Classes

2017 Core Builders Class

Join us for our Core Builders Class, a three-day workshop designed for attendees to learn the framework of business. The first session will be held in Albuquerque on October 23-25, and an identical session will be held in El Paso on November 6-8.

Working Smarter:  Small Business Trends You Need to Know Now

This series will be offered in each of our offices this fall, as well as through a webinar on November 10. It is a series of four mini-seminars designed to help small business owners learn how to more effectively market their business, gain a better understanding of cash flow, build or enhance a profit-sharing or retirement program, and stay compliant with HR regulations and best practices.

Visit our classes page for more information and to register.

 

Blog

Sep 19, 2017
Supervisor Benjamin A. Martinez, CPA shares the similarities he has experienced between participating in triathlons and audit work.
Aug 10, 2017
It's important to know the current trends in cybercrime in order to protect yourself.  In this article we look at Spear Phishing Emails and how you can identify and avoid them.
Aug 2, 2017

Information security is a constant, and growing, concern for business owners and the schemes utilized by thieves are increasingly plausible and complex.  This article highlights fraudulent wire transfers and how to avoid falling victim to this scheme.

Jul 27, 2017

In this article, RPC’s Financial Coach Greg Pare suggests avoiding impulsive financial decisions. He states that many times we are too emotionally attached to the situation and suggests getting a viewpoint from a third party with no emotional attachment to the decision at hand.

Jul 17, 2017

Are you an owner of an S-Corp and considering implementing a retirement plan for your business?  This article explains the amounts of your income that will be included in determining your personal contributions to the retirement plan, the amounts that will be disregarded, and how the amounts are determined.  This information will assist you in understanding how the plan can benefit you personally.

Jul 10, 2017
Tax planning is one of the activities our CPAs relish in, and lucky for them, farmers and ranchers have some of the most options when it comes to tax planning opportunities. It’s never too early to get started, so we encourage you to take a few minutes to read this article which highlights a few options. If you have any questions, or would like to speak with someone about your tax planning needs, please call Jack Kirkland or Michele Kirkland, the CPAs who head up our Agriculture niche at 866.307.2727.
Jul 3, 2017
Approximately 4 million small to medium sized businesses will either change hands or close down during the next 12 years.  If you are a business owner who is over 50 years old, we urge you to read this short article and start thinking about how and when you want to exit your business now.  The time and effort you put into your exit plan will have a direct correlation to your exit success.
Jun 23, 2017
The following article is written by 15 year old Erica Grace Williams of Farwell, Texas, daughter of our clients Ryan and Annie Williams whose primary farm operation is in the Texas panhandle.  It was published in the local State Line Tribune newspaper.  We have obtained permission to reproduce the article and thought we would share it with our friends and clients.
Mar 15, 2017

Ready to grow your money? Growing a crop takes good seeds. Financial Coach Greg Pare explains the importance of our behaviors and attitudes towards money and how those affect the quality of money seeds that we are planting.

Mar 10, 2017

Auditors and auditees set out each year to have a successful audit. We believe that these three keys will assist you as an auditee in having an efficient, stress-free audit.

Mar 6, 2017

Many utilize automated payments coming out of their checking accounts.  Is that a convenience factor or opportunity for disaster?  And what about automated savings?  Personal Finance and Small Business Coach Greg Pare urges you to automate your savings.

Feb 21, 2017

"I will be with you."  That's the simplest, shortest explanation of the two points that Financial Coach Greg Pare deals with as he visits with couples and individuals all over the world.

Feb 7, 2017

The New Mexico State Auditor's Office sent out communication regarding changes to the 2017 State Audit Rule last Wednesday morning. The changes relate to giving an opinion on every fund and due dates for submission for certain entities. Click more to read a full explanation.

Dec 15, 2016

Is giving part of your financial plan?  It should be IF you’re in position to do so.  That’s where Financial Coach Greg Pare urges us to go and the reasons why in this post.

Nov 30, 2016

December doesn’t have to be a stressful month financially!  Personal Finance Coach Greg Pare reminds us of some extra expenses that might sneak up on us, and he gives tips on how to plan for them in the future.

Nov 8, 2016
Really, there is no such thing as unplanned expenses.  Our financial coaches teach our clients to budget for "the unexpected" every month, as highlighted in this month's blog post by Personal Finance and Small Business Coach Greg Pare.  Click more below to read...
Aug 16, 2016

As you may be aware, there have been several changes in due dates for some federal tax returns, which will be effective for the 2017 filing season or the 2016 tax year for calendar year-end filers. These modifications relate mostly to flow-through entities, including S corporations and partnerships that provide Schedule K-1s (partner’s/shareholder’s share of income, deductions, credits, etc.), containing investment information of partners/shareholders.  Click "more" to find out if this will effect you.

