Be sure to bookmark our firm's URL, https://bascpa.com
News & Events
New 2023 Virginia Taxpayer Rebate
LANSDOWNE, VIRGINIA — November 2, 2023
The Virginia General Assembly recently passed a law giving Virginia taxpayers a rebate of up to $200 for individual filers and up to $400 for joint filers.
You may receive your Virginia tax rebate by November 30th. The tax rebate amount is up to $200 if you filed individually, and up to $400 if you filed jointly. Some taxpayers’ rebates will be reduced or withheld to satisfy existing debts. Qualifiers will likely receive the rebate by direct deposit with the description of “VA DEPT TAXATION VATXREBATE” to the same bank account that was used for their 2022 tax filings. Some taxpayers will receive the rebate by paper check in the mail, so be on the lookout for an envelope from "Commonwealth of Virginia, Department of Taxation".
We're ready to help!
For assistance with your upcoming tax preparation, filing or other needs, please submit your service request via our Contact Us form or call us at (571) 495-2227.
Benefits of Using a CPA Firm At Tax Time ...
LANSDOWNE, VIRGINIA — November 21, 2022
Top ten reasons to get help from a CPA Firm for professional tax preparation:
10. As your financial situation evolves, preparing your taxes becomes more complicated and time consuming. Working with a tax professional takes the hassle, frustration and time out of doing your taxes yourself.
9. Year over year tax laws change. What was a deduction last year may not be a deduction this year. Moreover, when dealing with multiple sources of income and investments or international income, you'll want to work with a trusted tax professional who is up to speed on the many tax laws and who understands how they may or may not apply to your situation.
8. Making mistakes can be very costly. In the end the IRS and state tax authorities hold you responsible for your tax returns. Working with a trained tax professional helps you to avoid mistakes that you may make on your own.
7. Your time is worth money – the hours that it may take you to prepare your own tax returns expand exponentially as your financial situation evolves. Add up the hours that you would spend doing your taxes yourself and calculate what that’s worth. If the answer is too many hours, seek the help of a tax professional.
6. Tax software cannot represent you in a tax audit. BAS CPA Firm is a certified public accountant firm with both tax and audit specialists.
5. A tax professional can answer your questions to help you make smarter tax-saving decisions.
4. A tax professional can help you plan all year and for future years. If your tax professional is also a CPA they can help to prepare your financial statements in advance – saving you even more hassle and frustration at tax time.
3. A tax professional can recommend ways to save on taxes. BAS CPA Firm's tax professionals are experts in domestic and international tax laws and foreign tax treaties.
2. In additional to receiving professionally prepared tax returns, you also receive peace of mind knowing that a tax professional is taking care of you and your family.
And the number-one reason you should hire a professional tax preparer is:
1. It can save you money. Our tax professionals work hard for you to find and apply any applicable deductions or tax credits – even one significant deduction or tax credit can add up to savings which you may have overlooked on your own.
For help preparing your tax returns contact our tax experts for an evaluation of your needs.
BAS CPA Firm FBAR Reporting and Compliance team recognized for exceptional service
LANSDOWNE, VIRGINIA — March 21, 2021
BAS Certified Public Accountant Firm is proud to recognize it's Foreign Bank and Financial Accounts (FBAR) reporting practice for exceptional support of the foreign bank and asset reporting obligations for multinational clients, U.S individuals and U.S. businesses with foreign holdings. Annual preparation and filing of accurate Foreign Bank and Financial Accounts (FBAR) reports is a critical and important service offered to our clients.
BAS Certified Public Accountant Firm assists clients (including U.S. citizens, residents, corporations, business partnerships, limited liability companies, trusts and estates) to professionally meet their Foreign Bank and Financial Accounts (FBAR) reporting obligations in accordance with U.S. Treasury Department Financial Crimes and Enforcement Network regulations.
Learn more at https://bascpa.com/fbar.
2020 Tax Season Deadlines for Businesses & Individuals
LANSDOWNE, VIRGINIA — January 1, 2020
Below are key dates and deadlines that you may find helpful as we help you to prepare for your 2020 tax filing needs. Getting an early start on gathering and organizing all of your tax documents and tax records will help you to meet your tax filing requirements. Contact us today for assistance with your taxes. We're ready to help!
Business Income Tax Filing Deadlines
March 15, 2021: If your business is an S-corporation or a Partnership that operates on a calendar year, the deadline for filing a business tax return for 2020, or filing for a 2020 tax extension is March 15, 2021.
