Lockhart & Powell:
Serving our clients with
Integrity, Respect, and
Excellence in all matters
Lockhart & Powell—formerly RS Powell—has been proud to serve the Colorado Springs community since its founding on June 26, 1984. What began with Rick Powell's vision has evolved into a family-led firm, now led by Brandon and Megan Lockhart, committed to building lasting relationships with neighbors and local businesses. We specialize in small-business tax preparation, individual income-tax filing, and proactive tax planning—always with a focus on integrity, respect, and excellence. This unwavering commitment drives our passion and defines our purpose—helping our clients thrive with confidence and peace of mind.
REQUEST A CONSULTATIONIntegrity
At Lockhart & Powell, integrity is the bedrock of our Colorado Springs CPA firm. Whether we're preparing a complex S‑Corp return or filing an individual 1040, we do what's right—every time. Business owners and families who prize honesty, accountability, and transparent tax planning find a long‑term partner in us.
Respect
Guided by the Golden Rule, we treat every client's time, data, and beliefs with the utmost respect. From secure portals for bookkeeping and payroll uploads to prompt callbacks on urgent IRS notices, we safeguard your privacy while delivering responsive service. Our goal is to build lasting relationships with Colorado companies and individuals who value the same mutual respect.
Excellence
Excellence is not a milestone but our daily standard. By utilizing cutting‑edge tax software, bank-secure client portals, and our extensive tax return reviews process, our CPAs deliver meticulous business and individual tax preparation that withstands IRS scrutiny.
Trusted by Colorado Springs
Proudly serving the Colorado Springs community since 1984
FIRM OFFERINGS
INDIVIDUAL TAX PREPARATION
We prepare your personal tax returns using advanced, industry-leading tax software to ensure accuracy and efficiency. Every return undergoes a thorough quality review before being e-filed, giving you peace of mind and confidence in your filing.
More InfoBUSINESS TAX PREPARATION
We provide comprehensive analysis of your financial statements and prepare your business returns with precision and care. Each return undergoes a detailed quality review before being accurately e-filed upon your approval, ensuring compliance, accuracy, and peace of mind for your business.
More InfoCONSULTING SERVICES
Strategic consulting for individuals and businesses navigating complex tax situations, financial decisions, and ever-evolving regulations. At Lockhart & Powell, we provide expert CPA guidance tailored to your unique personal or business needs, helping you make informed decisions with confidence.
More InfoBUSINESS FORMATION & S-CORP ELECTION
We assist with LLC, partnership, and corporation formation, guiding you through the entire process including Articles of Formation, Operating Agreement, and EIN acquisition. Additionally, we handle S-Corporation elections to help you maximize tax savings through proper entity classification and strategic business structuring.
More InfoIRS & TAX NOTICE RESOLUTION
Received a tax notice or IRS letter? Don't panic. We specialize in resolving IRS and state tax notices. Our experienced team will evaluate your notice and communicate with tax authorities on your behalf to ensure an effective resolution.
More InfoCLIENT SUCCESS STORY
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What Others Say About Lockhart & Powell
"As the Managing Partner of Sound Advice Consulting Services, I work extensively with Brandon and Megan with our bookkeeping clients. They are communicative, skilled, personable, helpful, and all-around excellent CPAs. I highly recommend Lockhart & Powell to anyone looking for a CPA firm that is a true partner in your success."
Dr. Ali Hill★★★★★
"I had been coming to Powell CPA for a couple of years now and was there during the transition from Powell to Lockhart and I have to say, I was very impressed with the transition, very smooth. Brandon and Megan have both been great to work with and I will continue to use them for all my tax service needs."
LegoWithBBS★★★★★
"Brandon and his team are amazing! Knowledgeable, professional and extremely friendly. I highly recommend Lockhart & Powell for any business or individual looking for an awesome tax experience!"
David O'Hara★★★★★
"These guys have been the best and most professional accounting firm I've ever used for me and my small business. I could not be more grateful for the services they've provided me over the last year. I could not recommend them enough."
Nic Ellis★★★★★
"Brandon is fantastic, everything you want in an accountant for entrepreneurs and W-2 employees alike! He is incredibly responsive and informative, enabling you to plan accordingly and set yourself up for success financially. Couldn’t recommend this business enough!"
McKenna Storey★★★★★
FREQUENTLY ASKED QUESTIONS
How much can I really save with an S-Corp election, and is it worth the extra paperwork?
+Most businesses earning $60,000+ in net profit can save thousands annually. The 15.3% self-employment tax on distributions is eliminated with S-Corp status. For example, a business with $100,000 profit could save $7,650+ yearly. While S-Corps require payroll and additional filings, our clients typically save 5-10x our fees in the first year alone. We handle the complexity—you keep the savings.
Which documents should I send my CPA for accurate business‑tax preparation?
+Provide your QuickBooks year‑end file, profit‑and‑loss statement, balance sheet, bank statements, payroll reports, fixed‑asset purchases, 1099s, and prior‑year returns. Clean digital files help us deliver faster, error‑free corporate tax returns.
How can electing an S‑Corporation save Colorado small‑business owners on self‑employment tax?
+An S‑Corp lets net profit pass through to shareholders and avoids double taxation, while a "reasonable salary" is subject to payroll tax. Many Colorado LLCs convert to S‑Corp status and save thousands; our tax‑planning meeting shows if it's right for you.
When should I switch from LLC to S-Corp? I'm making good money but don't know if it's time.
+The "sweet spot" typically starts around $60,000 in net business profit. However, timing depends on your salary needs, business stability, and growth trajectory. We provide a free S-Corp analysis showing your exact savings potential.
Do I need to have my books perfectly organized before coming to you, or can you help with messy QuickBooks?
+We see it all—from pristine books to "shoebox accounting." Our process includes QuickBooks review and cleanup recommendations. While organized books save time (and money), we won't turn you away for being disorganized. We partner with Sound Advice Bookkeeping for clients needing ongoing support. Many successful businesses come to us specifically because they've outgrown DIY bookkeeping.
Can you handle multi-state businesses? We operate in several states.
+Yes, we help businesses from any state with their tax preparation and compliance needs. Whether you're based in Colorado with operations elsewhere, or located in another state entirely, our CPAs have the expertise to handle multi-state tax filings and ensure you're compliant across all jurisdictions where you do business.
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