Jun 10, 2016
Click here to read a short example on the benefits of knowing what types of investments to utilize when preparing for retirement, and when to pull from them during retirement, in order to pay as little tax as possible - or none as in this case!
Mar 24, 2016

I get the whole separation of church and state thing, and I often get on my soap box about how the government should wake up and see the good that charitable organizations do for society and be more supportive of them.  Well dig this!

Mar 7, 2016
Crooks are posing as the IRS over the phone to scam people out of money. RPC CPAs is here to give you the information you need to keep yourself safe.
Mar 3, 2016

On February 25, the FASB issued the long-awaited new leasing standard (known in the trade as ASU 2016-02 - Leases (Topic 842)). The final standard contains no surprises from what had been previously discussed.

Mar 1, 2016
In this, Part II of Timing Your Chairtable Giving, we explore both the reasons to consider giving earlier in the year, and some of the rules to what qualifies.  Click below for the full article.
Feb 23, 2016

Most people probably don’t give to charities just for tax purposes, but being a CPA it’s in my blood to at least consider it.  After all, less taxes equals more giving, right?  Following is a tax planning thought if your itemized deductions are right on the bubble of being able to get the tax break.

Jan 6, 2016

This year, the last minute extender legislation passed as part of the Consolidated Appropriations Act, 2016 (the Act) contains good news for just about everyone. It makes many of the long-favored tax breaks (so-called extenders) permanent and retroactively extends (some for five years, others for two years) the rest of them, and, for the cherry on top, it throws in a few new tax breaks as well. In fact, about the only downside is that the retroactive extension left precious little time to take advantage of the tax breaks for 2015, but not for future years.  Taxpayers will finally be able to determine with relative certainty (as much as there is certainty with taxes) the impact of these tax provisions on their long-term financial and business planning decisions. Click here for a quick summary of the most important tax changes.

Dec 30, 2014

Don't forget to choose your depreciation safe harbor elections now, before it's too late.  Forms are provided here...

Dec 23, 2014
Year-end tax planning has been especially challenging this year because Congress has waited till now to act on a host of tax breaks called “the extenders.”
Feb 28, 2014
Follow these 3 easy steps to check on your tax refund.
Feb 26, 2014

Article Highlights

  • Estates of decedents who died after December 31, 2010 may elect to transfer any unused estate tax exclusion to the surviving spouse.
  • The election must be made on an estate tax return for the decedent.
  • The estate tax return must be timely filed.
  • The IRS recently announced a retroactive automatic extension through December 31, 2014, to file for this election.

Estates of decedents who died after December 31, 2010 may elect to transfer any unused estate tax exclusion to the surviving spouse. The amount received by the surviving spouse is called the “deceased spousal unused exclusion” (DSUE) amount. Making this election can have a profound effect on the taxation of the estate of the surviving spouse.

Feb 21, 2014

The Earned Income Tax Credit (EITC) is a refundable credit primarily for lower-income individuals and couples with qualifying children. The credit first offsets any tax liability of the taxpayer(s), and any credit left over is fully refundable. For 2013, the credit can be as much as $6,044 for a taxpayer with three children. The IRS reports that in the past, 1 in 5 individuals who qualified for the credit failed to claim it.

The credit is based on an individual’s financial, marital, and parental status for the year. The credit increases with earned income until the maximum credit is reached and phases out for higher-income taxpayers. For 2013, the following is the maximum credit, based on the number of children, and the income level at which the credit is fully phased out.

Number of Qualifying Children:        None         One         Two         Three
Maximum Credit ………                    $487      $3,250      $5,372      $6,044

Totally Phased Out when AGI or Earned Income Exceeds:

Joint Filers                  $19,680     $43,210    $48,378    $51,567
Others                       $14,340     $37,870    $43,038    $46,227

Feb 19, 2014
Qualified Tuition Programs, commonly referred to as Section 529 plans (named after the section of the IRS Code that created them), are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These state-sponsored plans allow you to gift large sums of money for a family member’s college education, while you maintain control of the funds. The earnings from these accounts grow tax-deferred and are tax-free if used to pay for qualified higher education expenses. 529 plans can be used as an estate-planning tool as well, providing a means to transfer large amounts of money without gift tax. With all these tax benefits, 529 plans are excellent vehicles for college funding.
Feb 5, 2014

Article Highlights:

  • Employers have until Jan. 31, 2014, to provide 2013 W-2s to employees.
  • Steps to take when W-2 has not arrived by scheduled tax appointment.
  • Contact employer if W-2 is not received, then IRS if it is still missing after Feb. 15, 2014.
  • How to proceed if W-2 is still missing by the return due date.

