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.

2018 Arizona Tax Credits

Arizona provides two separate nonrefundable tax credits for individuals who make contributions to charitable organizations: Qualifying Charitable Organizations (QCO) and Qualifying Foster Care Charitable Organizations (QFCO). Individuals making cash donations to these charities may claim donations as tax credits up to the allowable amount on their Arizona individual tax returns. Below is a summary of the 2018 Arizona tax credits. Continue reading

2018 Tax Wrap-Up

This has been one of the biggest years for tax changes in recent memory and the IRS is still issuing guidance. The tax reform passed in 2017 is complicated and there were many changes impacting the standard deduction, personal exemptions, and meals and entertainment. We would like to help you plan and take into account the most significant changes that may affect you. Continue reading

More Guidance | Meals and Entertainment Deductions

Recently, the IRS issued additional guidance on the business expense deduction for meals and entertainment relating to the Tax Cuts and Jobs Act (TCJA). Taxpayers may continue to deduct 50 percent of the cost of business meals if the taxpayer, or an employee of the taxpayer, is present and the food or beverages are not considered lavish or extravagant. Meals may be provided to a current or potential business customer, client, consultant, or similar business contact. Continue reading

IRS Clarification on State and Local Taxes

In wake of tax reform, the IRS issued clarification allowing some business owners to bypass the new $10,000 cap on the state and local tax deduction. Now, business owners may want to consider claiming deductions for charitable contributions as ordinary, deductible business expenses. Continue reading

Business News | Preparing for New Accounting Challenges

What accounting issue does every business leader need to be aware of heading into 2019? In addition to the Tax Cuts and Jobs Act of 2017, new changes in lease accounting, due in January 2019, will affect every public and private company in Arizona. See more from Randy G. Brammer, CPA, CCIFP, Audit Partner, and Michelle L. Flynn, CPA, Tax Partner, as featured in Az Business. Continue reading

Wallace, Plese + Dreher (WP+D) Announces Promotions

Wallace, Plese + Dreher (WP+D) announces numerous promotions. Our people have diverse backgrounds, speak a variety of languages, and possess a wide-range of technical skills. Promotions reflect our workplace culture that encourages continuous learning, career development, and opportunities for advancement. Continue reading

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