Category: News

ASCPA Article Barry S. Graham, CPA

Categories: News

ASCPA featured Barry S. Graham, CPA in the September/October AZ CPA magazine. Haley MacDonell, Editor, shares a glimpse of a Scottsdale City Council meeting and Barry’s perspective on serving as a new councilmember. Read further for the full article.

Read More »

Travel ID

New Arizona Travel ID

Categories: News

The deadline for obtaining a voluntary Arizona Travel ID is May 3, 2023. The Arizona Motor Vehicle Department (DVD) urges everyone to act soon to obtain the new Arizona Travel ID.

Read More »

Employee Retention Credit

Employee Retention Credit

The Internal Revenue Service (IRS) urges employers to take advantage of the newly-extended Employee Retention Credit (ERC), designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The ERC is one of the more popular relief items for businesses and recent legislation has made it even more attractive.

Read More »

Tax planning strategy

Tax Planning and Good Financial Health

Categories: News

Good tax planning is a year-round activity requiring collaboration with your accountant to evaluate current circumstances and discuss any changes that may impact minimizing taxes. Circumstances change. Even if you used the standard deduction in the past, it may no longer be the right option for you.

Read More »

New Form W-4

IRS Issues Draft of New W-4

Categories: News

The IRS published a draft of a revised Form W-4, Employee’s Withholding Allowance Certificate. The agency emphasizes this is a preliminary version, and until further notice, everyone should use the current version. However, human resources departments and payroll managers should become familiar with it now since the final version will be similar.

Read More »

Multicultural family

Tax and Estate Planning | Blended Families | Second Marriages

Categories: Estate Planning, News, Tax

Blended families can create complex tax and estate planning issues.  With more children living in blended families, parents need to plan for short and long-term tax and estate matters. According to a  Marketwatch survey, approximately 63% of women are in a remarriage, which can create financial complications when it comes to tax liabilities. One challenge for couples is agreeing on inheritances for first and second marriage children.

Read More »

Arizona conformity

Status | Arizona Tax Conformity

Categories: News

As of May 6, 2019, the Arizona Legislature continues working towards a State budget with ongoing discussions regarding various budget proposals. Recent comments from the Legislature addressed the question of Arizona’s conformity with federal tax law. While conformity is still to be determined, it seems Arizona will conform.

Read More »

Socially investing

Arizona Socially Responsible Investing

Categories: News

When investing, do you care about anything beyond generating returns? Many Arizona investors would like their money to grow and help the world at the same time. Socially responsible investing (SRI) is dedicated to environmental sustainability, alternative energy, and clean technology. How can you help the world with your investing?

Read More »

Help with cash flow

Managing Your Company’s Cash Flow

Categories: News

No owner of a business would argue the truth behind the saying, “Cash is king.” Cash is the underlying driver of any business regardless of industry. Ironically, many owners and managers fail to incorporate that essential fact into their management philosophy.

Read More »

April 15, 2019 tax filing deadline

Arizona Tax Deadline April 15, 2019

Categories: News

The Arizona Department of Revenue (ADOR) reminds individuals that April 15, 2019 is the tax deadline for filing their individual return. ADOR recommends electronic filing since it is more secure, efficient, and faster than paper returns. With e-filed returns, average refund processing times are currently six days compared to 12 days for paper returns.

Read More »

Worried About Trustee

Worried About Serving as a Trustee?

Categories: News

Have you been named trustee or successor trustee for someone’s trust? Do you know your responsibilities as a trustee? Initially, you act only when the person, called the grantor, is unable to manage their financial affairs.

Read More »

Ghost tax return preparers

Beware of Ghost Tax Return Preparers

Categories: News

The Arizona Department of Revenue (ADOR) advises taxpayers they should avoid “ghost” tax return preparers. A ghost preparer is paid to prepare a tax return, but does not sign it or include necessary information. ADOR warns taxpayers to be aware they may be a part of a scam if a preparer will not place their name on the tax return.

