Dedicated to providing relevantĀ business-related information, these articles are offered as resources for accounting, tax, and business planning. Focused on building relationships, we welcome opportunities to learn about your business and answer questions.

Scott T. Wallace, CPA | FASB New Lease Accounting | Guidance | Planning

On May 18, 2018, Scott T. Wallace, CPA presented to the Accounting & Financial Women’s Alliance (AFWA) on new lease accounting and revenue recognition standards. Scott provided details about upcoming changes and offered guidance for planning. According to the Financial Accounting Standards Board (FASB), the new standard will require organizations that lease assets, referred to as ā€œlessees,” to recognize on the balance sheet assets and liabilities for the rights and obligations created by those leases. Continue reading

Fraud Alert | Synthetic Identities

The most common identify theft is synthetic. By combining some factual stolen information with completely fake information, thieves convince banks and credit monitoring companies that a fake identity is real. The “bad guy” is not pretending to be the person whose information was stolen or acquired; rather, the data is being used to create a brand-new identity. Thus, synthetic identity theft is born. Continue reading

International Tax Provisions | Tax Cuts and Jobs Act of 2017

All U.S. owners, who own 10% or more of a foreign company, must include their pro-rata share of the accumulated earnings of the foreign company as income in 2017. This is effectively requiring the U.S. owner to pay a transition tax on the untaxed foreign earnings. Continue reading

Voted No. 1 Accounting Firm | 2018 | Ranking Arizona

Wallace, Plese + Dreher (WP+D) proudly announces its recognition as the No. 1 Accounting Firm by Ranking Arizona. Continue reading

Selecting the Right Tax Professional

The Arizona Department of Revenue (ADOR) shared recommendations for selecting the right tax professional this filing season. When choosing your tax professional, consider their formal training; current training; professional licenses; years of experience; availability of e-file services; and security measures for protecting clients’ tax records. Continue reading

New Tax Law | Charitable Giving

Important new tax changes may mean charitably-minded individuals might consider new giving strategies and evaluate appreciated stock and donor-advised funds. Insights into giving strategies are included in this article. Continue reading

Taxpayers Encouraged to E-File by April 17, 2018

The Arizona Department of Revenue (ADOR) is now accepting electronically filed individual income tax returns for the 2017 tax year. The deadline for taxpayers to file 2017 taxes is Tuesday, April 17, 2018. Continue reading

Data Protection | Arizona Income Tax Filings

The Arizona Department of Revenue (ADOR) reminds taxpayers to stay alert in protecting their confidential information from getting in the wrong hands. Be cautious of companies or individuals who contact you offering free incentives or asking to receive money. Continue reading

Tax Cuts and Jobs Act | TCJA

In 2018, changes to individual and corporate income tax rates become effective under the new tax legislation called the Tax Cuts and Jobs Act (TCJA). For example, TCJA drops the corporate income tax rate to 21% and modifies individual rate brackets. Read further for full details. Continue reading

2017 Last-Minute Tax Planning Under the New Tax Law

With only a few days left in 2017, there is still time to make last-minute changes to your finances. The new tax reform law is changing the tax landscape radically, and you can take advantage of its provisions, or avoid its repercussions, with some clever moves before January 1, 2018. Continue reading

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