When can I deduct Construction Period Interest?

This article was originally published in 2014 A Brief History The Tax Reform Act of 1976 prohibited the immediate deduction of real property construction period interest and taxes, and required the interest and taxes to be capitalized to the original cost of the constructed property and amortized over 10 years. Fast forward 10 years, the …
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Medical practice accounting: Improving cash flow

Collection problems are very serious to the financial health of your medical practice. You may find costs and overhead going up while cash flow goes down. To make matters worse, your office is probably spending more time than ever before contending with third party regulations and rejected claims. Through it all, you’re trying to improve your …
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Entity choice: Should you convert from a C to an S corp?

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should …
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Your interior building improvements may qualify for bonus depreciation

This may be shocking to learn, but sometimes Congress makes mistakes. The 2017 Tax Cuts and Jobs Act resulted in Qualified Improvement Property (QIP) having a depreciable life of 39 years. Which meant you couldn’t claim bonus depreciation if you made interior improvements to a non-residential building in 2018 or 2019. But Congress corrected itself when it passed the CARES Act. The changes might mean you can claim QIP bonus depreciation under the new rules.
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Sol Schwartz & Associates Pivots for the Pandemic and Beyond

“We wanted to do something memorable for our 40th anniversary this year. We never imagined it would be this.” Our own Jennifer Stief, Director of Human Resources & Administration, spoke with San Antonio Woman magazine recently about how our firm pivoted to many new ways of working and serving our clients during the pandemic. Jennifer …
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Beware: Several CARES Act Tax Provisions Will Soon Expire

The CARES Act granted several valuable federal tax breaks for individuals and businesses. But most will expire at the end of 2020 or at the end of tax years that begin in 2020. Here’s a roundup of tax breaks scheduled to go off the books soon, unless Congress extends them. For Individual Taxpayers Charitable donations. …
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FIRPTA Taxes: The devil’s in the details

(This article was published originally by the Texas Association of Realtors) By Arturo Machado On the surface, the Foreign Investment in Real Property Tax Act (FIRPTA) seems straightforward enough: Foreign people must pay a 10 percent or 15 percent tax when they sell a piece of U.S. real estate. As always, though, the devil is …
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Tax responsibilities if your business is closing amid the pandemic

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for …
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Get ready to act – Tax changes likely to follow election

By Jeff Albrecht, CPA, CSEP Taxes are a part of everyone’s life and tax planning is something to take seriously. Planning usually involves some crystal-ball work and an election year makes that particularly challenging.  We have seen some major changes under the Trump administration. He promises more if re-elected. Biden has some major tax proposals, …
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COVID-19 tax relief for businesses comes in many forms

By Christopher Davis, CPA As the last several months have shown, a lot can happen in a very short period of time. Congress has kept pace with these changes by passing several incentives designed to assist individuals and small businesses as we all continue to navigate through the COVID-19 pandemic.  These new incentives range from …
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