Talk with our tax experts if you need to file a business tax return.
The deadline for S-corporation and Partnership returns that operate on a fiscal year, rather than a calendar year, the deadline for filing a business tax return, or filing for a tax extension, is the 15th day of the third month following the end of the fiscal year. State income tax due dates can vary. Check with the tax collection authority in your state for the filing and payment deadline in your state.
April 15, 2021: If your business is a C-corporation that operates on a calendar year, the deadline for filing a business tax return for 2020, or for filing for a 2020 tax extension is April 15, 2021.
If a C-corporation operates on a fiscal year, rather than a calendar year, the deadline for filing a C-corporation return, or filing for a tax extension, is the 15th day of the fourth month following the end of the corporation's fiscal year.
Talk with our tax experts if you need to file a corporate business tax return.
October 15, 2021: For C-corporations that operate on a calendar year and are granted a 2020 tax extension by the IRS, the last day to file a 2020 business income tax return is October 15, 2021.
Sept. 15, 2021: For S-corporations or Partnerships that operate on a calendar year and are granted a 2020 tax extension by the IRS, the last day to file a 2020 business income tax return is September 15, 2021.
Individual Income Tax Filing Deadlines
April 15, 2021: The deadline for filing a 2020 individual income tax return and pay taxes for 2020, or to file for a 2020 tax extension is April 15, 2021.
Please keep in mind that if you owe taxes for 2020 receiving an extension from the IRS does NOT extend the tax due date beyond April 15, 2021. Talk with our tax preparers about this distinction.
October 15, 2021: The last day to file a 2020 individual income tax return if you receive a tax extension from the IRS is October 15, 2020.
Estates and Trusts
For calendar year estates and trusts, the deadline for filing the tax return is April 15, 2020. For fiscal year estates and trusts, the deadline for filing the tax return is the 15th day of the 4th month following the close of the tax year. Talk with our tax preparers about this distinction.
Gift Tax Return
Generally, you must file the gift tax return no earlier than January 1, but not later than April 15, of the year after the gift was made. Talk with our tax preparers about this distinction.
Contact us now for assistance with your taxes. We're ready to help!
COVID-19 Tax Impacts for 2020
LANSDOWNE, VIRGINIA — January 1, 2020
Welcome to 2021! As we are all eager to put an unprecedented 2020 behind us, there is still one thing left from 2020 for us to complete — preparing and filing taxes for 2020.
Throughout 2020 the Coronavirus pandemic altered our lives in many ways. In an effort to offset the tremendous burdens that stemmed from the virus, Congress passed major legislation that included each of the following acts, which also created modifications to U.S. tax laws that could affect your business or personal tax returns:
- Families First Coronavirus Response Act (FFCRA)
- Coronavirus Aid, Relief and Economic Security Act (CARES)
- Paycheck Protection Program and Health Care Enhancement Act
- PPP Loan Forgiveness
- Various filing and payment due date changes implemented amid the COVID-19 pandemic
With these occurrences, 2020 taxes are going to be more complicated and challenging for both businesses and individuals. Given this, you’re likely to have questions about the many ways that the Coronavirus acts may affect your 2020 tax returns. For example, the 2020 tax code includes COVID related changes and mandates for stimulus checks, net operating losses, unemployment benefits, PPP-funded expenses, business deductions, medical expenses, remote work from home, 529 distributions, deferred payroll taxes, charitable deductions and withdrawals from 401(k)s and IRAs.
Need assistance? Contact us now. We're ready to help!
Beyond the tax code changes that resulted from the above noted legislation, business and individuals may also see a number of changes under the new presidential administration that could result in tax increases. With a limited amount of time within which to understand each of the changes and how to address them via your tax returns, it’s a good time to work with a knowledgeable CPA.
So, what do you need to do? We recommend taking the following steps:
First step: organize your tax documents and tax records.
Organizing your tax documents and tax records is a crucial element to preparing your tax returns. We recommend that you organize tax documents and tax records as early as possible. When working with the skilled tax professionals at BAS CPA we can help you to understand what’s needed and assist you to more easily and effectively manage your tax compliance, preparation and filing needs.
Second step: contact us early to ensure that your needs are covered safely and securely.
