Staff Articles

What Everyone Should Know About the CPA Exam

Welcome to the second 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!   The Certified Public Accountant (CPA) exam is a major…

Are you looking to cut ties with the U.S.? Here’s what you need to know about U.S. expatriation.

More and more people are expatriating, or thinking of expatriating from the United States. BS&P’s Senior Accountant Katie Kriner answers our most commonly asked questions about what’s required from a tax and reporting perspective. If you’re thinking of expatriating from the U.S. or know someone…

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…

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…

Do You Have Non-U.S. Investments? A PFIC Reporting Q&A.

If you are a U.S. person with investments in foreign companies, understanding how Passive Foreign Investment Companies (PFICs) affect your taxes is important. BS&P’s Senior Accountant Atira Boos answers your most commonly asked questions to keep you in the know.   What is a PFIC?…

Do you Own a Foreign Company? A Q&A on Filing IRS Form 5471.

If you are a U.S. citizen or resident and have an ownership stake in a foreign company, you may be required to file Form 5471. This form is used to report information about foreign corporations to the IRS. Not filing it correctly or timely could…

What Losses Can You Deduct if You Live in a Federally Declared Disaster Area?

Have you experienced any losses caused by severe storms, floods, hurricanes, or other disasters? If you have, you may be able to deduct those losses on your tax return if you live in a federally declared disaster area. Federal Disaster Areas When a state or…

How Buying a New Car Could Reduce Your Tax Liability

Overview of the Inflation Reduction Act of 2022 and the Clean Vehicle Credit The Inflation Reduction Act of 2022 is a 10-year plan that introduced new tax regulations and provided additional funding to the IRS. The funds were intended to improve the services and technology…

Looking to Adopt? Learn More About the Tax Credits You Can Receive…

Adopting is a very fulfilling and is a great way to grow your family and can be a wonderful experience but a costly one and the IRS understands this. This article will provide you with a brief, not all-inclusive, explanation on the adoption tax credit,…

Understanding Section 199A (Qualified Business Income Deduction)

The Tax Cuts and Jobs Act introduced a business income deduction that went into effect after December 31, 2017, and continues until December 31, 2025 when it is scheduled to sunset. This deduction is referred to as the Section 199A deduction. Section 199A allows eligible…