Daisy Tran, CPA

Daisy Tran, CPA We are not just another tax preparation office. We take pride in having our clients’ backs. Our sophistication helps you foresee what is coming.

With more than 10 years of experience and highly regarded professional CPA License, we will provide peace of mind before and after filing your taxes. Core Values:
Accountable, Strategic and Personal

Accountable: we take responsibility in providing you with the highest quality tax knowledge of a Certified Public Accountant with many years of experience working for American tax firms, and defend y

ou through any post-filing events. Strategic: tax is not always obvious, and planning that saves thousands takes a strategic mind. We are here to move you from a position of costly retroactive tax filing to proactively owning your tax plan through landmark events in your life like opening a business, buying or selling a house, marriages and so on. Personal: whether you come to us with a W2 or your life’s story that leads to financial and tax needs, we are here to listen. What is personal to you is personal to us. We will customize our services as much as it takes to fit your unique background and situations.

From a Proposed BALANCE DUE of $7,158 to Just $26A client who prepared their own tax return received an IRS notice propo...
07/23/2026

From a Proposed BALANCE DUE of $7,158 to Just $26

A client who prepared their own tax return received an IRS notice proposing an additional $7,158 in tax and penalties.

After reviewing the notice, we represented the client before the IRS and submitted a detailed response supported by the applicable tax law explaining the correct treatment of the items reported on the return.

Result: The IRS reduced the proposed balance due from $7,158 to just $26.

Receiving an IRS notice doesn't always mean the proposed amount is correct. A careful review of the facts and the applicable tax law can make a significant difference.

Husband-and-Wife LLCA married couple forms an LLC to hold rental property. Smart move for liability protection but...Is ...
05/23/2026

Husband-and-Wife LLC

A married couple forms an LLC to hold rental property. Smart move for liability protection but...

Is there a partnership filing requirement?

The answer depends on where they live and how they structures ownership.

IGNORE CP53E NOTICE?Most IRS notices are sent automatically, meaning a processing error or an adjustment to a taxpayer’s...
05/22/2026

IGNORE CP53E NOTICE?

Most IRS notices are sent automatically, meaning a processing error or an adjustment to a taxpayer’s return could have caused a taxpayer to receive the notice, according to a TAS news release.

As of March, an estimated 1.4 million taxpayers had received the notice. The notice asks taxpayers to add or update their bank account information to enable the use of direct deposit for tax refunds, using their IRS online accounts. It provides 30 days to respond. If taxpayers take no action, the IRS will issue a paper check after six weeks.

But the notices caused some accounting firms to warn of possible fraud. The QR code on the notice was among the reasons for suspicion.

Taxpayers should check their IRS online account to determine the validity of the notice.

Best course of action: always to go to your IRS Online account to view your notice. Create your IRS online account via IRS.gov

The AUGUSTA RULE: 14 days, $21,000 Deduction, Zero Tax on Rent ReceivedHow the Augusta Rule turns homes rental to Tax-Fr...
05/19/2026

The AUGUSTA RULE: 14 days, $21,000 Deduction, Zero Tax on Rent Received

How the Augusta Rule turns homes rental to Tax-Free Income:
*You operate your business as a separate entity (S-Corp, C-Corp, Partnership)
*Rent your home to your business for 14 days of less
*The rental space is used for business purposes such as business meetings or annual employees holiday party
*Business owner: report the rent on personal return and then reduce it to zero using IRS Section 280A(g) tax free offset

To make sure you don't have trouble in case of an audit:
*Avoid the entertainment problems
*Pay and document a fair rent (reasonable rent)
*Document the business activities that take place

ONE-TIME PAY: 1099, Kiddie Tax, IRAHere’s an often-overlooked tax strategy that can generate substantial family tax savi...
05/16/2026

ONE-TIME PAY: 1099, Kiddie Tax, IRA

Here’s an often-overlooked tax strategy that can generate substantial family tax savings when handled correctly. If you pay a family member (or even a non-relative) for a one-time project, the tax treatment can be highly favorable—but only if you follow the proper reporting rules.

For example, paying a college-aged child $23,255 for legitimate services can produce significant benefits. In one case, this created an $8,593 tax deduction for the payor, while the student owed only $713 in tax—resulting in a net family tax savings of $7,880. And of course, the student has the $23,255.

But beware. There are three critical areas where mistakes commonly occur.

1. Form 1099 Reporting
Unlike typical contractor payments, you do not report this income on IRS Form 1099-NEC. Instead, because it is not subject to self-employment tax, you report it in box 3 of IRS Form 1099-MISC. This distinction is essential.

