Professional Accounting & Financial Services

08/29/2026

The Financial Crimes Enforcement Network (FinCEN) issued a final rule on August 11, 2026 (effective August 14, 2026), that permanently eliminates Beneficial Ownership Information (BOI) reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act. [1]

Key Details of the FinCEN Announcement

• No U.S. Filings: Domestic U.S. small businesses and entities are permanently exempt and do not need to file BOI reports. [1, 2]

• Deletion of Data: FinCEN announced it will permanently delete previously submitted BOI data related to U.S. persons and domestic entities from its database. [1, 2]

• No Updates Needed: U.S. persons who previously obtained a FinCEN ID no longer need to update or correct their information. [1, 2]

• Foreign Entities Exception: Certain foreign companies registered to do business in the United States may still have limited reporting requirements regarding foreign beneficial owners, though they are exempt from reporting U.S. persons. [1, 2]

08/29/2026

The warns of an evolving digital assets scam where fraudsters are sending fake IRS letters that direct you to enroll your cryptocurrency in a “Digital Asset Compliance Portal” by a certain deadline. No such portal exists.

If you receive this notice, do not scan the QR code or provide any personal or financial information. Scammers are trying to steal your information and digital assets.

Stay alert and report these scams at www.irs.gov/scams

08/28/2026

We fix tax problems! Did you know that?

08/28/2026

📅 September 15 is coming up fast.

If you're self-employed, a 1099 contractor, or don't have enough tax withheld from a paycheck, this is your 3rd-quarter estimated tax payment deadline for 2026.

Skip it or underpay, and the IRS can hit you with an underpayment penalty — even if you pay everything you owe next April. It adds up faster than people expect.

(Business owners: if you filed an extension for your S-corp or partnership return, September 15 is also your filing deadline — no wiggle room after that.)

Not sure what you owe, or already behind on payments? Let's figure it out before the 15th, not after.

📞 770-386-6287| 💻 www.pafsinc.com

08/26/2026

Major Higher Education Tax Credits Now Require Valid SSN – Did You Know?

The American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) help many Americans pay for higher education. For eligible students pursuing a degree or other recognized credential, the AOTC can cover up to $2,500 in tuition, required school fees and certain course materials per year. Meanwhile, the LLC can offset up to $2,000 per tax return for qualified education expenses for eligible students taking higher education courses for a variety of reasons.

Beginning with tax year 2026, the taxpayer claiming either the AOTC or LLC (and spouse, if filing jointly) must have a Social Security number (SSN) valid for work in the United States that was issued before the due date of the tax return, including extensions. If the eligible student is not the person claiming the credit (for example, if the student is that person's dependent or spouse), then the student must also have a valid SSN issued by that deadline. Other qualification requirements, such as income limits, remain in effect. A tax professional can help you determine whether the higher education expenses you pay for yourself, your spouse or a dependent qualify for a tax benefit.

08/25/2026

We love Flavorful Events. They cater all our events. Call them today.

one of our favorite repeat clients ❤️

08/20/2026

Seasonal Employers - Did You Know?

Summer is a peak time for many businesses to hire seasonal employees. In general, the same federal tax rules apply to these workers as to permanent staff. Employers typically must withhold federal income tax and F**A (Social Security and Medicare) taxes and pay the employer share of F**A. Employers subject to FUTA must also pay federal unemployment tax on taxable wages.

Seasonal employers often must file Form 941 (Employer's Quarterly Federal Tax Return) for quarters in which they pay wages. However, they generally do not need to file for quarters in which they paid no wages and have no employment tax liability. If this applies, check the "Seasonal Employer" box on every Form 941 you file.

Employment taxes generally must be deposited monthly or semiweekly, based on the applicable lookback period. FUTA follows separate deposit rules and generally must be deposited when accumulated FUTA tax exceeds $500 for a quarter. Federal tax deposits must be made electronically, including through EFTPS.

08/14/2026

Expense Deduction Rules for Personal Property Used for Business – Did You Know?

Many self-employed people may qualify to reduce their taxable income by deducting business expenses. In general, you must allocate expenses related to mixed-use property based on your "percentage of business use." But how is this percentage calculated?

For many types of equipment, your business use percentage may be based on a reasonable measure such as time or output. For example, if you use your computer for 30 hours a week in your freelance work and 20 hours a week for personal purposes (total of 50 hours), then your business use percentage would generally be 30/50 = 60%. Meanwhile, if you have a printer and print 400 pages for business reasons and 100 pages for personal reasons (500 pages total), then your business use percentage would typically be 400/500 = 80%. Therefore, you could generally allocate 80% of shared costs like ink and paper to business use.

On the other hand, business percentages for vehicles should be based on mileage, not time. So if you drive your car 4,500 miles this year in the course of your self-employment work, and 10,500 miles for all other purposes (total of 15,000 miles), then your business use percentage would be 4,500/15,000 = 30%. Alternatively, if eligible, you may choose to use the standard mileage rate and calculate your vehicle deduction based on your qualifying business miles instead of deducting your share of actual vehicle expenses. Be sure to keep records that support your business use percentage, such as mileage logs, usage records, or other documentation showing how the property was used for business and personal purposes.

08/06/2026

All these sweet faces adopted in July. Thank you Etowah Valley Humane Society for all your good work!