Staff Articles

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…

To Deduct or Capitalize? How the De Minimis Safe Harbor Election Can Simplify Your Tax Decisions

The question of whether to capitalize or deduct an expense in the current year is one that every tax preparer must consider when reviewing a client’s fixed asset additions or repairs and maintenance details. Oftentimes, the answer relies as much on subjectivity as on the…

Navigating Change: A New Path to CPA Licensure

On September 12th, 2024, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) released an official memorandum that proposes a new pathway to CPA licensure. This proposal introduces the “Competency-Based Experience” pathway, and it is not a replacement…

Wondering What Will Happen with Your Assets After Death? Avoid Probate and Learn More Here.

We do not typically think about what will happen when we are gone but there are some instances where thinking ahead is beneficial. This article will provide you with a brief, not all-inclusive, explanation of probate, the types of assets, ways you can avoid probate…