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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 released the annual inflation adjustments for 2023 for the income tax rate tables, plus more than 60 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation.


The 2023 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan limitations will change for 2022 because the increase in the cost-of-living index due to inflation met the statutory thresholds that trigger their adjustment. 


For 2023, the Social Security wage cap will be $160,200, and social security and Supplemental Security Income (SSI) benefits will increase by 8.7 percent. These changes reflect cost-of-living adjustments to account for inflation.


The IRS has released the 2022-2023 special per diem rates. Taxpayers use the per diem rates to substantiate certain expenses incurred while traveling away from home. 


The Financial Crimes Enforcement Network (FinCEN) has issued a final rule implementing the beneficial ownership information reporting provisions under the Corporate Transparency Act (CTA), which was enacted as part of the National Defense Authorization Act for Fiscal Year 2021 ( P.L. 116-283). The CTA amended the Bank Secrecy Act by adding a new provision on beneficial ownership reporting ( 31 USC §5336).


The IRS issued final regulations to strengthen implementation of the Affordable Care Act by fixing the “family glitch.” The rules amend eligibility for the premium tax credit (PTC) to allow family members of workers who are offered unaffordable family coverage to qualify for premium tax credits. The regulations also add a minimum value rule for family members of employees, based on the benefits provided to the family members. This guidance would affect taxpayers who enroll, or enroll a family member, in individual health insurance coverage through a Health Insurance Exchange (Exchange) and who may be allowed a Premium Tax Credit for the coverage.


A new revenue procedure provides taxpayer assistance procedures to allow S corporations and their shareholders to resolve frequently encountered issues without requesting a private letter ruling (PLR).


The IRS identified drought-stricken areas where tax relief is available to taxpayers that sold or exchanged livestock because of drought. The relief extends the deadlines for taxpayers to replace the livestock and avoid reporting gain on the sales. These extensions apply until the drought-stricken area has a drought-free year.


Senate Finance Committee Chairman Ron Wyden has indicated to the Internal Revenue Service what his expectations for the recently allocated funds from the Inflation Reduction Act are to be used for.


The American Institute of CPAs has posted comments on guidance recently issued by the Internal Revenue Service regarding the deductibility of payments by partnerships and S corporations for certain state and local taxes.


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

Meet the Directors

Timothy Loposer, CPA

Director

John S. Hammett, CPA

Director