Timothy L Donovan CPA PC
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2022 Proposed Tax Changes - President Biden's proposed American Families Plan tax act will increase taxes significantly in 2022 if it passes as proposed. Details on our Tax Tips page. Letter from IRS? - Got an audit, collection, or penalty letter from IRS? - Call us - we can help. Not Just Taxes - Working together with you, our client, we look at the big picture - your business, personal and family financial needs - not just your taxes.

We work to help you achieve your business, financial, and family goals. For businesses that are in transition caused by financial stress, ownership change, or other factors that require special management skills, Tim is affiliated with Amplo, a team of professionals that help businesses deal with the unexpected. In the Monte Vista Office Building - 4011 Barbara Loop SE, Suite 201 - Rio Rancho, NM - 87124.
Services
Tim has over 40 years-experience in public accounting where he has worked with small to medium businesses and individuals.
In addition to offering accounting and tax services to clients across the US, his experience also includes 20 years in the Turnaround Industry (including a current CIRA certificate - see below).
Turnaround professionals help business in time of transition whether it be financial stress, change in ownership, or other daily operational challenges.
They help them achieve profitability and stability.
We will prepare your business and personal tax returns including cleaning up any past tax return issues.
In these difficult financial times, a business owner may find that there are too many expenses left when the cash runs out.
A business can operate at a loss for years but when it is out of cash, it is out of business.
Tim has over 15 years experience helping businesses in transition whether it is caused by financial difficulties, unexpected change in management, or other factors needing specialized education and training.
This post is taken from a letter written by Bob Jennings of TaxSpeaker.com.
He is one of the leading professional income tax researchers and speakers and he has been following this proposed legislation.
He is one of the best sources for emerging tax legislation.
If this law passes as proposed, taxes are going up for everyone and small S-Corporations will be particularly hard hit.
These taxpayers will see their taxes increase several thousand dollars.
From Bob: Congress is currently debating President Biden's American Families Plan of tax and benefit changes.
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