MP Group Inc. CPA has been in business since 2013. Owner and Managing Partner Scott Peck started his company in 2011 and later merged to form MP Group Inc. in 2013. His staff has years of experience in accounting and audit services. The essence of Peck’s job lies in crunching numbers and mastering the intricacies of tax law, but his clients truly make his work fulfilling. Peck says,” I just enjoy working with the clients and trying to help them. It becomes a personal relationship.”
Peck grew up in the Pacific Northwest but completed his CPA degree at the University of New Mexico in 1990. Donna Peace is also a partner at MP Group and has been a CPA since 1997. Donna and Scott have been coworkers and good friends for over twenty years. They’ve also run several marathons together.
Peace says, “Every day, we are bouncing ideas off each other, and it’s good because we give each other different angles to consider." Peace says, “Anyone in this industry who says they know everything, I would be leery.” Tax laws are constantly changing and “a lot of times, the answer is not cut and dry.” MP Group provides tax services for businesses and individuals.
Many of MP Group’s clients are New Mexico small businesses that are not publicly traded. Having worked for some larger firms, Peace knows firsthand the benefits of a local firm. She says, “Decisions are made locally without a chain of command that you get at large firms.” The benefit is you can “pick up the phone and talk to someone locally,” says Peck. A vital tip for tax season is choosing a firm you can trust.
Here are more tax tips from MP Group:
· 529 Plans are a great way to save for your child’s college education tax-free. Contributions up to $19,000 per year per person are allowed without triggering a federal gift tax. The New Mexico plans allow for a state tax deduction. A 529 plan can be used for K-12 tuition expenses, up to $10,000 per year, tax-free. Unused 529 funds that have been in place for at least 15 years can be rolled over into a Roth IRA up to a limit of $35,000.
· Individuals who frequently donate to charities can benefit from a qualified charitable distribution (QCD). If you are 70 ½ years old, you can donate through your IRA account (traditional, inherited, SIMPLE, and SEPs) and receive the charitable deduction whether or not you itemize. The distribution must be made directly from your IRA account to the charity. This method allows individuals to donate to charities, receive deductions, and meet minimum distributions from their IRAs.
· Offsetting investment gains with losses can be a strategic approach for clients. If you sell stocks that performed well and have gains, you can sell stocks that may not be performing well to offset the gain. Up to $3,000 of losses can be deducted annually. Any excess losses beyond this amount carry over into the next tax year.
· With the expiration of the Tax Cuts and Jobs Act of 2017 (assuming Congress does not extend it), the top individual income tax rate will jump from 37% to 39.6%. If there are ways to accelerate some income in 2025, it would be beneficial.
If the Tax Cuts and Jobs Act lapses, business and individual rates would increase. Peck advises consulting with a tax attorney to safeguard your income and assets.
Clients can also reach out to MP Group, where Scott and Donna can be found in the office or out on audits. By June, they plan to run the Slacker Half Marathon but promise to be back in time for tax season. Peace says they would miss the camaraderie if they ever left. "It's like our second family." For more information, visit mpgroup-cpa.com or call 505.340.2020.
Anyone in this industry who says they know everything, I would be leery.