News

The New Law Includes Favorable Changes For Depreciating Eligible Assets

The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new…

What the New Tax Law Could Mean For You

As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That changed on July 4, when President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law. The…

From Lecture Halls to Ledgers: Transitioning from College Life to Work Life as an Accountant

Welcome to the first installment of “Your CPA Starter Pack”, a three-part series by BS&P’s Staff Accountant Allura Taylor that breaks down what you can expect-and how you can thrive-as you start your career in accounting!   Graduating from college and starting your first job…

Understanding Spousal IRAs: A Smart Retirement Strategy for Couples

Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such cases, a spousal IRA can be an effective and often overlooked tool to help build retirement savings for both partners…

Milestone moments: How age affects certain tax provisions

They say age is just a number — but in the world of tax law, it’s much more than that. As you move through your life, the IRS treats you differently because key tax rules kick in at specific ages. Here are some important age-related…

Is college financial aid taxable? A crash course for families

College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average cost for tuition and fees for out-of-state students at public colleges was $30,780. For in-state students,…

The One, Big, Beautiful Bill could change the deductibility of R&E expenses

The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies focused on innovation. As the tax code currently stands, the deductibility of these expenses is limited, leading to financial strain for companies that used to…

Starting a New Business? Your Guide to Choosing the Right Legal Entity

When starting a new business, it is important to make sure you are choosing the right legal entity. The business structure you choose will impact your taxes, exposure to liability, ability to raise capital, and the management structure of the business is likely to impact…

Tax breaks in 2025 and how The One, Big, Beautiful Bill could change them

The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being considered by the Senate, it’s important to understand how the proposals could alter key tax…

The Advantages of a Living Trust for Your Estate Plan

Do you believe you don’t need to worry about estate planning because of the current federal estate tax exemption ($13.99 million per individual or $27.98 million for married couples in 2025)? Well, think again. Even with this substantial exemption, creating a living trust can offer…