At Sol Schwartz & Associates, P.C., we work to understand your business from the ground up, to gain insight into your changing needs, to forge long-term relationships built on integrity, quality, teamwork, harmony, commitment and innovation, and to deliver solutions that fully prepare you to meet the challenges unique to your business. Learn more, Meet Us.
Latest News & Information
Services & Practice Areas
Tax Increase Prevention Act of 2014/ABLE Act/Omnibus Funding Agreement2014 Year-End PlanningFiscal Year (FY) 2015 Budget Proposals
IRS releases official 2015 inflation-adjusted tax brackets, other amounts
The IRS has released its list of 2015 inflation-adjusted tax amounts, based on recent CPI-U indices that have only recently been finalized. The Tax Code requires that federal income tax brackets an...
IRS revises policy on structuring of cash transactions after reports of overreaching
Lawmakers and the media recently have questioned the reach of the IRS's policy on asset forfeiture by taxpayers suspecting of structuring cash transactions. In response, the IRS indicated it would ...
Tax Court finds profit motive for horse racing/breeding activity despite lengthy history of losses
Despite earning a profit for only five of the past 30 years, a married couple successfully persuaded the Tax Court that they engaged in horse racing and breeding activity for profit. The court foun...
Many who contribute to retirement savings may still get Saver's Credit
The IRS recently issued a reminder that there is still time left for low- and moderate-income workers to save for retirement and earn a tax credit for 2014. Eligible taxpayers, including new colleg...
IRA's acquisition of shares in gold trust not treated as collectible
The IRS has determined that an individual retirement account (IRA) could acquire shares in a trust invested in gold and the acquisition would not be treated as a collectible. As a result, the amoun...
IRS releases 2015 inflation adjustments to retirement-related amounts; SSA publishes 2015 wage base
The IRS recently issued a long list of cost of living adjustments (COLAs) for various Tax Code provisions related to retirement savings. These COLAs are for the 2015 tax year and are dependent upon...
IRS finalizes rules on deductible local lodging expenses
The IRS has issued final rules under Code Secs. 162 and 262 for when employees may deduct their expenses for local lodging that are required in their trade or business. The final regulations also p...
IRS announces per diem rates for post-September 30 travel
The IRS has released the simplified per diem rates that taxpayers can use to calculate reimbursements to employees for ordinary and necessary expenses incurred during business-related travel after ...
IRS describes tax benefits of van pooling; highlights "80/50" rule
In a recently-released information letter to a taxpayer, the IRS outlined the rules for excluding the costs of van pooling, which is one type of qualified transportation fringe benefit. Code Sec. 1...
Senators seek action on tax refund fraud relief for victims
Tax refund fraud is a growing problem, 15 senators told the IRS in October. The senators urged the IRS to improve its oversight of refunds and reach out to victims of refund fraud and identity thef...
TX - Taxpayer failed to segregate related costs when calculating COGS deduction
The Texas Comptroller of Public Accounts has issued a decision regarding the calculation of a taxpayer’s cost of goods sold (COGS) deduction. The taxpayer is a national company in the busines...