Buying vs. Leasing Equipment: Which Is Right for Your Business?

For tax years starting in 2018, the Tax Cuts and Jobs Act (TCJA) provides new and improved tax incentives for buying new and used business equipment. But leasing still offers benefits for some taxpayers. Here are some important considerations when deciding whether to buy or lease equipment. Add New Accounting Rules to the Mix New … Continued

Small Business Tax Strategy: Heavy Vehicle Plus a Home Office

Small business owners are always looking for easy ways to lower their taxes. Here’s a simple, but effective, tax planning technique that’s available under the Tax Cuts and Jobs Act (TCJA) for 2018 through 2022. To take advantage, you need to purchase a “heavy” vehicle, work from a qualifying home office and keep detailed business … Continued

2018 Accounting Scholarship Winner

Sol Schwartz & Associates, P.C. announced the winner of the 2018 Accounting Scholarship.  The scholarship recognizes an outstanding student for academic  achievement, economic need, and leadership initiative.  Cynthia Roxane Ruiz from Texas A&M University, who above and beyond met the criteria is this year’s recipient. “We are thrilled to award these scholarships to some of … Continued

The IRS Will End Its Offshore Voluntary Disclosure Program Soon

The IRS Will End Its Offshore Voluntary Disclosure Program Soon The IRS Offshore Voluntary Disclosure Program (OVDP) will close on September 28, 2018. Taxpayers with undisclosed foreign financial assets still have time to use the OVDP before the deadline. The IRS states that disclosures “must be must be received or postmarked by September 28, 2018 … Continued

Despite Huge Spending, IRS Falters on FATCA Compliance Efforts

Despite Huge Spending, IRS Falters on FATCA Compliance Efforts TIGTA determined that the IRS has taken limited or no action on most of the planned activities outlined in the FATCA Compliance Roadmap. The purpose of the roadmap, which was last updated in January 2016, is to document compliance planning involving FATCA data and to provide … Continued

IRS Finalizes Regs that Close Corporate Inversion Loopholes

IRS Finalizes Regs that Close Corporate Inversion Loopholes Basically, corporate inversions (also called “expatriation transactions”) generally involve a U.S. corporation engaging in a series of transactions with the effect of moving its headquarters from the U.S. to a lower-taxed foreign jurisdiction. The transactions might be affected in two ways: 1.By the U.S. corporation becoming a … Continued

IRS Clarifies ‘Willfulness’ Under FBAR Rules

IRS Clarifies ‘Willfulness’ Under FBAR Rules In a Program Manager Technical Advice, the IRS has concluded that the standard for willfulness is the civil, rather than criminal, standard and that it includes not only knowing of violations of the FBAR requirements, but also willful blindness to and reckless violations of them. A U.S. person must … Continued

Do you still need to worry about the AMT?

Do you still need to worry about the AMT? There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to … Continued

New Law Makes Education-Savings Tools More Flexible

From private preschool classes to college tuition, educating your family can be expensive. You can help lower the out-of-pocket costs by planning ahead with tax-advantaged education savings tools. New Law Expands the Flexibility of ABLE Accounts Tax-favored Achieving a Better Life Experience (ABLE) accounts are designed to help people with disabilities and their families to … Continued