Probate and Adding Children to Bank Accounts and Deed
Some people believe an easy way to avoid probate is to add your children to your bank accounts and deed. This strategy may not work as planned.
Category: Income tax
How Long Should a Business Keep Tax Records?
You should keep tax records for three years after you file a return, but there are times when you will need older files.
Common Tax Myths and Facts
What are some common tax myths and facts about filing taxes? If you file a tax extension, do you still need to pay taxes owed? Are minor children required to pay taxes on income?
What Exactly Is a Tax Year?
Tax years are based on annual accounting periods where you keep records and report income and expenses. A tax year may not be a calendar year. Discover the annual accounting periods you may or may not adopt.
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.
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.
Taxpayer Reminder Limited-Time Donation Rules
Special rules allow limited charitable deductions even for taxpayers who do not itemize. Also, there are other donation changes for individuals and businesses. Learn how to take advantage of these opportunities now.
American Opportunity Tax Credit
The American Opportunity Tax Credit and the Lifetime Learning Credit can offer tax savings for higher education. Tax savings may be available for you, your spouse, or your dependents taking postsecondary coursework.
Estate Planning for the High-Net-Worth
President Biden’s proposed infrastructure plan would end the step-up in basis taxpayers often use to minimize tax on inherited wealth. Since assets like family businesses, homes, stocks, and art generally appreciate over time, eliminating the step-up in basis effectively raises the amount of tax on these assets.
Independent Contractor Rule Withdrawn by DOL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 According to SHRM, the withdrawn rule would have applied a more-limited economic-reality test.
2022 HSA Adjustments
The government made small inflation-adjusted increases for 2022 health savings accounts. Catch-up contributions for 55 and older remain the same, along with minimum deductibles.
IRS Extends 2020 IRA and HSA Contributions to May 17
The IRS announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, 2021. Estimated tax payments are still due on April 15, 2021.
IRS and Private Tax Collection
The IRS is using private collection contractors to assist in collecting delinquent federal taxes. Learn how taxpayer rights are protected during the collections process.
IRS Extends 2020 Tax Deadline for Individuals
On March 17, 2021, the Treasury Department and IRS announced the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. This extension does not apply to estimated tax payments that are due on April 15, 2021. As of today, tax returns for corporations, trusts, and Arizona state returns are due on April 15, 2021.
IRS Clarifies CP59 Notices
Due to confusion about the filing of 2019 returns, the IRS erroneously sent CP59 notices to many taxpayers stating they had not filed their 2019 federal tax return. The agency has now issued a clarifying statement.
About FDAP
FDAP refers to certain income earned by some foreign persons in the U.S. It is subject to a withholding tax of up to 30 percent, although certain tax treaties offer a lower rate.
2021 Key Adjustments | ACA | HSA | Inflation Adjustments
After a year of turmoil and surprises, what will 2021 bring? One certainty is that the federal government is changing a variety of numbers affecting the finances of businesses and individuals.
Section 179 Can Help Construction Companies
Construction companies have an opportunity to save on taxes through Section 179. The deduction can help with the rising expense of labor in light of the skilled worker shortage and contribute to training employees.
Foreign Financial Account Reporting and FBAR
Every year, under federal law, taxpayers must report certain foreign financial accounts to the Treasury Department. Whether the account produced taxable income has no effect on whether the account is a foreign financial account for FBAR purposes.
IRS Final Regulations on Meals and Entertainment
The 2017 TCJA changed rules for meals and entertainment. Recent IRS guidance may clear up some confusion and Arizona business owners should consult with their CPA to make sure they are not violating any rules or leaving money on the table.
IRS Announcement CCH E-Filing Outage on September 15, 2020
The IRS stated in a September 24, 2020 memorandum, it would treat September 15, 2020 returns and any elections filed on September 17, 2020, as timely if the September 15, 2020 filing was affected by a CCH e-filing system software outage.
Understanding Changes to USMCA and Mexico
In a free two part webinar on September 23 and 30, 2020, hear experts with the Arizona District Export Council (DEC) discuss exporting from the U.S. to Mexico. Learn about the tax benefits from Stephen J. Rodis, CPA, on September 30. Read further for the full agenda and registration details.
COVID-19 Reassessing Estate Planning
COVID-19 caused many changes in our personal and business lives, giving us time to rethink our priorities and expectations. Estate planning is one area that has received a lot of attention. Do you have an estate plan in place?