2. Kiddie Tax Treatment
Although many assume the kiddie tax applies, it does not in this case. The income qualifies as earned income because it is payment for actual services performed. Kiddie tax rules apply only to unearned income (such as investment income).

3. IRA Contribution Opportunity
This earned income qualifies as “compensation,” meaning the recipient can contribute up to $7,500 (2026 limit) to a traditional or Roth IRA.

How The AUGUSTA RULE Turns Home Rental into TAX-FREE IncomeHere’s a valuable tax strategy, commonly known as the Augusta...
05/15/2026

How The AUGUSTA RULE Turns Home Rental into TAX-FREE Income

Here’s a valuable tax strategy, commonly known as the Augusta rule, that can help you generate tax-free income while claiming a legitimate business deduction.

If you own a business structured as an S corporation, a C corporation, or a partnership, you may rent your personal residence to your business for up to 14 days per year. When this is done correctly, the results are highly favorable: your business deducts the full rental expense while you personally receive the rental income tax-free.

For example, if your home rents for $1,500 per day and your business rents it for 14 days, your business can claim a $21,000 deduction. That deduction reduces business income, and in the case of an S corporation or a partnership, it reduces income that flows through to you.

On your personal tax return, you report the $21,000 as taxable income, then subtract it under the 14-day rule, so your net result is zero tax on the $21,000.

While tax law supports this strategy, proper ex*****on is critical. You must follow several key rules, including:

•Rent for a business purpose. The rental must be for legitimate business use, such as meetings, planning sessions, or employee events.

•Avoid entertainment use. Most entertainment expenses are not deductible, so the rental should not be for entertainment purposes.

•Charge fair market rent. You must charge a reasonable rental rate supported by documentation, such as comparable market data or an appraisal.

•Document the business activities. Keep detailed records of meeting agendas, attendees, and business activities to substantiate the deduction.

Failure to meet these requirements—particularly proving fair rental value and business use—can result in the IRS disallowing the entire deduction.

Wills vs. Trusts: Which One Is Right for You?Wills — Key LimitationsA will is an important estate planning tool, but it ...
05/13/2026

Wills vs. Trusts: Which One Is Right for Y
ou?
Wills — Key Limitations
A will is an important estate planning tool, but it has limits:
*Does not avoid probate — assets may still go through court administration after death
*Does not protect assets from long-term care or nursing home costs
*Does not manage your assets during your lifetime if you become incapacitated
*Only takes effect after death

Trusts — Key Limitations
A trust can provide broader protection and flexibility, but it is not automatic:

*A trust only works if it is properly funded (assets must be transferred into the trust)
*Does not happen automatically — it requires setup, coordination, and ongoing attention
*Does not solve every tax issue unless specifically designed to address them
*Requires periodic maintenance and updates as laws, assets, and life circumstances change

Bottom Line: A will is often the foundation of an estate plan. A trust may offer additional benefits like probate avoidance, privacy, and incapacity planning — but only when properly created and maintained.

IRS NOTICE CP53EThe IRS created Notice CP53E as part of its transition from paper refund checks to electronic payments. ...
05/11/2026

IRS NOTICE CP53E

The IRS created Notice CP53E as part of its transition from paper refund checks to electronic payments. However, this notice has caused confusion for many taxpayers because it includes a QR code, and some taxpayers with balances due are still receiving it.

My recommendation:

• Always verify the notice by logging into your official IRS Online Account from irs.gov
• Do not scan QR codes from unexpected tax notices or messages. Scammers often use fake IRS communications to steal personal information.
• If you are unsure whether the notice is legitimate, go directly to IRS.gov instead of using links or QR codes provided in the notice.
• Contact your tax accountant for help

Along with the check payment came a thoughtful note of appreciation from a client. It truly means a lot when a client no...
04/08/2026

Along with the check payment came a thoughtful note of appreciation from a client. It truly means a lot when a client not only values my work, but also recognizes the effort of my team.

We give 100% and pay close attention to details in each tax return we handle even in the crunch time. With just one week left until the tax deadline, messages like this keep us motivated and going strong.

Reviews like this help us get through the busy tax season—it means a lot to know our efforts are appreciated.Grateful fo...
03/19/2026

Reviews like this help us get through the busy tax season—it means a lot to know our efforts are appreciated.

Grateful for our amazing team and wonderful clients who make it all worthwhile!

Address

661 Washington Street, Suite 310
Norwood, MA
02062

Opening Hours

Monday 9am - 4pm
Tuesday 9am - 4pm
Wednesday 9am - 4pm
Thursday 9am - 4pm
Friday 9am - 4pm

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