Business of the Week – P & L Tax & Accounting

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Be sure to read The Prowers Journal each week when the Lamar Chamber of Commerce
and The Prowers Journal highlight a featured Business of the Week.

This week we are proud to spotlight P & L Tax & Accounting.
Give them a call at: 719.336-0636

P&L Tax & Accounting has been in business for many years serving Southeast Colorado. They have two offices, one at 106 W Olive in Lamar, at 336-0636, and the other in Springfield at 1173 Main Street, at 523-4044. Pamela Lirley followed only two owners, which were Elizabeth Adkinson and Don Boardman.

When Pamela was first introduced into the Income Tax World she was just a receptionist for Elizabeth Atkinson and then Elizabeth sold her business to Don Boardman. Pamela took the entire necessary tests that were required and passed, giving her a gateway to the future of preparing income taxes returns. She has owned her business for 23 years and prepared tax returns for over 45 years.

What a challenge! Every year new… tax laws, new forms, new this, that and the other. The biggest change was the tax reform of 1986. But as we speak today there are even more changes happening now and for our future. In fact, just last Friday, the Internal Revenue Service announced that all Farmers and Ranchers would not have to file their tax returns until April 15 without any penalties due to the IRS system has yet to be programmed for many forms, one in particular the Depreciation Schedule.

A person has to love this occupation and Pam truly does. Every client becomes a new challenge and a new friend. “It is my job to work for them, not the Internal Revenue Service, but I must continue to do my fiduciary duty relying on law and not my own opinion, and over the years I have had plenty of those.” She, like so many others, complains that the Internal Service never calls her before they do something she thinks is stupid. Pamela said, “She could make their job much easier if they would just come down to the trenches and see how their laws affect the taxpayers of America.”

Pamela is an Enrolled Agent and the Internal Revenue Service defines Enrolled Agent as:

“An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual or business tax returns, or through experience as a former IRS employee. Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education every three years.”

“Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of matters they can handle, and which IRS offices they can represent clients before.”

It took her two years of studying for the EA exam. There were three parts and each consisted of four hours duration. She said, “She actually cried when they notified her that she was now an Enrolled Agent, but so proud of herself for getting it.”

Pamela loves southeast Colorado and all it represents. She has received the Citizen of the Year and Athena awards which she considers as high-ranking as being an Enrolled Agent

P&L Tax & Accounting offers other services in accounting and payroll, but they specialize in tax preparation and Pamela’s emphases are Farm and Ranch returns. Those are always such a challenge and a lot of fun. For an example, she had three separate farm clients who each owned 1/3 of the same cow. The first owner said he sold his 1/3, the second owner said he ate his 1/3 and the third owner said his was killed by a lighting strike. Due to confidentially she could not reveal to any of the three taxpayers what happened to their cow but they should do further research with the other owners. That is why every tax return becomes a new and challenging situation.

She has had clients come into her office that lost a spouse or child during the year. This is always awkward and a very emotional time for them. It is not uncommon for Pamela to go around her desk and offer them comfort. Sometimes the taxpayer is just out and out angry and they take their anger out on the tax professional. She says she must remind them that, “we are only the messengers not the lawmakers.” And then there are those who owe money. That is when she said she pulls out her little American Flag and tells them, “what an honor it is to live in America and have the right to be angry without being imprisoned.” “Sometimes it works, and sometimes it doesn’t.”

Pamela says, “She absolutely loves her career as a Tax Professional and considers herself very fortunate.” Not many people can say they love what they do for a living. But the challenges with each and every tax return become a new friend.