CMP, Utah CPA Firm

08/12/2026

Meet Herschel! 👋

Herschel has been part of the CMP team for 12 years and loves building lasting relationships with clients. When he's not at work, you'll likely find him spending time with family and enjoying the things that matter most.

We're grateful to have Herschel on the CMP team!

08/10/2026

Many founders and investors don’t hear about QSBS until a deal is already in motion — and that can be an expensive lesson.

Section 1202 can significantly reduce federal capital gains tax when selling eligible business stock, but only if the requirements are met well in advance.

Our latest guide breaks down what to know, what to watch for, and what to confirm before you sell.

👉 See the full guide in the comments below.

08/08/2026

Here's something a lot of small business owners don't realize—bonus depreciation is applied automatically. 😮

That means if your business placed a qualifying property in service and you did nothing, you already claimed it.

And if your situation would have been better served by spreading that deduction out over several years, that window may have passed.

Depreciation planning isn't just about knowing the rules. It's about knowing when to use them and when not to. 💡

Our updated guide covers:

✔️ How bonus depreciation works and when opting out actually makes sense
✔️ Why placement-in-service dates matter more than purchase dates
✔️ How mixed personal and business use affects your deduction
✔️ What documentation do you need to protect your deductions
✔️ How recent tax law changes affect your planning for 2025 and 2026

If your business has been buying assets without a clear depreciation strategy, this is a good place to start. 📋

👉 Full guide in the comments below.

08/07/2026

Credit or deduction? With R&D spending, it may be both. 🔍

The Section 41 credit and the Section 174A deduction are not the same thing, and treating them like they are can cost you real money.

Here is the short version:

✔️ The credit reduces your tax bill. The deduction reduces the income you are taxed on
✔️ Section 41 covers a narrower set of costs than Section 174A
✔️ Most qualifying businesses can use both in the same year
✔️ Section 280C limits the full benefit of both on the same dollars
✔️ The reduced-credit election cuts the credit by 21%

The best option depends on your tax position, so run the numbers before you file.

👉 See the full post in the comments below.

08/06/2026

We’re pleased to share that CMP has been ranked among the 2026 IPA Top 500 firms by INSIDE Public Accounting (IPA). The annual IPA 500 ranks the 500 largest accounting firms in the United States by net revenue using data submitted through the IPA Practice Management Survey.

We appreciate the work of our team and the continued trust of our clients, both of which have supported our firm’s growth.

08/05/2026

At CMP, we believe great accounting is about more than numbers. It's about building relationships, understanding your goals, and providing guidance you can count on year-round. Whether you need tax planning, bookkeeping, payroll, or business advisory services, our team is here to help you move forward with confidence. Because at CMP, our clients are family. 💙

08/03/2026

Holding Stock Options? Know the 3 Types That Determine Your Tax Bill.

If your company compensation includes stock, it's likely an ISO, NSO, or RSU. Do you know which one you have and how it affects your taxes?

The difference is huge! We broke down the three types so you know exactly when your tax clock starts ticking. 👇

🧠 How the tax rules differ for each type
📈 The best time to sell or exercise
📚 Simple definitions of ordinary income vs. capital gains
📞 What to discuss with your CPA right now
🛡️ Confidence in managing your wealth

Be in control of your stock compensation.

See post in the comments below!

08/03/2026

Claimed the R&D tax credit and deducted your research costs? Those are two different tax breaks, not one. 🔍

Most businesses with qualifying research can use both in the same year. The catch is a rule called Section 280C, and it decides how much of each you actually keep.

Here is what it comes down to:

✔️ The credit reduces the tax you owe. The deduction reduces your taxable income
✔️ You can claim both, just not at full value on the same dollars
✔️ Option 1: keep the full credit and reduce your deduction by that amount
✔️ Option 2: elect a reduced credit and keep your full deduction
✔️ The election is made on Form 6765 and is generally locked in for that year

If you are on extension this fall, now is the time to run both sets of numbers.

👉 See the full post below.

Learn how the Section 41 R&D credit differs from the Section 174A deduction, whether you can claim both, and how Section 280C affects your tax benefit.

07/31/2026

Found a mistake on a return you already filed? 😬

You can't take it back and send a new one. But you can correct it, and the process is more forgiving than most people expect, as long as you follow the right order.

Here's the sequence:

✔️ Confirm the error actually needs amending. Some of them the IRS fixes on its own
✔️ Wait for your original return to finish processing before you file anything
✔️ Gather your original return plus whatever supports the change
✔️ Complete Form 1040-X, and file a separate one for each year you're correcting
✔️ Check how you're allowed to file. A return originally filed on paper has to be amended on paper

And watch the refund window. To claim a refund, you generally have 3 years from the date you filed the original return. 🗓️

👉 See the full post in the comments below.

07/29/2026

Not every expense is a write-off. 💡

Business expenses may be deductible, but personal expenses usually aren't. When in doubt, keep good records and check with your tax professional.