Marcus, Fairall, Bristol + CO., PLLC

10/30/2025

When you receive your paycheck, it’s natural to focus on the amount you’re taking home. But have you ever wondered where the rest of your money goes? Each deduction listed on your pay stub serves a specific purpose and helps support essential programs or benefits. Understanding these deductions can help you manage your finances better and ensure that your paycheck adds up the way it should.

Understand common paycheck deductions like taxes, insurance, and retirement with help from Marcus, Fairall, Bristol + CO., PLLC in El Paso. Call today.

07/23/2025

You may have heard about the “One Big, Beautiful Bill” that was signed into law on July 4, 2025. Many people are confused about what this new law actually does for Social Security taxes. Let’s clear up the confusion and explain what this really means for you and your family. https://marcfair.com/the-big-beautiful-bill-and-social-security-what-it-really-means-for-you/

05/14/2025

As a business owner in Texas or New Mexico, it’s important to understand the difference between state and federal taxes. Knowing how each one works can help you avoid trouble with the IRS and save money at the same time.

Learn the key differences between state and federal taxes for businesses in Texas and New Mexico. Get expert tips from Marcus, Fairall, Bristol + CO., PLLC.

05/14/2025

Life is full of big changes—some exciting, others difficult. Whether you’re getting married, going through a divorce, having a baby, starting a business, or retiring, these moments can affect your finances in many ways.

In this article, we talk about How a CPA Can Help You Navigate Major Life Changes.

See how a CPA can guide you through major life changes like marriage, divorce, and retirement. Get help from Marcus, Fairall, Bristol + CO., PLLC in El Paso.

03/13/2025

Tax season can be a stressful time for most people. From the multiple tax forms to the dozens of questions about your income, it can be overwhelming. In this article, we will discuss how proper tax preparation can help you stay on top of things.

https://marcfair.com/how-to-organize-your-financial-records-for-tax-season/

02/21/2025

The start of a new tax season brings changes that can impact your filing process. Whether you’re filing as an individual or a business, staying informed is essential to making the most of your return. At Marcus, Fairall, Bristol + Co., PLLC, we specialize in tax preparation in El Paso and can help you navigate these updates

You can learn more in our latest blog:

Stay informed about the latest tax season updates, including changes to deductions, credits, and reporting requirements. Simplify your tax preparation today!

12/05/2024

Court halts BOI reporting; AICPA urges preparedness

We are recommending that if you haven’t yet filed, and were required to before this injunction, you should make sure you have all the data necessary to file on hand, or go ahead and file, in case this injunction gets reversed and the deadline of January 1 still holds.

Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations.

12/05/2024

Forensic accounting is detective work: It is very much a process of following the money. David Marcus is the managing partner of Marcus, Fairall, Bristol & Co., PLLC; the ONLY ACCOUNTING FIRM certified to offer forensic accounting services in the El Paso area.

Forensic accounting firms play a critical role in uncovering financial irregularities, solving complex financial disputes, and providing expert testimony in legal proceedings.

“We work together with law enforcement agencies, attorneys, and accounting firms to investigate a wide range of financial matters,” Marcus says.

Marcus, Fairall, Bristol & Co, PLLC offers a full range of forensic accounting services in El Paso for large and small businesses, personal estates, individuals, and non-profit organizations. Contact us online or call (915) 775-1040 to learn more.

Fraud Investigations
Fraudulent activities such as embezzlement – when someone secretly takes money that doesn’t belong to them – are pervasive in various industries. Navigating through the financial trail can be tricky. And that’s where forensic accountants shine. We decipher financial mysteries, settle monetary disputes, and will testify in court.

At Marcus, Fairall Bristol & Co., PLLC, we’re dedicated to unraveling questionable financial dilemmas for businesses and individuals in El Paso. Want to know more? Connect with us online or call (915) 775-1040.

Divorce and Matrimonial Disputes
When couples part ways, they often require assistance in assessing the value of material assets, analyzing financial records, and determining the equitable division of property. A forensic investigation delves into financial records and helps to ensure an equitable distribution.

Bankruptcy
In bankruptcy cases, forensic accounting firms in El Paso examine financial records, evaluate financial health, and identify assets that might be liquidated. Investigations can vary in duration, depending on the complexity of the case.

Marcus says some investigations can be resolved in a few weeks, while others can take several months or even longer, especially if litigation is involved. In bankruptcy court, the firm will provide expert testimony that assists creditors, debtors, and the court in making informed decisions throughout the process.

Shareholder Disputes
Shareholder disputes can erupt due to disagreements over company operations, financial matters, or the valuation of shares. The forensic accountant prepares opinions regarding shared values and financial reports to help parties reach equitable resolutions and avoid protracted, costly litigation.

Forensic Accountants in El Paso and Las Cruces
David Marcus is a Certified Public Accountant (CPA), a Certified Fraud Forensic (CFF), and has the knowledge and experience to investigate fraud, settle disputes, and more.

If you’re in need of forensic accounting services, Marcus, Fairall, Bristol & Co, PLLC is here to support personal and professional disputes in El Paso. Call (915) 775-1040 to schedule an appointment today.

