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Beneficial Ownership Information Reporting

The beneficial ownership information reporting requirements dictated by the 2021 Corporate Transparency Act became effective January 1, 2024. Under these new rules a domestic corporation, limited liability company (LLC), including a single member LLC (disregarded for tax purposes), limited partnership, business trust, or an entity created by filing documents with …

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2023 Tax Preparations and Updates

With the 2024 filing season approaching, taxpayers should be aware of federal tax law changes and updates that will affect individual 2023 income tax returns.   While the tax rates remain the same for the 2023 tax year, the income thresholds for all tax brackets increased in 2023 to reflect …

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Deductibility of Shareholder Health Insurance Premiums

There is great news for S corporations in 2023 in regard to health insurance premiums for a greater than 2 percent shareholder-employee in that premiums continue to be allowed as a deduction under §162(l). The deduction is an amount equal to the amount paid during the taxable year for health …

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Information Return Filing Requirements – What to Know and When to File

An information return is a mandatory form used to notify government agencies and taxpayers about taxable payments. These forms show how much an individual or business was paid during the calendar year. Individuals and businesses engaged in a trade or business must declare certain types of payments made to a …

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Company-Owned Vehicle Expenses and Reporting

With the 2023 calendar year coming to a close, 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. Personal use …

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2023 Year-End Tax-Saving Strategies

What are some key tax-saving strategies available to taxpayers that could potentially minimize taxes? As the end of the 2023 tax year approaches, time is limited to take advantage of the available tax breaks detailed below.   Evaluate Opportunities for Roth Conversions   Investors with traditional IRAs might consider converting …

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Meal & Entertainment Deduction Updates for 2023

In 2023, the deductions for meal and entertainment expense reverts back to the tax rules under Tax Cuts and Jobs Act of 2017 (TCJA). These deductions momentarily had changed for tax years 2021 and 2022 with the passing of the Consolidated Appropriations Act (CAA) of 2021, which created a temporary …

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New, Enhanced Regulations for Private Fund Advisers

The U.S. Securities and Exchange Commission (SEC) released its final rules for private fund advisers on August 23, 2023. All rules apply to registered private funds advisers, while some apply to unregistered private fund advisers.   Many private fund advisers are investment advisers who are required to register with the …

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Spiegel Team Week: We Are Spiegel

During the last week of June, we hosted our 2nd Spiegel Team Week event. For a small firm, this event is monumental on every level. Our internal team spent months designing, planning and collaborating to create this team-building experience that allows us to come together in person, forge and fortify …

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Retirement and the Secure 2.0 Act Provisions, Part II: Accessibility

Increased contribution limits and higher catch-up contributions are only two additional benefits for people planning for retirement. The Secure 2.0 Act, signed into law on December 29, 2022, has many different components affecting a variety of qualified retirement accounts. Two main goals were to increase accessibility to and expand savings …

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Tax Obligations & Strategies for Funds Lending in Multiple States

Tax Obligations & Strategies for Funds Lending in Multiple States was originally published in AAPL’s Spring Edition 2023 Private Lender Magazine.   Filing, withholding, and composite regulations can change from year to year, and state to state. Fund managers need to understand the tax impacts, and filing requirements of conducting …

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Retirement and the Secure 2.0 Act Provisions, Part I: Required Minimum Distributions

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 …

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