Tax changes are here. Consult May, Taylor & Company, CPA's, for details and consultation

March 4, 2011 • Business, Local Business Review

The professional staff at May, Taylor & Co. includes (left to right:)  Dick Taylor, CPA; Yolanda Rodriguez; Michelle Huckabee; Patricia Rutley; Viola Vigil; and Zan Coger. (Not shown are Taleyna Thompson and Diane Taylor.) May, Taylor & Co., located at 302 West Tilden, is a full service accounting firm. Please phone 622-2330 for complete information on any of the services May, Taylor & Company provides.

Congress extended the Bush [auth] tax cuts for two years and made a few other changes. Congress waited until the end of December to pass tax legislation. Because of the late date, the Internal Revenue Service (IRS) will not process returns until February 14, 2011, if you itemize or have additional schedules. All of the tax rates will stay in place for 2011 and 2012, then Congress will need to address this issue again as taxes will automatically increase in 2013.

Congress made several other changes that will affect small business and individual tax payers.

Congress repealed the Make Works Tax credit and replaced it with a reduction in Social Security tax from 6.2% to 4.2% on the employee for one year only, 2011. The matching tax that the employer pays remains at 6.2%.

Congress had put in place a bonus depreciation of 50% for 2010 earlier in the year, then they increased the bonus deprecation to 100% for new fixed assets purchased on or after September 9, 2010 through December 31, 2011. This applies only to new equipment. For calendar year 2012, the Legislation continues bonus depreciation at 50%.

The 2010 Tax Relief Act made the following changes to the Estate Tax for deaths in 2010, the restored Estate tax system of 2011 (with a $5 million exemption and a tax rate of 35% on the excess) is the general rule. This allows smaller estates to receive a full step-up in basis without any reporting. However, for deaths in 2010, there is an elective option to retain the “No Estate Tax” regime with Section 1022 carryover basis and the limited $1.3 million and $3 million spousal step-up amounts. These rules will again sunset in 2013.

There are other credits and changes that will affect individuals and small businesses. You need to contact your professional accountant for more detail and consultation.

Dick Taylor, CPA, at May, Taylor & Co., says, “We have experienced some major tax changes and more are coming.

May, Taylor & Co. (P.C.), a locally owned and operated accounting firm, are tax professionals, ready to help you with all your tax needs.

The tax professionals at May, Taylor & Company continually monitor the latest changes in the tax laws in order to provide you the best possible tax advice and preparation.

Good tax planning is done all year long.

The staff at May, Taylor & Company is available to help with your year round tax planning.

From the largest business, to the smallest individual tax return, May, Taylor & Company always gives custom, specialized service.

Richard C. Taylor, CPA, says, “The professionals at May, Taylor & Company can handle all of your tax preparation needs.”

The staff at May, Taylor & Company has the resources and knowledge to answer your questions and help you with your tax planning.

Monthly Accounting Services and Payroll Services

May, Taylor & Company also offers Monthly Accounting Services and Payroll Services for small businesses.

The Monthly Accounting Services include bank reconciliation, payroll taxes, gross receipt taxes, financial statements, general ledger posting, account receivables and accounts payable.

The professional staff at May, Taylor & Company is also available to help new businesses set up their accounting records, and can assist businesses who have in-house accounting departments with expert advice and direction.

“Proper monthly accounting allows businesses to better manage their business and helps them make better business decisions,” says Richard Taylor.

The firm’s full Payroll Service includes preparation of payroll checks, tax deposits, all state and federal tax reports and they are able to provide direct deposits for employers.

May, Taylor & Company offers customized accounting services for:

• Large and small businesses;

• Individuals;

• Trusts;

• Partnerships;

• Corporations;

• Audits, for businesses;

• Tax preparation;

• Tax planning, for both income taxes and estate taxes;

• Monthly accounting services for small businesses; and

• Payroll services.

Professional staff

The professional staff at May, Taylor & Company comprises:

Richard C. Taylor (CPA);

Zan Coger (CPA); and

Taleyna Thompson.

They also have three paraprofessionals:

Patricia Rutley;

Michelle Huckabee; and

Yolanda Rodriguez.

Also in the office are: Viola Vigil, receptionist; and Diane Taylor, office manager.

Full service accounting firm

May, Taylor & Company is a full service accounting firm, as Richard Taylor reminds us, “Taxes are only part of our business.”

The professional staff at May, Taylor & Company is highly trained, and current on the latest tax changes and the latest accounting procedures.

They are college educated, CPA certified and they complete 40 hours of continuing education every year.

They are members of the New Mexico Society of CPA’s, the Texas Society of CPA’s and the American Institute of CPA’s.

As a safeguard for the public, members of both the N.M. Society and the American Institute of CPA’s participate in a peer review every three years.

A member firm, from another city, comes in and does an audit of their work papers to see that they are complying with current tax and accounting procedures.

Not all firms belong to the New Mexico or American Institute of CPA’s.

The public should ask their CPA if they participate in peer review.

Their professional staff is available for all tax needs, large or small.

Although May, Taylor & Company deals with accounts for large clients in New Mexico, Texas, Oklahoma, Arizona and internationally, they can handle any client, no matter how big or small.

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At May, Taylor & Company, “They take pride in helping all their clients, working with them towards their success.

“All clients are treated with the same respect, care and expertise.”

* * *

May, Taylor & Company encourages their employees to be involved in the community, to help it grow and prosper.

The company provides accounting service assistance to several nonprofit organizations and several of the staff donate their time as community volunteers, serving on boards and coaching youth sports.

Richard Taylor is currently serving as the District Four Chaves County Commissioner.

May, Taylor & Company’s offices are at 302 West Tilden Street.

The office is open from 8 a.m. until 5 p.m., Monday through Friday.

Call May, Taylor & Company at 622-2330 for information on how they can serve you.

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