Jon Bell CPA & Associates

01/02/2025

New Mexico tax law changes effective in 2025 from Ernst and Young.

Tax News Update: U.S. edition

11/15/2024

Small business owner? Your company may need to comply with a new federal filing requirement. Learn more about beneficial ownership reporting:

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10/06/2023

For those businesses that used an unscrupulous provider to file an ERC claim, the IRS is looking to offer a way for businesses to return the funds without sanctions. Criminal charges and civil penalties are being handed down to businesses that improperly claimed the credit as the IRS gives major attention to audit these claims.

Don't fall for scammers trying to get businesses and tax-exempt groups to claim the . If it seems too sweet, don't fall victim learn more: https://ow.ly/Ybik50PMa7B

03/18/2020

With fears of COVID-19 changing our lives at the present moment, it is easy to let something like taxes fall by the wayside. While Congress is considering extending the deadline, it actually pays to get moving on your return faster rather than later if you are due a refund. With all the financial uncertainty during the crisis, it is better to have that money in your pocket now more than ever.
On Friday, March 13, 2020, President Trump declared a national emergency over the virus, setting the stage for the Treasury and IRS to offer administrative tax relief. Some of the solutions being discussed include extending deadlines for tax return filing and tax payments, waiving penalties for late payments and interest, and expediting amended tax return processing.
In addition, the House and Senate are voting on a bill to provide tax cuts for employers offering emergency sick leave. It does not include the payroll tax cut sought by the President, but it does require insurers to cover virus testing and it provides enhanced unemployment benefits and increased food aid for children, among other things. The Senate is expected to pass the bill this week, and a Presidential signature after that is all but certain.
The President has announced that he will instruct Treasury to allow individuals and businesses that are negatively affected by the coronavirus to defer their tax payments beyond the April 15 deadline. Individuals and businesses will have an extra 90 days to pay the IRS if they owe additional income tax for 2019,
Normally, taxpayers owe the amount due by April 15. But as part of the government's response to the coronavirus, individual and small business filers will be able to defer payments of up to $1 million and corporations can defer up to $10 million -- without incurring interest or penalties. Please be aware this is not an extension of time to file extension requests or tax returns, but does provide some relief for those who owe tax
It is important to remember that all bills must pass both the House of Representatives and the Senate and be signed into law by the President – many things being discussed in the media have not yet become laws and until they are, the current laws stand including the due dates for tax returns and extension requests.
We will continue to keep you informed about changes that directly impact and benefit you. In the meantime if you have any questions, please don’t hesitate to contact us!

03/18/2020

SBA loans are available to businesses in NM. I am happy to help with the application process.

Attention New Mexico businesses: my administration has secured U.S. Small Business Administration Disaster Loan Assistance for businesses affected by the COVID-19 pandemic. New Mexico moved quickly to ensure support for local businesses and is one of the first states to secure this loan program statewide.

We are dedicated to assisting every business that we can to endure the significant hardship this emergency has already caused. This SBA loan program is one of several tools to help businesses remain resilient and continue servicing their communities into the future.

Find more information about how to begin a loan application here: http://bit.ly/33sxi1i

03/17/2020

Loans to NM businesses

Businesses prosper and their employees enjoy happy and healthy lifestyles in New Mexico.

02/19/2020

We are hiring for a Full-time Administrator.

Find your next great career opportunity at Jon Bell, CPA

01/18/2020

Operate a vehicle for business? Read on for some tax-saving tips.

Do you drive your car for business purposes? The costs of operating and maintaining your vehicle are potentially deductible.

12/31/2019

12/06/2019

Thinking of selling your company - Here is a great way to do so.

Sec. 1202 provides an opportunity for investors to make investments that could qualify for a full federal income tax exemption on a subsequent sale.