We provide you safe and secure support during the COVID pandemic for having your business, not-for-profit organization or individual tax returns professionally prepared. With the COVID-19 pandemic extending into 2021, the need for social distancing is still a critical concern. In order to minimize your exposure to the Coronavirus, BAS CPA utilizes digital tax preparation and e-filing capabilities to prepare and file tax returns on behalf of our clients. These systems enable businesses and individuals to digitally deliver their documents to our firm, and to electronically review, e-sign and e-file their tax returns — without the need for face to face meetings.
As tax experts and advisers, BAS CPA provides businesses, not-for-profit organizations, and individuals the necessary knowledge and expertise for preparing financial statements and tax filings in accordance with the standards stipulated by U.S. accounting regulators and U.S. tax authorities. Got questions?
Contact us now for assistance with your taxes. We're ready to help!
BAS Certified Public Accountant Firm CPA Partner featured in GMU's 'Leveling Up' publication
LANSDOWNE, VIRGINIA — December 2, 2020
BAS Certified Public Accountant Firm founding partner and CPA , Karen Crosswhite, was featured this month in the George Mason University School of Business 'Leveling Up' publication as a successful business leader and participant in Mason’s master in accounting program and graduate certificate program in forensic accounting.
The article highlights Ms. Crosswhite's experience in the advanced degree programs and work done by BAS Certified Public Accountant Firm to support U.S. based multinational businesses, international businesses, and not-for-profit organizations seeking assistance with tax filings, accounting, financial reporting, and other compliance needs.
Read the full article at https://business.gmu.edu/news/2197-leveling-up/
Celebrate Virginia CPA Week, September 13 – 19, 2020.
LANSDOWNE, VIRGINIA — September 13, 2020
Please join us in acknowledging and celebrating Virginia CPA Week taking place September 13 – 19, 2020.
All this week, the Commonwealth of Virginia is recognizing Certified Public Accountants for their hard work and the positive impact that CPA firms like BAS Certified Public Accountant Firm have on the communities and businesses that we serve.
Throughout the week you can use the hashtag #CountOnCPAs on your LinkedIn or social media pages to share your experiences and appreciation for your CPA. You may also share your messages regarding our CPA firm via posts and comments to our firm's LinkedIn and Facebook pages using the following links:
LinkedIn: https://www.linkedin.com/company/bas-cpa-firm/
Facebook: https://www.facebook.com/BASCPA
As part of Virginia CPA Week, the commonwealth recognizes the high standards of ethics, professionalism, and knowledge that all CPAs possess and must maintain through continuing professional education in order to provide the highest quality service to both individuals and businesses.
CPAs in Virginia draw upon unique knowledge and experience to provide sound, reliable financial counsel to protect and promote the growth of business, the soundness of government operations, and confidence of investors in business clients operating in the Commonwealth of Virginia and throughout the United States of America.
Drawing upon this knowledge, expertise and skills, CPAs provide accounting, financial reporting, management advisory services, audit and review services, as well as tax services and financial planning advice to individual and corporate clients.
BAS CPA Firm Partner to speak at 2019 GWSCPA Real Estate and Construction Conference
WASHINGTON, DC — October 30, 2019
Please join BAS CPA Firm along with Real Estate and Construction professionals on October 30, 2019 at the Greater Washington Society of CPAs’ 2019 Real Estate and Construction Conference in Washington DC to learn about new tax deductions available to business owners under Section 199A of the Tax Cuts and Jobs Act (TCJA). Attendees earn one CPE Credit.
With the passing of the Tax Cuts and Jobs Act of 2017 a new Section 199A was introduced that allows for up to a 20% deduction on “Qualified Business Income” for non-corporate tax payers. In an informative presentation provided by BAS Certified Public Accountant Firm partner and tax expert Karen Crosswhite, attendees will learn to understand the numerous definitions, limitations and special rules included in Section 199A of the tax code through which business owners may determine if they qualify for the 20% deduction.
This down to earth presentation will help attendees to understand and apply each of the following key components of the tax act:
- IRS definitions of a “Qualified Trade or Business”, “Modified Taxable Income, and “Qualified Business Income” under Section 199A
- Deductions available on qualified business income
- Restrictions relative to business types and income levels
- Limitations to qualifying for the 20% deduction
- Implications for Rental or Licensing of properties
- REIT Dividends and PTP Income
With over 15 years of accounting, tax, auditing, and financial consulting experience, Karen Crosswhite's technical knowledge and experience underscore the audit, accounting and tax practices provided by BAS Certified Public Accountant Firm. Her expertise lies in financial accounting reporting, business tax strategies, tax-efficient corporate expansion for multi-state and international corporations, and engagements involving research of accounting regulations and tax credits. She leverages her technical public accounting and tax practice experience to develop strategic planning solutions for clients ranging from start-up businesses and not-for-profit organizations to large publicly held corporations. Karen has managed financial statement audits, reviews, consolidations, compilations and delivered accounting services to clients in the technology, industrial, service, and not-for-profit sectors. Her extensive industry knowledge allows her to provide proactive advice to executive clients on key accounting issues, including business tax strategies, employee stock compensation, complex equity transactions, revenue recognition, financial statement presentation, capitalization and SEC filing requirements.
