Welcome and thank you for visiting our website.

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 Financial Crimes Enforcement Network (FinCEN) has removed the requirement that U.S. companies and U.S. persons must report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.


Melanie Krause, the IRS’s Chief Operating Officer, has been named acting IRS Commissioner following the retirement of Doug O’Donnell. Treasury Secretary Scott Bessent acknowledged O’Donnell’s 38 years of service, commending his leadership and dedication to taxpayers.


A grant disbursement to a corporation to be used for rent payments following the September 11, 2001 terrorist attacks on the World Trade Center was not excluded from the corporation's gross income. Grants were made to affected businesses with funding provided by the U.S. Department of Housing and Urban Development. The corporation's grant agreement required the corporation to employ a certain number of people in New York City, with a portion of those people employed in lower Manhattan for a period of time. Pursuant to this agreement, the corporation requested a disbursement as reimbursement for rent expenses.


The parent corporation of two tiers of controlled foreign corporations (CFCs) with a domestic partnership interposed between the two tiers was not entitled to deemed paid foreign tax credits under Code Sec. 902 or Code Sec. 960 for taxes paid or accrued by the lower-tier CFCs owned by the domestic partnership. Code Sec. 902 did not apply because there was no dividend distribution. Code Sec. 960 did not apply because the Code Sec. 951(a) inclusions with respect to the lower-tier CFCs were not taken into account by the domestic corporation.


An appeals court affirmed that payments made by an individual taxpayer to his ex-wife did not meet the statutory criteria for deductible alimony. The taxpayer claimed said payments were deductible alimony on his federal tax returns.


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