11/11/2024

WHAT TO DO IF YOU'VE MADE A MISTAKE ON YOUR TAX RETURN

Doing your taxes can be stressful and sometimes confusing. Though mistakes can happen, it’s important to fix any errors as soon as possible on your tax return. In this article, we will explain what you can do if you make a mistake on your return(s).

At Marcus, Fairall, Bristol + Co., located in El Paso, TX, we offer tax preparation, tax resolution, forensic investigations, and many more. If you believe you might have made a mistake on your tax return, we can help. To speak with one of our professionals, give us a call at (915) 775-0140 or contact us online today.

Fixing Your Tax Return
If you discover you made an error on your tax return, there’s nothing to worry about as long as you fix that error promptly. If you expect a refund from your amended return, you have three years from the date your return is first filed to make any necessary corrections. If the return was filed more than three years ago, and you want to file an amended return, you can still do so, but any refunds over three years after the date the original return was filed will be lost. Generally, the IRS will detect a math error, deduction mistake, or income omission and will then send you a letter informing you; they will also let you know how you can go about correcting it. Sometimes those mistakes result in you having to owe money, and if that’s the case, you must pay the balance as quickly as possible to avoid paying interest and penalties because of your error. Proper tax preparation in El Paso can help you avoid these mistakes.

Some possible corrections that need to be made include:

Adding or subtracting dependents
Over/Understating your total income
Taking care of tax credits or discrepancies
Changing a filing status
Combined business and personal expenses
Misspelling of names or addresses
A dependent files incorrectly
Forgetting necessary paperwork
Missing signatures

If any of these instances occur, you must file an amended tax return. However, if you happen to catch an error before the filing due date, you will have to file a superseding return to replace the faulty one. The difference between the two forms is that the superseding form is a completely new return, while an amended one is an additional form to your return. Thankfully, the IRS understands that mistakes can happen and provides you with every possible tool you need to fix them. However, despite providing the tools to fix the errors, you must address the issues immediately. For future returns, consider seeking out an El Paso tax preparation company to help you through the process to avoid any mistakes.

Penalties
If you fail to make any corrections, you will be hit by an IRS penalty. You can receive up to a 20% penalty on the amount you owe. Tiny errors like misspelling your address or putting the wrong filing year will NOT result in a penalty. You will only be penalized if there is a significant math error (deductions, income, etc.).

Tax Preparation in El Paso
At Marcus, Fairall, Bristol + Co., located in El Paso, TX, we offer tax preparation services to help you avoid making mistakes on your returns. If you received a letter from the IRS saying you made an error, call (915) 775-0140 today for assistance.

08/08/2024

NAVIGATING TAX LAW CHANGES

The tax landscape is set to undergo significant changes in the coming years, particularly with several key tax provisions expiring after 2025. These changes can significantly impact individuals’ tax liabilities and financial planning strategies.

* Changes in Tax Rates and Brackets
One of the major changes is the potential increase in tax rates and adjustments in tax brackets. Currently, the tax rates range from 10% to 37%, but they are set to revert to pre-2017 levels, which are higher. This means many taxpayers could see an increase in their overall tax liability.

* Standard Deductions and Personal Exemptions
The standard deduction was significantly increased under the 2017 tax reform law. However, this provision is set to expire, potentially reducing the standard deduction amounts. Additionally, personal exemptions, which were eliminated under the current law, may return, impacting taxable income calculations.

* Child Tax Credits
The child tax credit was doubled to $2,000 per qualifying child, with an additional $500 credit for other dependents. This provision is also set to expire, potentially reducing the available credits for families.

* Estate and Gift Tax Exemptions
The current estate and gift tax exemption amounts are much higher than pre-2018 levels. These exemptions are set to revert to lower amounts, which could affect estate planning strategies and increase estate tax liabilities for individuals with significant assets.

* Deductions and Credits
Several deductions and credits introduced or expanded under the 2017 tax law are set to expire. These include the 20% qualified business income deduction, the higher AGI limitation for cash donations to qualified charities, and various itemized deductions. The expiration of these provisions could impact taxpayers’ ability to reduce their taxable income.

HOW WE CAN HELP

* We stay updated on the latest changes and understand the implications of new tax laws. Their expertise enables them to provide accurate and timely advice to clients, helping them make informed financial decisions.

* We assist individuals and businesses to develop tax strategies that minimize liabilities. This involves understanding deductions, credits, and other tax benefits that can reduce the amount owed.

* We prepare and file accurate tax returns, helping clients avoid penalties and audits and also provide guidance on maintaining proper records and documentation to support tax filings.

As tax laws change, we will help small businesses, non-profits, and individuals navigate the ever-changing tax field. Contact us online or call (915) 775-1040 to learn more.

04/01/2024

Struggling to keep up with the numbers and taxes? Running a small business solo can feel like a constant balancing act. But here's a game-changer: outsourcing your accounting.

Why Should Small Businesses Consider Outsourcing Their Accounting?

Discover the smart solution: outsourcing your accounting tasks to a trusted firm. Find out how it can benefit your business in our latest blog post!

Outsourcing your small business accounting with a trusted El Paso accounting firm provides numerous benefits. Read to learn more.