Stevens, Sloan & Shah CPAs
Stevens, Sloan & Shah CPAs
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  • Home
  • Our Firm
    • Mr. Stevens
    • Mr. Sloan
    • Mr. Shah
  • Our Team
    • Mr. Shah
    • Michael Shah
    • Neil Shah
  • Our Expertise
    • Agriculture & Farming
    • Real Estate & Construction
    • Faith-Based Institutions
    • High Net-Worth Individuals
    • Family Businesses
    • Banks & Financial Institutions
  • Our Services
    • Wealth Creation
    • Consulting
    • Estate Planning
    • Taxation
    • Virtual CFO & Accounting
    • Technology & Systems Implementation
  • Blog
  • Resources
    • Forms & Templates
    • File Share
    • Online Resources
    • Client Portal
    • Client Portal Signup
  • Contact Us
    • Monterey County
    • Silicon Valley

"THE SSS UPDATE"

To inform and educate

Beware of Fraudulent Emails!

10/20/2016

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Due to the ease of mass mailing thousands of people at the same time, email fraud is higher than it’s ever been. Lately, small businesses are being targeted with scammers becoming more sophisticated in their tactics. It is common practice as a scam to use the name of a legitimate business to send out fake invoices via email.  Please note Stevens, Sloan & Shah, CPAs will never demand money over an email invoice. ​ If you happen to receive such an invoice from our office, please call us to verify its legitimacy.
 
Be sure to also avoid opening any email attachments or clicking on any links from suspicious persons or emails. These are attempts at phishing.  Phishing is the activity of defrauding an online account holder of financial information by posing as a legitimate company.  Never ever send private tax information such as your social security number or date of birth over email.  We will never request this information over email and will always call to ask you this information.  Further, we will also call to verify your identity before releasing any information - just in case you are the victim of phishing yourself.
 
If something looks suspicious, trust your instincts. If a scammer is sending you bogus bills, please speak up and report it to the appropriate authorities. 

You may also wish to:
  • File a complaint with the FTC at ftc.gov/complaint and with the BBB (link is external). Complaints help shape the FTC’s law enforcement agenda, so it’s important to sound off when you spot a scam. Concerned about business directory fraudsters’ threats to tarnish your credit if you don’t pay? Many will simply drop the matter — and may even provide a refund — if they know you’ve complained.
  • If you think you’ve been victimized in a fraud scheme that involves the U.S. Mail, submit a Mail Fraud Complaint Form to the U.S. Postal Inspection Service.
  • Alert your state Attorney General. You can find contact information at naag.org (link is external), or check the blue pages of the phone book under State Government.

The internet has made life much more convenient, efficient and easy but we must be cognizant of the potential risks of using the internet. Implementing appropriate safeguarding measures such as strong passwords and fostering an attitude of healthy skepticism will help protect you from those with malicious intent. Be safe and be aware!
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Increase in Expensing Limits to $2,500 from $500

11/25/2015

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Yesterday, per Notice 2015-82, 2015-50 IRB; IR 2015-133, the IRS increased the de minimis safe harbor limit (Reg. § 1.263(a)-1(f)(1)(ii)(D)) from $500 to $2,500 for those taxpayers who don’t maintain applicable financial statements. This change is effective January 1, 2016, but the IRS will not contest the use of the new $2,500 expensing limit for previous years including the 2015 tax year.

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New CA Paid Sick Leave Rules Effective as of January 1, 2015

7/9/2015

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Governor Jerry Brown signed into law AB 1522, which includes mandatory sick leave law that will affect most employers in California. Accrual for sick leave does not need to start until July 1, 2015. However, after that date, employers must comply with the record keeping and accrual requirements of the law. ​

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IRS may issue regulations curbing Estate Planning technique

7/7/2015

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One of the most widely used estate planning strategies for freezing the value of assets may be coming under attack from proposed IRS regulations, which may be released as early as September. Many estate planners suggest the use of Family Limited Partnerships (FLPs) and Family Limited Liability Companies (FLLCs) to get family members involved in the family business or in the family's real estate operations. By using discounts for lack of marketability (DLOM) and discounts for lack of control also known as a minority interest discounts (DLOC), estate valuation experts and appraisers have been able to value percentage interests of assets gifted to heirs at favorable values for estate and gift tax purposes (for DLOM anywhere from 20-35% and for DLOC anywhere from 20-30%). These discounts have allowed families to pass on wealth to the next generation at a minimal estate, gift and generation-skipping transfer tax cost. The discounts have been challenged a plethora of times in court with the taxpayers and the IRS at opposite ends.

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Buying or Selling an LLC

6/18/2014

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A lot of new businesses and startups are structured as LLCs because they are easy to run, cheap to set up, and flexible. These LLCs are usually taxed as partnerships under the Internal Revenue Code and receive the beneficial flow-through treatment for income tax purposes (not all LLCs are partnerships; some can be S Corporations or C Corporations - see check the box regulations). A lot of times, the owners of these LLCs treat the partnership as if it were the same as their sole proprietorship. That is a big no-no. There are many negative tax and legal consequences of doing this. The LLC should be treated as a separate entity in most instances (there are exceptions to this general rule).

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Tax Sense is Great but Economic Cents are Better!

5/11/2014

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A lot of people don't like paying taxes. However, you should really look at your situation in a different light. If you're making money, you're paying taxes. Another way to look at it would be to consider the fact that if you're paying taxes, you're one of the lucky few with whom Uncle Sam wants to be a 50% business partner. If your partner Uncle Sam is getting paid, you're also most likely getting paid, barring a few exceptions.

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Tax Season is over but don't forget the FBAR!

4/17/2014

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April 15, 2014 passed and everyone hopefully survived! However, the IRS has new rules on Foreign Bank Account Reporting (FBAR). This year the form has changed to Form 114 from TD F 90-22.1. Additional requirements are that the form be e-filed only this year and that it be filed separately and not with your income tax return, as was the case with the old form. 

Per the IRS website, United States persons are required to file an FBAR if they "had a financial interest in or signature authority over at least one financial account located outside of the United States; and if the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported."

There are some exceptions and other rules regarding Foreign Bank Account Reporting. If you have questions, be sure to ask your tax advisor and make sure to not forget that deadline!

Please note that every individual tax situation is unique. Before you embark on any specific tax position, it is important to consult your tax adviser. The above isn't and shouldn't be construed as tax or professional advice. 
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Farm Income Averaging

4/14/2014

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The Internal Revenue Code provides a special provision for farmers and fisherman who have income that varies greatly from year to year called "income averaging." In addition to fluctuating income, if there is a major tax rate change as is the case for 2013, income averaging may be especially beneficial for you if you are a farmer or fisherman and are lucky enough to be subject to the top tax rate of 39.6% in 2013, 2014 and 2015.

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IRS Provides Tips for Employers Who Outsource Payroll Duties

7/18/2013

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Full Release Here

Tips for Employers Who Outsource Payroll Duties
FS-2013-9, July 2013

Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party payers can help employers streamline their business operations by 
collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities.

Though most of these businesses provide very good service, there are, unfortunately, some who do not have their clients’ best interests at heart. Over the past few months, a number of these individuals and companies around the country have been prosecuted for stealing funds intended for the payment of payroll taxes. 
Examples of these successful prosecutions can be found on IRS.gov.

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Vehicle License Fees

2/11/2011

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If you itemize your deductions and are having a hard time figuring out the tax deductible portion of the fees you pay to the DMV each year, you can look up the VLF at the California DMV's website by clicking here.
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