Physician partnerships are hard, but conflicts are avoidable

Partnerships in any industry are challenging. It’s impossible for all parties to agree on everything, and compromise can be difficult. It’s just human nature. Physician partnerships are no different. From finances to strategy, decisions must be made constantly, and each one presents opportunities for conflict.  However, there are ways to reduce tension and promote a …
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New tax break makes child care less expensive for certain taxpayers

The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed. Note that a credit reduces your …
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Sol Schwartz & Associates named among Best Companies to Work for in Texas

Sol Schwartz & Associates has been named one of the 2021 Best Companies to Work for in Texas by the Texas Association of Business (TAB), Texas Society of Human Resources Management and Best Companies Group. This statewide survey and awards program was designed to identify, recognize and honor the best places of employment in Texas, …
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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 this year. Jennifer was …
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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

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 …
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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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