Welcome and thank you for visiting our website.

Cantrell & Associates is an established Dallas-based CPA firm specializing in accounting, audit, tax and management services.

You Have Questions And We Are Here To Help

Cantrell & Associates are available to assist you as we all endure the challenges brought upon us by COVID-19.

Our Website has up to date information regarding the Pandemic Crisis and how it affects you and your loved ones.  Current Tax and Financial Information is available as it is released.

Follow the links through our Resource Tab.

We are a nation amid times of cultural conflict and diversity regarding where we stand:

      Politically, Religiously, Generationally, Socially and Racially

There is only one thing that is certain.  We are all human beings and need to stand together to find a solution to this pandemic that threatens all of us.  We need more understanding, compassion and the willingness to put personal opinions and choices aside and come together as one.

    “This is the Ultimate Solution without Interest and Penalties”

News

Tax Alerts
Tax Briefing(s)

The IRS has provided details clarifying the federal tax status involving special payments made by 21 states in 2022. Taxpayers in many states will not need to report these payments on their 2022 tax returns.


The IRS intends to change how it defines vans, sports utility vehicles (SUVs), pickup trucks and “other vehicles” for purposes of the Code Sec. 30D new clean vehicle credit. These changes are reflected in updated IRS Frequently Asked Questions (FAQs) for the new, previously owned and commercial clean vehicle credits.


The IRS established the program to allocate environmental justice solar and wind capacity limitation (Capacity Limitation) to qualified solar and wind facilities eligible for the Low-Income Communities Bonus Credit Program component of the energy investment credit.


The IRS announced a program to allocate $10 billion of credits for qualified investments in eligible qualifying advanced energy projects (the Code Sec. 48C(e) program). At least $4 billion of these credits may be allocated only to projects located in certain energy communities.


The IRS has released new rules and conditions for implementing the real estate developer alternative cost method. This is an optional safe harbor method of accounting for real estate developers to determine when common improvement costs may be included in the basis of individual units of real property in a real property development project held for sale to determine the gain or loss from sales of those units.


The IRS announced that taxpayers electronically filing their Form 1040-X, Amended U.S Individual Income Tax Return, will for the first time be able to select direct deposit for any resulting refund. 


The OECD/G20 Inclusive Framework released a package of technical and administrative guidance that achieves clarity on the global minimum tax on multinational corporations known as Pillar Two. Further, it provides critical protections for important tax incentives, including green tax credit incentives established in the Inflation Reduction Act. 


Our Philosophy

Simply stated, the experience of our principals and associates enables the firm to provide its clients with services of the highest quality at cost effective rates.

- Peter Cantrell