The Arizona Department of Revenue (ADOR) issued a reminder about legalities surrounding bingo and raffles in the State of Arizona. In the State of Arizona, all forms of online gambling are illegal.
Americans with certain foreign financial assets have special tax reporting responsibilities. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions and certain other nonfinancial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on relevant payments.
The IRS reached a major milestone by accepting Form 1040-X, Amended U.S. Individual Income Tax Return, electronically. Now, taxpayers can correct tax returns with fewer errors and expedite processing.
The IRS is experiencing delays in processing paper tax returns due to limited staffing. Taxpayers are strongly encouraged to file electronically through a CPA or accountant or tax software provider. Paper returns are processed in the order they are received.
In March 2020, due to COVID-19, the IRS automatically extended the filing deadline for tax returns from April 15 to July 15, 2020. The extension applied to all individual returns, trusts, and corporations. The Arizona tax filing deadline was also extended to July 15, 2020.
The April 15, 2020 deadline for filing and paying Arizona and federal income taxes for the 2019 calendar year is July 15, 2020. The Arizona due date for first quarter estimated tax payments has not changed and remains April 15, 2020.
On March 20, 2020, the Arizona Department of Revenue (ADOR) announced it moved the deadline for filing and paying state income taxes from April 15 to July 15, 2020 following direction by Governor Doug Ducey.
As of January 31, 2020, employers should use the new Form I-9, Employment Eligibility Verification, released on October 21, 2019. The form’s version is located at the bottom left corner, with the expiration date of October 31, 2022 in the top left corner.