Staff Articles

If You Earn Tips and Overtime, You May Be Eligible for Tax Deductions

Now is the time to make sure you understand how tips and overtime earnings affect your tax situation. In this piece, Staff Accountant Faith Reinard outlines the deductions you may be eligible for, the filing requirements that apply and important phase-outs every taxpayer should be…

Sold Your Home at a Gain? What You Should Know About the Principal Residence Exclusion

Selling your home could come with a significant tax advantage. In this article, Senior Accountant Atira Boos, CPA outlines the requirements and planning considerations taxpayers should understand before finalizing a sale. If a taxpayer sells their principal residence at a gain, they may be eligible…

Rethinking the Traditional On-Site Audit: How Remote Audits Deliver Efficiency & Cost Savings

In this article, Senior Accountant Gabriel Glahe, CPA highlights the key benefits of choosing a remote audit for your organization and explains how this approach can add value beyond traditional, on-site audits. In recent years, the rise of remote work has changed how all types…

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…