Have you received all of your W-2s? These documents are essential for completing individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from all of your employers each year. Employers have until January 31 to provide or send you a 2013 W-2 earnings statement, either electronically or in paper form. If you have not received your W-2, follow these steps:

Jan 31, 2014

Article Highlights:

  • It is time to gather your information for your tax appointment
  • Choosing your alternatives
  • Tips for pulling your information together

If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Pulling together the records for your tax appointment is never easy, but the effort usually pays off in the extra tax you save! When you arrive at your appointment fully prepared, you’ll have more time to:

  • Consider every possible legal deduction;
  • Evaluate which income reporting and deductions are best suited to your situation;
  • Explore current law changes that affect your tax status;
  • Talk about tax-planning alternatives that could reduce your future tax liability.
Jan 29, 2014

Article Highlights:

  • Qualified residence interest is deductible interest paid or accrued during the tax year on acquisition indebtedness or home equity indebtedness with respect to any qualified residence of the taxpayer.
  • Acquisition indebtedness means any indebtedness that is incurred in acquiring, constructing, or substantially improving any qualified residence of the taxpayer, and is secured by such residence.
  • Interest on unsecured home debt is generally not deductible.
Jan 26, 2014
  • E-filing is not possible if married name does not match Social Security Administration (SSA) records.
  • Use SSA Form SS-5 to update SSA records.
  • A married status may produce unexpected tax results.

If you got married during 2013, don’t forget to notify the Social Security Administration (SSA), IRS, and Postal Service of your address and/or name change. If the SSA does not have the same name as used on your tax return, you may not be able to e-file your returns and your refund could be delayed.

Jan 24, 2014
Beginning in 2014, the Affordable Care Act will impose the new requirement that all people in the United States, with certain exceptions, have minimum essential health care insurance or they will be subject to a penalty. How this will affect your family will depend upon a number of issues.
Jan 22, 2014

Article Highlights:

  • A gift tax return must be filed if you give gifts in excess of $14,000 per recipient during the year.
  • Directly paid medical and educational gifts are excluded
  • Married individuals can increase the annual $14,000 exclusion to $28,000 by splitting gifts.
  • The estate tax exemption can be used to offset gifts in excess of the annual exclusion.

Frequently, taxpayers think that gifts of cash, securities, or other assets that they give to other individuals are tax-deductible and, in turn, the gift recipient sometimes thinks that income tax must be paid on the gift received. Nothing is further from the truth. To fully understand the ramifications of gifting, one needs to realize that gift tax laws are related to estate tax laws.

Jan 10, 2014

Article Highlights: 

  • Without Congressional action, Social Security will become insolvent in 2033.
  • Benefits could shrink to 77% of the current levels and/or payments could be delayed.
  • Individuals need to take proactive steps to supplement Social Security.

This subject comes up over and over again and Congress keeps kicking it down the road, not wanting to deal with the political fallout that will result if taxes are increased or benefits are reduced to fund future Social Security benefits. The last change Congress made was to gradually extend the full retirement age from the age of 65 to the age of 67 between 2002 and 2025.

Jan 8, 2014

If you receive income in your name that actually belongs to someone else, aside from your spouse if married filing jointly, you are a nominee. This means you must file a 1099 form with the IRS appropriate to the type of income you received and give a copy of it to the income’s actual owner.

One of the most common nominee situations is a joint bank account or brokerage account with all of its income reported under your Social Security (SS) number. You will need to provide the IRS and your account co-owner with a 1099 reporting the co-owner’s share of the income under his or her SS number. Then, when you file your return, you need to show all the income but back out the co-owner’s share as a “nominee amount.”

The type of 1099 to file depends upon the type of income: 1099-INT for interest, 1099-DIV for dividends, and 1099-B for the proceeds from selling stocks and bonds. If the joint account is a brokerage account that has produced interest and dividend income, along with stock or bond sales, the nominee will need to prepare one of each type of 1099 for each co-owner.

You should provide Forms 1099-INT and 1099-DIV as a nominee to the recipients by January 31, while the deadline for Form 1099-B is February 15. To avoid penalties, you need to send copies of the 1099s to the IRS by February 28, on magnetic media or optically scannable paper forms (OCR forms). This firm prepares 1099s in OCR format for submission to the IRS along with the required 1096 transmittal form. This service provides recipient and file copies for your records.

If you have questions about filing 1099s as a nominee, please call this office.

Jan 8, 2014
As 2014 begins, the need to be aware of the many tax changes heightens. Below are important Tax Updates that will likely affect you. As always, we strive to keep you in the black, not in the dark.
Jan 1, 2014

Article Highlights:

  • Home mortgage interest can generally be deducted only by a person who is legally obligated to pay the mortgage.
  • An exception to the preceding general rule applies for interest paid on a real estate mortgage when a person is a legal or equitable owner of the real estate, but is not directly liable for the debt.
  • If the person making the mortgage payment is not liable, or is not an equitable owner, then that individual is not allowed the interest deduction, nor is the individual who is liable on the debt.

It is becoming increasingly common for couples to live together and remain unmarried, which can lead to potential tax problems when they share the expenses of a home, but only one of them is liable for the debt on that home.