CPA for Career Schools
For All of Your Tax Accounting Audit Needs
About Our Business
Who We Are
Our CPA firm provides Tax, Accounting and Audit services to small business that are primarily owner owned and operated. With our experience in the accounting field, no issue is too large or complex for us to manage. We provide business expertise in the educational sector. Our competency is to assist Vocational School's to comply with the State's financial requirements.
News You Need to Know
BOI Reporting
BOI (Beneficial Ownership Information) reporting requirement is not terminated; However, the US Treasury Department and FinCEN have suspended enforcement of the reporting requirements, effectively pausing the requirement for most businesses. This means that while the requirement still exists, penalties for not filing are not currently being enforced.
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, includes several provisions that impact small businesses.
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Qualified Business Income (QBI) Deduction (Section 199A): The Act permanently extends the 20% QBI deduction for pass-through entities and increases the phase-in thresholds.
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Expensing Capital Investments & R&D: The Act permanently restores 100% bonus depreciation, increases the Section 179 expensing cap, and allows for the immediate deduction of domestic R&D expenses.
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Small Business Estate Tax Exemption: The Act increases and makes permanent the small business estate tax exemption.
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Qualified Small Business Stock (QSBS): The Act expands the exclusion for capital gains on QSBS by lowering the required holding period, increasing the gross asset limit for qualifying businesses, and raising the capital gains exclusion cap.
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Employee Retention Tax Credit (ERTC): The Act retroactively ends the ERTC program for claims filed after January 31, 2024, for the third and fourth quarters of 2021 and extends the statute of limitations for assessing the validity of these claims.
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Other provisions: The Act maintains the corporate tax rate, modifies the calculation of adjusted financial statement income for certain oil and gas companies, and expands the scope of activities generating qualifying income for Master Limited Partnerships (MLPs).
Potential benefits:
The Act's provisions, such as the permanent QBI deduction, bonus depreciation, and R&D expensing, can lead to tax savings, improved cash flow, and increased investment in business growth. The increased estate tax exemption and expanded QSBS benefits can also aid in estate planning and employee attraction.
Points to Consider:
The specific impact of the Act will vary by business, and while many provisions are beneficial, their cost may be offset by changes to other tax provisions.
Recommendations:
Small business owners should consult with tax and financial advisors to understand the implications of the Act and explore potential tax planning opportunities. It is advisable to review tax positions related to QBI, depreciation, R&D, and potential QSBS eligibility.