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 …
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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Proposed Taxes on Capital Gains and the Wealthy
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 …
Relief for Storm-Affected Taxpayers
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, …
California Changing Reporting of Investor’s Tax Capital
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 …
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Strategic Gift Giving to Beneficiaries
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 …
2022 Tax Preparations and Updates
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 …
How the EITC Puts Money Back in Taxpayers’ Pockets
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 …
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Spiegel Announces Promotion to Principal
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 …