CPN Accounting

09/04/2026

We are in September. Yes I said September.

That means you have 4 months left this year to figure out what is going on in your business.

It isn't too late to make a difference in profits and in taxes.

This is what I recommend you do soon:
💰Update your numbers in your system of choice for the year (QuickBooks, spreadsheet, box of receipts) so you know where you are at and where you might be heading.

👻 Do some tax planning - pay estimates, fund your retirement accounts, even move to an SCorp before year end

🎃Find a professional to help you if you don't have one. Most of the CPAs are full by the time next year starts.

07/20/2026

The S-Corp Myth

The biggest myth keeping successful business owners from substantial tax savings?

"S-Corps are far too complicated."

If you already operate as an LLC, transitioning to an S-Corp structure is not inherently complex.

The true hurdle is not the paperwork itself; it is the operational ex*****on and compliance required to keep the entity set up properly.

When business owners lack a clear, step-by-step framework, managing the ongoing requirements can become onerous.

These are some differences when you move to an S-Corp:
⭐️Payroll Implementation: You must transition from simple owner draws to an established payroll system.
⭐️Reasonable Salary Standards: The IRS requires you to pay yourself a reasonable salary as an employee of your corporation.
⭐️Accelerated Corporate Deadlines: Your corporate tax return must be filed in March, ahead of your personal return.
⭐️Personal Tax Filings: You will still file your personal tax return during the standard April timeline.
⭐️State-Level Compliance: You must account for annual corporate excise taxes due to the state where your business is registered.

Transitioning to an S-Corp does not require you to become a tax expert; it simply requires administrative discipline and the right roadmap.

What is the primary hesitation or question holding you back from exploring an S-Corp conversion?

06/04/2026

If you are in Massachusetts and are selling your house, there is a new withholding tax that was implemented in Nov 2025. It is requiring sellers to put aside a withholding amount on the proceeds of the home if the home sells for more than $1 million.

Technically it is supposed to apply to owners of property that live outside of MA and those moving out of MA, but every seller should be aware of it.

Consult an accountant before submitting this Transferor Certificate as the form on the surface can be misleading. Most taxpayers would not likely have to pay 4% in tax on the sale of a property especially if it is a primary residence. Even if you are selling a second home, there are still cost factors to consider.

06/04/2026

Now taxpayers can elect the savings accounts for their children right through their own IRS logon. It is great way for your children to receive free money to start their savings.

New features in Individual Accounts allow you to view and submit Trump Account elections, making it easier than ever to invest in these tax-advantaged accounts. You can use your IRS Individual Account to submit Form 4547, Trump Account Election(s), and view its submission status. For more info, read: https://ow.ly/jpse50Z5ISc

05/08/2026

If you are unsure whether an IRS notice is legit, I always advise my clients to log into their IRS account and check for notices or messages there first. However, as the article mentions the IRS is doing away with paper check refunds and will require an account be submitted when claiming a refund.

Taxpayers and practitioners are unsure whether the CP53E notices they have received are scams or simply sent in error, a confusion heightened by the inclusion of a QR code.