Boucher, Morgan and Young, a P.C.

Boucher, Morgan and Young, a P.C. BMY is a full service accounting firm, including accounting, tax and assurance services.

Recent tax law changes made the New Markets Tax Credit permanent. This program encourages private investment in economic...
08/27/2026

Recent tax law changes made the New Markets Tax Credit permanent. This program encourages private investment in economically distressed communities by offering federal income tax credits to qualifying investors.

If your business invests in a certified community development entity (CDE), you may be eligible for a credit equal to 39% of your investment over seven years. Alternatively, your business may benefit indirectly by receiving CDE financing for renovations, equipment, expansion or other eligible projects in qualifying low-income communities.

Contact us to learn more. We can help you estimate the potential tax or financing benefits and comply with the applicable requirements.

Capital investments might be on your radar as you consider year-end tax strategies or begin developing your 2027 budget....
08/24/2026

Capital investments might be on your radar as you consider year-end tax strategies or begin developing your 2027 budget. You may identify several promising opportunities, such as buying equipment, upgrading technology or launching a new product. Which projects do you have the cash flow, financing and staffing capacity to pursue today — and which ones can wait? A comprehensive financial analysis can enable you to make the best use of available resources. We can help you develop realistic financial projections and evaluate alternatives with capital budgeting tools, such as payback period, net present value and internal rate of return. Contact us for guidance on making smarter investment decisions.

Cryptocurrency holders: Be alert for a new IRS impersonation scam. Fraudsters are mailing fake IRS letters directing rec...
08/20/2026

Cryptocurrency holders: Be alert for a new IRS impersonation scam. Fraudsters are mailing fake IRS letters directing recipients to a bogus “Digital Asset Compliance Portal.” The letters instruct recipients to scan a QR code that leads to a fraudulent website designed to look like https://bit.ly/2qDnQsI The site may ask for personal information, cryptocurrency wallet details, or exchange account credentials that criminals can use to steal identities or digital assets. If you receive one of these letters, don’t respond. Report any suspicious communication to the IRS immediately (https://bit.ly/4h71IOi). If you have questions about an IRS notice or digital asset reporting, we’re here to help.

08/12/2026

**ATTENTION ALL CLIENTS WHO FILED INCOME TAX EXTENSIONS**

In order to guarantee that your Income Tax is completed and E-Filed by the Tax Deadline our office requires ALL tax documents be turned into our office one month prior to the tax deadline.

ALL TAX DOCUMENTS FOR PARTNERSHIPS & S-CORPORATIONS SHOULD BE TURNED INTO THE OFFICE THIS WEEK FOR THE SEPTEMBER 15TH DEADLINE!

ALL TAX DOCUMENTS FOR INDIVIDUAL & C-CORPORATIONS SHOULD BE TURNED INTO THE OFFICE BY SEPTEMBER 15TH FOR THE OCTOBER 15TH DEADLINE!

THERE ARE NO MORE EXTENSIONS!!!

Thank you!

Do you have a health savings account (HSA)? If you’re covered by a high-deductible health plan (HDHP) or Bronze or Catas...
08/12/2026

Do you have a health savings account (HSA)? If you’re covered by a high-deductible health plan (HDHP) or Bronze or Catastrophic plan available on state and federal insurance exchanges, you can pair it with an HSA. HSAs are funded with pretax or tax-deductible contributions, and withdrawals to pay for qualified out-of-pocket medical expenses are tax-free. This includes deductibles. In 2026, you can contribute up to $4,400 to an HSA for yourself ($8,750 to a family account). HSA funds can be invested. Any earnings won’t be taxed until they’re withdrawn — and only if they’re not used for medical expenses. Contact us for more information on tax-advantaged ways to save for health care.

Making large gifts to your family can significantly reduce the size of your taxable estate. But hard-to-value gifts, suc...
08/10/2026

Making large gifts to your family can significantly reduce the size of your taxable estate. But hard-to-value gifts, such as interests in a closely held business, can lead to gift tax liabilities (plus interest and possibly penalties) if the IRS determines that the gift was undervalued. To help avoid an unexpected outcome, consider making a defined-value gift. It’s a gift of assets valued at a specific dollar amount rather than a certain number of stock shares or a specified percentage of a business entity. The key is to ensure that the defined-value language in the transfer document is drafted as a “formula” clause rather than an invalid “savings” clause. Contact us to learn more.

Did you request an extension to file your 2025 individual federal income tax return? If so, you have until Oct. 15, 2026...
08/06/2026

Did you request an extension to file your 2025 individual federal income tax return? If so, you have until Oct. 15, 2026, to file it. But if you have the tax-filing information you need, you may want to file now. There’s no advantage to waiting until the fall. If you owe tax, the IRS offers short- and long-term payment plans, as well as installment agreements, to taxpayers who qualify. It’s important to act quickly if you owe because any amount that was due April 15 accrues interest until the balance is paid. Contact us if you have questions regarding your current tax situation.

08/04/2026

The IRS has increased the 2026 cents-per-mile rates for calculating tax-deductible vehicle operating costs due to rising fuel costs. Effective July 1, 2026, the standard mileage rate for the business use of a car, van, pickup truck or panel truck is 76 cents per mile, up from 72.5 cents per mile for the first half of the year. The revised rate for medical and eligible moving purposes is 23.5 cents per mile, up from 20.5 cents per mile. For charitable driving, the 14 cents per mile rate remains unchanged. These rates apply to gasoline- and diesel-powered vehicles as well as electric and hybrid ones. To protect your deduction, keep detailed mileage records. Contact us with questions.

The IRS is reminding taxpayers that an effective way to combat tax-related identity theft is to sign up to receive an Id...
08/03/2026

The IRS is reminding taxpayers that an effective way to combat tax-related identity theft is to sign up to receive an Identity Protection Personal Identification Number (IP PIN). It’s a six-digit number, and obtaining one is voluntary. An IP PIN is valid for one year and automatically replaced after expiration (typically in mid-to-late January). In Tax Tip 2026-56, the IRS explains that anyone with a Social Security number or an Individual Taxpayer Identification Number can request an IP PIN, including taxpayers living abroad. The IRS notes that it never calls, emails or texts taxpayers to request their IP PINs. Contact us with questions regarding an IP PIN or visit: https://bit.ly/3RHMfKh

Address

3020 Northwest Loop
Stephenville, TX
76401

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

Telephone

+12549657321

Website

Alerts

Be the first to know and let us send you an email when Boucher, Morgan and Young, a P.C. posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Boucher, Morgan and Young, a P.C.:

Shortcuts

Share