurance premiums, reporting, and deductibility. IRS Notice 2008-1 defines a 2-percent S corporation shareholder as “any person …