Press Release: Nick Satterfield Joins Wheeler Partnership Group

San Jose, CA — July 1, 2025 — Wheeler Accountants is proud to announce the promotion of Nick Satterfield, CPA, to Partner, effective July 1, 2025, bringing the total number of partners to 8. This milestone marks a significant career achievement for Nick, who began his journey with the firm as an intern in 2014.

After graduating from Santa Clara University with a Bachelor of Science in Accounting, Nick joined Wheeler full-time in 2015. He went on to earn his CPA license and later complete a Master of Science in Taxation at Golden Gate University in 2020. Over the past decade, Nick has become a true partner to his clients, skillfully advising across various tax planning specialties including equity compensation, real estate investments, and retirement planning. He has been serving for the past year as a Senior Tax Manager, recognized for his leadership, technical expertise, and deep client relationships. The Wheeler partner group looks forward to welcoming him into the next phase of his career as one of their own.

“Nick is our third ‘home-grown’ partner, and the very first to rise to this distinction starting out as an intern over a decade ago,” notes Matt Wheeler, Managing Partner. “Over the past year in particular, Nick has truly stepped into the role of trusted advisor. Clients and referral sources alike have increasingly gone to him first, and he has become one of our most effective business developers.”

Matt added, “Personally, I have an immense sense of pride in seeing Nick achieve this honor as I have been there at ground level to closely witness his growth the last couple of years. He exemplifies the attributes we define as essential to partnership at our firm, and his leadership in business growth and internal initiatives demonstrates his commitment to both innovation and team success.”

Nick lives in Novato, California, with his wife, Shelby, and their two children. Outside of the office, he enjoys getting outdoors with his family, including camping, golf, and travel.

About Wheeler Accountants

Wheeler Accountants LLP is a full-service accounting and advisory firm based in San Jose, California. The firm offers a comprehensive range of services, including tax planning and compliance, attest services, and business consulting, accounting, and valuation. Wheeler Accountants is committed to delivering personalized solutions to help clients achieve their financial goals.

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408-252-1800

Sending the Kids to Day Camp this Summer?

A young girl is blowing soap bubbles concentrate outdoors on a sunny day, with selective focus on her face.

If your child is going to a summer day camp while you work, it may count as an expense toward the federal Child and Dependent Care Credit. For one qualifying child under age 13, you may annually use up to $3,000 of eligible child care expenses, including day camp expenses, to claim the credit for one child, or $6,000 for two or more children. Under current law, the credit ranges in value from 20% to 35% of the expenses up to those limits, depending on the taxpayer’s income.

Note, overnight camp costs don’t qualify for the credit and aren’t deductible. Contact the office with your questions.

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What’s Your Business Exit Strategy?

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Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals.

Multiple-Owner Businesses

A buy-sell agreement is a powerful tool for businesses with multiple owners. A well-drafted agreement outlines what happens if specified events occur, such as the owner’s retirement, disability or death. The agreement should:

  • Create a ready market for the departing owner’s interest,
  • Establish a valuation method, and
  • Help prevent disputes by keeping ownership transitions clear.

Life or disability insurance can help fund the buyout and can give rise to several tax issues and opportunities. Life insurance proceeds are generally tax-free to the beneficiary, provided certain conditions are met, making this a tax-efficient strategy.

Family Ownership

If you have family members who are willing and able to fill ownership roles in the business, you can pass your business on by giving them interests, selling them interests or doing some of each. Consider your income needs, the tax consequences, and how family members will feel about your choice.

Under the annual gift tax exclusion, in 2025, you can gift up to $19,000 of ownership interests without using up any of your lifetime gift and estate tax exemption. Valuation discounts may further reduce the taxable value of the gift.

With the gift and estate tax exemption for 2025 at $13.99 million, gift and estate taxes may be less of a concern for some business owners. However, others may want to make substantial transfers now to take maximum advantage of the high exemption. What’s right for you will depend on the value of your business and your timeline for transferring ownership.

Outside the Family

If family succession isn’t the right fit, you might consider selling the business to key employees. This requires significant planning, including executive compensation plans, loans and possibly “key person” life insurance. So you’ll need plenty of time and professional guidance to put the elements in place.

Another option is a leveraged Employee Stock Ownership Plan (ESOP), under which an ESOP trust borrows funds to buy the company. Then stock units are periodically awarded to eligible employees and are eventually vested.

Finally, there’s the option to sell to an outsider. If you can find the right buyer, you may be able to sell the business at a premium. Putting your business into a sale-ready state can help you get the best price. This generally means transparent operations, assets in good working condition and minimal reliance on key people.

For the Best Chance of Success, Start Early

Whatever path you pursue, you want your business to be in good hands in the future. Your exit strategy will require planning well in advance of retirement or any other reason for an ownership transition. Contact the office for assistance.

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Marriage and Taxes: Key Changes After Saying ‘I Do’

Bride and groom leaving wedding reception amidst confetti and flowers.

