Tax Preparation

Congress & the Internal Revenue Service have made the preparation of tax returns with even slightly more complexity more significant than most people can handle. As a professional CPA firm, we at VaughnCPA do significant research each year to be sure that we are up to date with the laws and regulations so that we can properly assist or prepare your tax returns. Many of our clients have business interests, rentals, farms, etc., but even if you have a seemingly straightforward return, a short free review may uncover some things that could reduce your taxes. One tax preparation firm has estimated that people who do their own taxes leave over $5 Billion on the table by failing to do their returns correctly. We will make sure that you are not one of those people.

Our goal is to prepare your return with the lowest possible tax on a legal & legitimate basis. We keep up with the steady stream of pronouncements from the IRS.

The following is a partial list of news items and changes to existing rules that we have needed to be familiar with since the beginning of the year:

1. Capitalization rules related to depreciation

2. Company expenses paid on behalf of your business

3. Legitimate & Sham Trusts; new trusts and LLC ideas

4. Whether you have to file a gift tax return

5. Investing in Municipal bonds & Alternative Minimum Tax

7. Changes in definitions of real estate professionals

And this is a shortened list. None of these required a law change, only a change in the interpretation of the law. Our staff undergoes formal and webinar training on a weekly basis, outside of the busy season. With tax brackets as high as 44% planning at the individual level and early in the year is very important.

Focused on tax planning, tax preparation & tax projections

Our experienced personnel has been preparing tax returns for many years as an Albuquerque tax and CPA firm. Businesses and laws have changed, but the judgment required to prepare and plan only improves with accuracy and experience. Every year, we prepare more than 1000 individual, corporate, partnership, and business tax returns. Business planning, consulting, and coaching goes hand in hand with proper tax accounting and tax preparation.

We also work with clients who have been accused of criminal tax matters. If you are in this situation, you need tax accountants who are familiar with the rules of the Criminal Investigation Department, and who can assess whether your returns rise to a criminal level or not. Without practicing law, we can assist your attorney with a tax fraud investigation.

More important than the actual tax preparation is the planning and projections of your tax liabilities

As an Albuquerque CPA firm, we go beyond just doing tax returns, we help you develop a strategy for your tax planning needs. The wrong choice in tax preparation may upset the business planning you have done with your financing or capitalization rules and covenants. Business entity planning is a big part of this; the wrong choice in the business planning area may upset the tax planning area. We have the experience and the foresight to look beyond one area of your business and apply the choices in the tax code so that both goals are considered. You have choices to make, let them be the informed choices.

How you structure your business is one of the most important decisions and you. Your accountant and your attorney should advise you based on many factors including taxation. Limited Liability Companies, Partnerships, S Corporations, Secular Trusts, and Disregarded Enties in addition to the old standby, proprietorships may pass through tax or have some tax at their entry-level. Proper planning means asking all the right questions. Some choices will mean higher Social Security Taxes and some will limit your deductions. There is no right answer, but our CPA firm will surely find the most suitable situation for you and present all of the pros & cons.

Your premier Non-profit Accounting Firm

As a CPA firm that specializes in non-profit accounts, tax, and financial regulations we can help with:

Help assure you meet your non-profit requirements
Non-profit accounting service
Non-profit bookkeeping service
Non-profit qualifications for compliance
Non-profit requirements for quarterly & yearly reports

Organizing & Operating a nonprofit corporation, or serving on the board of your favorite charity may seem like a simple thing. You have a mission and a passion. These, along with a lot of hard work, may help make your organization a huge success. There are some guidelines to follow and our CPA firm will guide you through the rules and regulations and give you practical advice about Non-profit accounting best practices.

A board member of a charitable organization needs to be aware of the various regulations of your state law as well as the rules imposed by the IRS. You have a duty imposed by your State to deal with the funds raised and spent in the most prudent way and in accordance with the bylaws that have been approved by the IRS. We can help you navigate these regulations and still keep to your vision and mission.

Many non-profit organizations are required to have an annual audit, either by their bylaws or by a regulatory agency. We are familiar with the types of audits or other financial statements that are required, depending on the type of funding your non-profit organization receives. If you need a regulatory audit or other financial statements, please call us. We will help you in the beginning stages and through your growth periods, from the outsourcing of bookkeeping tasks to the internal hiring of accounting personnel and organizing the financial department of what you had in mind all along.