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 … Continued

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.

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 this year. Jennifer was … Continued

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. … Continued

FIRPTA Taxes: The Devil’s in the Details

On the surface, the Foreign Investment in Real Property Tax Act (FIRPTA) seems straightforward enough: Foreign people must pay a 10- or 15-percent tax when they sell a piece of U.S. real estate. As always, though, the devil is in the details. And there are a lot of details, exceptions, and complicating factors. Knowing that … Continued

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 … Continued

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, … Continued

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 … Continued

Forensic accountants provide crucial help in resolving financial disputes

By Cesar Mejia, CPA, CFE What comes to mind when you hear the term forensic accountant? Most individuals who have not worked with a forensic accountant before believe they concentrate on investigating criminal activity. It is true that some of the work may involve investigating criminal activity — fraud investigations, for example. But in litigation, … Continued

Critical changes regarding Paycheck Protection Program loan forgiveness

Over the past few weeks, some critical changes have been made to the Paycheck Protection Program (PPP). The PPP Flexibility Act (the Act) and various guidelines issued by the Small Business Administration (SBA) provide relief to small businesses utilizing and preparing to seek forgiveness of their PPP loans. Here are questions and answers on some … Continued