Prior to establishing BAS Certified Public Accountant Firm, Karen worked with three of the four leading accounting firms: Ernst & Young, Deloitte and PricewaterhouseCoopers (PwC), where she led senior level tax practice engagements for clients including Marriott, eBay, E-Trade, PHH, MARS Corporation, Airbus and Fannie Mae.
BAS Certified Public Accountant Firm awarded 2019 Chamber Excellence Award
LANSDOWNE, VIRGINIA — June 27, 2019
BAS CPA Firm was honored as the recipient of the 2019 New Member of the Year Award for Chamber Excellence by the Greater Reston Chamber of Commerce. The award recognizes the new business member within the Chamber of Commerce which throughout the year continually provided superior service, dedication and commitment to the Chamber and its members, and which was actively involved in one or more committees helping to better the Reston Chamber and to further its mission.
The award was recognized by the United States House of Representatives in the Congressional Record and the United States Senate via a certificate of special recognition and recognition letter from Senator Mark R. Warner, stating "This honor recognizes the firm's exemplary leadership in both its industry and the community".
"It is an honor to be recognized by fellow members of our business community and the Chamber of Commerce for the positive impact that our firm has made this past year. Being a part of the Greater Reston Chamber of Commerce has greatly benefited our business. Through our membership and involvement in the chamber we have formed many new relationships with business owners and executives, while expanding the reach and awareness for our firm", said Rick Crosswhite, BAS Certified Public Accountant Firm , Business Development Partner.
BAS Certified Public Accountant Firm is located in Lansdowne Virginia in the heart of the Dulles corridor. With combined technical expertise in public accounting, auditing, and domestic and international tax the firm provides accounting, audit, financial reporting and tax solutions for clients ranging from not-for-profit organizations, to start-up organizations and large publicly held corporations.
Established in 2008, the CPA firm has for more than a decade supported the accounting needs of individuals and companies of all sizes (from small to medium to large) providing the following services portfolio:
- Auditing and Assurance Reviews
- International and Domestic Taxes Planning & Preparation
- Managerial Accounting
- Assessments of internal accounting controls and procedures
- Compilation and preparation of financial statements
- Translation of international financial statement to GAAP standards
- Review of financial statements and reports
BAS Certified Public Accountant Firm nominated for ACE Awards for Chamber Excellence
LANSDOWNE, VIRGINIA — May 29, 2019
BAS Certified Public Accountant Firm this past week was nominated for three ACE Awards for Chamber Excellence by the Greater Reston Chamber of Commerce. ACE Award recipients are nominated by their peers within the business community for demonstration of excellence, industry innovation and Chamber support over the past year. Final recipients will be acknowledged at the June 27, 2019 Annual Meeting and Awards for Chamber Excellence (ACE) Luncheon.
- SMALL BUSINESS OF THE YEAR: Awarded for outstanding achievement in customer service, innovative products/services, leadership, professional development, partner relations and/or public responsibility, as well as support for the Chamber’s mission.
- CONTRIBUTOR OF THE YEAR: Acknowledged for continually advancing the mission and goals of the Chamber through participation in events, programs and or mentoring.
- NEW MEMBER OF THE YEAR: Recognized as a business that continually provides superior service, dedication and commitment to the Chamber and its members. Additionally, the member is actively involved in one or more committees, as well as attending and promoting Reston Chamber events.
“It is a great honor to be recognized by our peers as a valued member of the Greater Reston Area Business Community.”, Rick Crosswhite, Business Development Partner, BAS Certified Public Accountant Firm.
BAS Certified Public Accountant Firm partner to speak at the Loudoun Small Business Conference
LANSDOWNE, VIRGINIA — May 6, 2019
BAS Certified Public Accountant Firm partner and tax expert Karen Crosswhite, delivered a one hour presentation on the topic of Small Business Strategies Under the Tax Cuts and Jobs Act (TCJA).
