Individual and Business Tax Checklist
As 2021 comes to a close, it is a good time to create a tax checklist for items needed to file individual and business taxes.
Category: Compliance
2021 Year-End Tax Planning Tips
The end of the year always brings possible last-minute tax changes, which is especially true for 2021. New legislation may mean major changes starting in 2022, but other proposed bills, such as new capital gains and qualified dividend tax rates, may take effect retroactively.
Remote and Hybrid Employees | State and Local Tax Considerations
With remote and hybrid work arrangements, employers should be very deliberate when communicating and executing policies relating to an employee’s work location. Individual taxpayers need to be familiar with tax laws in their resident state and businesses should be aware of tax laws in all states they operate.
Recognizing Revenue Under ASC 606
Before the adoption of ASC 606, there was no formal standard for the recognition of revenue across industries. Learn how this important standard has affected the construction industry.
Wayfair Case Review
The Supreme Court’s ruling in South Dakota v. Wayfair, Inc. changed the standard for when states need to collect sales tax from entities doing business in the state. Before the decision, states taxed only companies with a physical presence in the state, but they now tax all those with an economic presence.
Future of Taxes and Multinational Corporations
Countries around the globe are trying to stem the “rush to the bottom,” which has multinational companies moving their corporate headquarters to lower their tax bills. According to the International Monetary Fund, the result of this tax strategy is a loss of worldwide government revenues estimated between $500 and $600 billion annually.
Independent Contractor Rule Withdrawn by DOL
In May 2021, the Department of Labor (DOL) withdrew a rule clarifying the standard for employees versus independent contractors under the Fair Labor Standards Act. According to SHRM, the withdrawn rule would have applied a more-limited economic-reality test.
Retirement Plan Reporting Requirements
Sponsors of retirement plans are required by law to report information to the IRS, the Department of Labor (DOL), and Pension Benefit Guarantee Corporation (PBGC). Your plan type, business size, and circumstances affect the type of information, forms, and disclosure requirements.
Foreign Earned Income and U.S. Tax Laws
If you are a U.S. citizen or resident alien living in a foreign country, you are still subject to the same U.S. income tax laws that you would be if you lived in the United States.
2020 Business Tax Deductions
It has been a challenging year, but one thing that has not changed is taxes. Fortunately, Arizona businesses can take advantage of certain tax deductions.
Arizona Bingo and Raffles
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.
FATCA Basics and Form 8938
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.
IRS Accepts E-Filings of Amended Individual Tax Returns
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.
IRS Operational Processing Delays COVID-19
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.
Arizona and Federal Taxes Due July 15, 2020
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.
Offering COBRA to Furloughed Employees
Are companies required to offer COBRA to employees that lose coverage under a group health plan due to a furlough relating to COVID-19?
Arizona and Federal Tax Filing Dates | Estimated Tax Payments
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.
Arizona Tax Deadline Extended to July 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.
New Form I-9 – Employment Eligibility Verification
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.