QBP Accounting Services

12/25/2025

Hate to say it, but the IRS might win this one.

Santa doesn’t have a profit motive and his miles wouldn’t count as deductible business miles.

Maybe charitable miles if we set up the right section 501 organization for him!

03/24/2025

To all my realtor clients, home inspector businesses and all those who want to know how their roof is, check out Mako Roofing! Using state of the art technology and drones to inspect your roof!

We specialize in roofing solutions for residential and commercial properties. As a trusted contractor, we offer expert repairs, installations, and inspections. We also provide in-house thermographic scans for roofs and solar panels to detect hidden issues

12/27/2024

Yet again, a change to the BOI reporting requirements! As of today, December 27, 2024 a panel of appellate judges have reinstated the nationwide injunction on the BOI filing requirement.

Nothing like getting a legal Yo-Yo for Christmas.

Three days after a panel of judges granted a Department of Justice motion to lift the injunction, another panel said it was reinstating a lower court’s ruling. An AICPA statement Friday urged CPAs to be prepared to file BOI reports.

12/25/2024

Merry Christmas! “And it came to pass in those days, that there went out a decree from Cæsar Augustus, that all the world should be taxed.”

12/24/2024

As of this afternoon, the Department of Justice's motion had been approved in the federal appeals court.

Beneficial Ownership Information (BOI) Reporting is back to being legally required and enforced.

If you haven’t already, file your BOI report before January 13, 2025! Don’t miss this, as penalties for filing late are $591 per day (up to $10,000) and potentially up to 2 years in jail for willfully failing to file.

If you need QBP Accounting Services to help you file, please reach out quickly to ensure you’re on our list and that it gets done before the due date.

The Fifth Circuit Court of Appeals on Monday granted a Justice Department motion to lift an injunction imposed by a district court ruling. Hours later, FinCEN announced, in light of the court decision, that the Jan. 1, 2025, reporting deadline was extended to Jan. 13 for most reporting companies.

12/18/2024

A common question during every tax season is, "should I itemize my deductions or tax the standard deduction?" The answer is almost always, "it depends". When the Tax Cuts and Job Act was passed, it increased the standard deduction and limited the state and local deductions. More often, unless the taxpayer is making large charitable donations or has a high interest expense to buy, build or remodel their home, I have seen the standard deduction be better. Please reach out if you are wondering what is the best tax strategy to maximize your tax deductions!

11/28/2024

Happy Thanksgiving! We wish you all a happy holiday and are grateful for another year of serving the greatest clients!

07/19/2024

Ads like these can be misleading. If you are operating as a single member LLC or even a partnership, electing S-corp tax status is not a guaranteed tax savings. Be sure to consult with a tax advisor to make sure you are making sound business decisions. You can reach Jarrod Smith by email at [email protected]

An all-in-one financial solution for freelancers

02/04/2024

2024 Tax Season Pens are in!

01/20/2024

I wanted to address a question that has come up a lot this week. Yes, congress is talking about tax law changes. And leave it to Congress to talk about changes that could affect the 2023 tax returns as we begin filing the 2023 tax returns!

Currently, one of the hot items is the Child Tax Credit. In the Tax Cuts and Jobs Act a few years back, the credit was increased to $2,000 per qualified child under 17 years old. During COVID, there was a temporary increase to the credit and even advanced payments associated with it. For 2023, there is no talk of expanding the credit above the $2,000 per qualified child under 17. However, they are talking about potentially changing the amount of credit that could create a tax refund vs the amount that would just reduce tax liabilities.

Here at QBP Accounting Services, we are not rushing to get a tax return filed just to say it's done. Each return is looked at and if the POTENTIAL change could affect your taxes, it will be recommended we hold on submitting the taxes until the discussion is finalized to avoid having the amend the returns. If you are already getting the full child tax credit, there would be no change to your tax return regardless of Congress passing the currently discussed law change and you can file taxes when ready.

01/08/2024

In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

The Corporate Transparency Act became effective on January 1, 2024. This act requires every business to file a Beneficial Ownership Information report with the Financial Crimes and Enforcement Network (FINCEN).

If your business was organized/formed before January 31, 2023. You will have until January 1, 2025, to file this report with FINCEN.

Due to the 2023 tax filing season, QBP Accounting Services is offering to help file this report but is recommending filing these after April 15, 2024, to allow for the proper filing of your business and personal tax returns.

However, if you form a new business after January 1, 2024, you must file the Beneficial Ownership Information report within 90 calendar days of formation notice. If you form a new business after January 1, 2025, you must file the report within 30 calendar days.

Please contact QBP Accounting Services if you have any questions on the Beneficial Ownership Information report requirements.

01/07/2024

Alright all my Chipotle fans! Come out to the RLB Chipotle to support a great organization! Shining Abilities is empowering our special needs community by providing a nurturing and inclusive environment where abilities can shine bright!

Please grab your favorite Chipotle meal on January 8 and support my good friends at Shining Abilities.

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