In December 2018 Congress enacted the Tax Cuts and Jobs Act (TCJA) which includes many changes that affect small businesses. As the rules from the IRS are clarified it’s important to understand what opportunities small business owners can take advantage of. In this down to earth presentation , CPA Karen Crosswhite of BAS Certified Public Accountant Firm,covered tax saving strategies related to each of the following five areas:
1. Retirement Plans
2. Meals vs Entertainment
3. SE Tax Minimization
4. Qualified Business Income
5. State and Local Taxes
BAS Certified Public Accountant Firm Partner Awarded GovCon Scholarship
LANSDOWNE, VIRGINIA — December 17, 2018
BAS Certified Public Accountant Firm partner, Karen Crosswhite, was honored this week by George Mason University as the first recipient of the university’s School of Business Shrivastava GovCon Scholarship for the 2018-2019 academic year.
The scholarship was established in memory of S.P. ‘Shri’ Shrivastava, to provide support to emerging entrepreneurs who have made service to the country a priority of their corporate mission.
Karen Crosswhite is the co-founder and lead CPA Partner at BAS Certified Public Accountant Firm and is actively involved with the American Institute of Certified Public Accountants (AICPA) and the Virginia Society of Certified Public Accountants (VSCPA).
Having spent more than a decade in the accounting and finance profession, Karen sought out George Mason University's master’s program as a means of expanding upon her prior knowledge in the field of accounting and business. The coursework in the program also fulfills the continuing professional education credits (CPE) mandated by the American Institute of Certified Public Accountants (AICPA) in order for CPAs to maintain their license.
According to Karen, “It’s important for anyone in the field of accountancy to continually reinforce and expand their knowledge and skills pertaining to new advances, regulations and overall spectrum of finance, accounting, and taxation."
“As owner and lead CPA Partner of BAS Certified Public Accountant Firm, our firm's partners and I recognize that our clients continually rely on the aid of accounting experts with knowledge of current accounting standards, practices, codes, and regulations,” she says.
GMU’s Accounting Master’s Program provides advanced learning opportunities from experts in our field, as well as professionals with experience in tangential fields, such as forensic federal investigation, who are able to infuse the program’s curriculum with real world experience.
About BAS Certified Public Accountant Firm:
BAS Certified Public Accountant Firm was founded in 2008 and reorganized in 2018. The firm supports domestic and international businesses, not-for-profit organizations, and individuals with auditing, reviews, attestation, compilation and preparation of financial statements, tax services and business advisory services.
BAS Certified Public Accountant Firm Co-Sponsors Chamber of Commerce Business Education Series
LANSDOWNE, VIRGINIA — February 11, 2018
BAS Certified Public Accountant Firm, in partnership with the Greater Reston Chamber of Commerce, is co-sponsoring the chamber's Business Education Series. The mission of the Business Education Committee is to establish the vision and coordinate the delivery of a dynamic series of continuing educational workshops to Chamber members and the community for practical application in the growth and success of their businesses. Held at the Greater Reston Chamber of Commerce Office from 8:30am to 10:00am on the 4th Wednesday of each month, the workshops are open to GRCC Members as well as the general business community. Business Education workshops are complimentary for current Chamber members and $15 for future members. The workshops are designed to support business growth and cover a variety of topics.
Upcoming Business Education Workshops include:
- Why Small Businesses Should Use Marketing Automation to Grow Revenue
Wednesday, February 13
8:30 - 10:00 am
- How to Beat the System for Online Reviews
Wednesday, February 27
8:30 - 10:00 am
- Is Your Website AWESOMESAUCE or just MEH?
Wednesday, March 20
8:30 - 10:00 am
BAS CPA Firm International Tax Seminar in Cork Ireland
On the 19th of June 2019, BAS Certified Public Accountant Firm was joined by members of the international business community at the REPUBLIC OF WORK in Cork Ireland for a discussion on recent changes to the U.S. tax code that may benefit or impact the foreign divisions of multinational corporations. The discussion, lead by BAS Certified Public Accountant Firm partner Karen Crosswhite, centered around the tax benefits of international profit shifting strategies and new changes to the U.S. tax
Date and Time:
Wednesday, 19 June 2019
13:00 – 14:00 IST
Location:
REPUBLIC OF WORK
12 South Mall Street
Cork Ireland
Professional Memberships
Get a head start on your business or personal tax needs.
Our firm's tax experts provide professional assistance with Business and Personal income taxes, FBAR filings as well as Exempt Organization F990 Tax Return preparation needs.