It may not be as fun to plan as the wedding venue, invitations and attire, but marriage can result in changes affecting essential tax issues that need prompt attention following the wedding.

Name

If your name has changed, report it to the Social Security Administration (SSA) so that the name on your Social Security card matches the name on your tax return. To make this change, file Form SS-5, “Application for a Social Security Card,” available from www.ssa.gov.

Tax Withholding

Both spouses must furnish their employer(s) with new Forms W-4, “Employee’s Withholding Allowance Certificate.” This is because combined incomes may move taxpayers into a different bracket. Search www.irs.gov for the IRS Withholding Calculator tool to help you complete the new Form W-4.

Filing Status

Marital status is determined as of December 31 each year. Spouses can choose to file jointly or separately each year. Contact the office and ask to have your tax liability calculated both ways.

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Combine a Business Outing with Tax Breaks

This photo captures a lively scene in a city park, filled with people spread across the grass, relaxing, picnicking and enjoying a sunny day. It reflects human connection and leisure.

Summer is here, and you may be planning a picnic or other outing for your employees. When doing so, keep tax deductions in mind. Most entertainment expenses aren’t deductible, and business meals are generally subject to a 50% deduction limit. But, you may be able to deduct 100% of employee party costs. The event must be for your entire staff and not be “lavish or extravagant.” Deductible costs include food, beverages, live music and venue rentals.

Detailed invoicing and recordkeeping are a must. Before sending out invitations, contact the office about maximizing your tax deduction.

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CA Passthrough Entity Tax: Estimate Due June 16th

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If you have a passthrough entity (Partnership, LLC, S Corporation) and would like the opportunity to make the Passthrough Entity Tax election for 2025, you have a California PTET deposit due for your entity on Monday, June 16th.

  • If your entity made the election in 2024, your PTET deposit due on June 16th is 50% of your total 2024 Passthrough Entity Tax amount. You can find this amount on Form 3893 (PTE) in your 2024 California business entity tax return: it will indicate a due date of June 16th.
  • If your entity did NOT make the election in 2024, you need to make a payment of $1,000 by June 16th for the opportunity to elect in 2025. This voucher is Form 3893 (PTE).
  • If your entity has not yet filed its 2024 tax return, but you intend to make the election for 2025, follow instructions that were provided to you with your extension documents for the amount to pay for your estimated PTET deposit by the June 16th due date.
  • Please note that making this estimated payment does not lock your entity into making the 2025 election. However, your entity will be unable to make the election if you do not make this payment.

Instructions for Making Estimated Payment

Your PTET deposit payment can be made via the Franchise Tax Board Direct Pay website. We recommend that you make the payment using this method and send your preparer the confirmation for your tax files once completed.

We also recommend making this payment ahead of time to avoid any deadline related issues with the FTB Direct Pay website. If you mail the payment, please send certified and save a copy of the certified receipt.

FTB Direct Pay:

  • California Web Pay for Business
  • Enter entity type
  • Enter entity ID
  • Enter Contact Info
  • Select Payment Type –> Passthrough Entity Elective Tax
  • Be sure to choose 1/1/25 – 12/31/25 as period beginning and end date
  • Save down payment confirmation

Mailing Address:

Franchise Tax Board
PO Box 942857
Sacramento, CA 94257-0531

If you have any additional questions that were not covered above, let us know by reaching out to your preparer or our front desk.

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BE-10 Surveys Due on May 30, 2025

BE-10 SURVEYS DUE MAY 30, 2025

Form BE-10, “Benchmark Survey of U.S. Direct Investment Abroad,” issued by the Commerce Department’s Bureau of Economic Analysis (BEA), is filed every 5 years for U.S. Persons with Non-U.S. Investments.  If you are subject to filing this survey, you must be aware of its upcoming May 30, 2025 deadline.

The BE-10 survey is one of many mandatory surveys to collect information on US investment abroad and foreign investment in the US.  The BE-10 survey is conducted every five years and this year’s survey covers fiscal years ending in 2024. The survey is used to produce statistics on the scale and effects of US-owned business activities abroad. 

Who Must File

  • Any U.S. person or entity with a direct or indirect voting interest of 10% or more in a foreign affiliate or foreign business enterprise at the end of the U.S. person’s 2024 fiscal year 
  • Foreign affiliates include incorporated and unincorporated entities (i.e., partnerships)
  • Ownership of a foreign rental is considered a foreign affiliate
    • Foreign property used for personal use only or is owned by a foreign affiliate does not have to be reported separately
  • If the foreign affiliate has operations in more than one country, a separate BE-10B, C or D must be filed for every country it has operations in 

The BEA allows filers to request a standard extension up to 30 days, and potentially up to 60 days in certain cases for submitting the BE-10 Benchmark Survey, provided taxpayers offer a substantive reason for the delay. Extension requests must be submitted before the May 30th filing deadline, and approval is not automatic.

If you think that you or your entity may be subject to filing the BE-10, the team at Wheeler Accountants is able to assist you.

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