What Triggers an IRS Business Audit
Are you concerned about the likelihood of your business being audited by the IRS? What does the IRS see as red flags? How can you avoid them?
Category: Compliance
Appealing an IRS Decision
You have the right as a taxpayer to appeal an IRS decision in an independent forum. Learn more about your rights regarding IRS decision appeals.
Gifts for Employees
The holiday season is the most popular time for companies to offer gifts to their employees. Although, there may be other occasions that might be gift worthy too. What are some of the ways a business can build goodwill with its employees?
Form 8300 Reporting Cash Payments Over $10,000
Beginning January 1, 2024, businesses receiving more than $10,000 in cash must report transactions to the U.S. government by e-filing Form 8300 instead of filing a paper return.
New Form I-9 to be Released August 1, 2023
Effective August 1, 2023, the U.S. Citizenship and Immigration Services (USCIS) will release a new Form I-9, used to check employment eligibility verification. Beginning November 1, 2023, all employers must use the new Form I-9.
Getting and Changing Employer ID Numbers (EINs)
Obtaining an Employer Identification Number (EIN) is essential for sole proprietorships, corporations, partnerships, and limited liability companies. In some cases, there may be reasons for obtaining a new EIN for your business.
What is Keeping CFOs Up at Night?
If you are running a company, you may be experiencing a lot of uneasiness. What are the thoughts or issues chief financial officers (CFOs) are facing today?
Tax Recordkeeping Tips
The Arizona Department of Revenue (ADOR) encourages taxpayers to keep well-organized records and to securely discard old documents.
Arizona’s Minimum Wage Increases
Effective January 1, 2023, Arizona’s minimum wage increased from $12.80 to $13.85. According to the Industrial Commission of Arizona, the $1.05 increase in minimum wage is based on the increase in inflation between August 2021 and August 2022, as published in the U.S. Bureau of Labor Statistics’ Consumer Price Index.
Highly Compensated Employees May Be Eligible for Overtime
It seems contrary to long-standing policy, but in a recent ruling, the Supreme Court decided that in certain situations, highly compensated employees (HCEs) can earn overtime pay.
New Lease Accounting Standard
Effective for 2022, private companies that issue financial statements prepared under U.S. GAAP are required to conform to a new lease accounting standard affecting their 2022 financial statements. Changes from the new lease accounting standard should be reflected in annual financial statements issued in 2023.
New Arizona Form A-4
Arizona’s Individual Income Tax Withholding Form, Arizona Form A-4, has been updated to reflect Arizona’s lower individual income tax rates. By January 31, 2023, every Arizona employer is required to make this form available to its Arizona employees.