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The California Competes Tax Credit

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 …

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Spiegel Prepares for the Future

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 …

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Changes in Spiegel Firm Leadership

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 …

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Determining ERC Eligibility

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 …

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Time to File Extended Returns

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 …

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Cutting Tax Ties with California

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 …

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Reporting Crypto for Tax Purposes

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. …

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2021 Tax Preparation & Updates

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 …

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Tax Implications of Gift-Giving

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 …

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2021 Year-End Tax Checklist

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 …

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