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Deductibility of Company-Owned Vehicles

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 …

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Tax Rules For S Corporation Shareholders

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 …

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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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2022 Educator Expense Deduction Increase

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 …

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What to Consider When Buying a Vacation Rental Property

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 …

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September 15 Tax Deadline Approaching

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 …

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Spiegel Team Week: Unite, Excite and Ignite!

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 …

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Reporting of Foreign Bank and Financial Accounts and Foreign Financial Assets

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   …

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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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