Read More »

2019_Spelling Bee_Christina Henning

2019 Annual Spelling Bee

Categories: News

Wallace Plese + Dreher conducted its second annual Spelling Bee contests in Scottsdale and Chandler. Employees took a break from numbers to demonstrate their vocabulary skills.

Read More »

Revenue Recognition

Understanding Revenue Recognition

Categories: News

If you enter into contracts with customers to transfer goods or services either domestically or internationally, the Financial Accounting Standards Board (FASB) has provided clarification about revenue recognition. 

Read More »

REAL ID Act

REAL ID Act | Arizona

Categories: News

Driver’s licenses, issued by states, have been the de facto national ID card. However, the federal government has now set higher security standards. On October 1, 2020, standard Arizona driver’s licenses will not be accepted at airports and federal-building security checkpoints. Why? This is when the REAL ID Act takes effect and your driver’s license will no longer serve as a comprehensive ID.

Read More »

Department of Labor

Overtime Rule Revisited by DOL

Categories: News

On March 7, 2019, the Department of Labor (DOL) released a proposed rule that would raise the salary-level threshold from $23,600 to $35,308 for white-collar exemptions. Meaning, the vast majority of employees earning under the threshold would be paid overtime. The change would impact approximately 1 million workers and companies would need to classify them as nonexempt and pay overtime, unless they are given raises placing them above the threshold.

Read More »

Collaboration

Guidance on Sec. 199A Deductions

Categories: News

The new Qualified Business Income (QBI) deduction, created by the 2017 tax reform law known as the Tax Cuts and Jobs Act (TCJA), allows many statutory employees, owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income. Eligible taxpayers can also deduct up to 20 percent of their qualified real estate investment trust (REIT) dividends and publicly-traded partnership income.

Read More »

Money Ben Franklin

Padding Tax Deductions | Gambling with the IRS

Categories: News

Consequences of padding tax deductions is serious and you are gambling with the IRS. Benjamin Franklin said, “In this world, nothing can be said to be certain, except death and taxes.” With that in mind, it is best to be prepared, at least financially, for taxes and tax season each year.

Read More »

Medical and dental expenses

2018 Medical and Dental Expenses | Deductions | Arizona

Categories: News

Deducting medical and dental expenses is complicated. Your deductions must exceed 7.5 percent of your adjusted gross income and need to fall into an IRS-approved category. Deductible medical expenses may include, but are not limited to, doctors, dentists, surgeons, chiropractors, insulin, prescription medications, acupuncture, and transportation to qualified medical care.

Read More »

2018 Christmas Office Decoration Emily Brisch

2018 Cubicle and Office Decorations Contest

Categories: News

During the week of December 19, 2018, WP+D held its first annual Christmas and Seasonal cubicle and office decorations competition. All employees were invited to tastefully create and display a theme of their choice in our Chandler and Scottsdale offices.

Read More »

Arizona tax

2018 Arizona Tax Credits

Categories: News

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.

Read More »

Audit

Surviving a Tax Audit

Categories: News

A tax audit is the fear of every taxpayer and subject of comedians, TV shows, and social media posts. If you are well-prepared, you can make it go smoothly and increase the odds of a good outcome.

Read More »

Business News | Preparing for New Accounting Challenges

Categories: News

What accounting issue does every business leader need to be aware of heading into 2019? A big change in lease accounting, due in January 2019, will affect every public and private Arizona company. See more from Randy G. Brammer, CPA, CCIFP, Audit Partner, and Michelle L. Flynn, CPA, Tax Partner, as featured in Az Business.

Read More »

House in a Trust | Pros | Cons

Categories: News

Trusts can solve a lot of estate planning problems, and you can even put your residence into one. There are many advantages to this powerful estate planning technique, but you need to know the details.

Read More »

Future of Bitcoin?

Categories: News

The digital currency, bitcoin, has frequently been in the news. What is this controversial financial product and how does it work? Is it something you should invest in? Bitcoin is a decentralized digital currency known as a cryptocurrency. Essentially, it is a form of money that exists only as computer code and is not overseen by any central bank. The IRS considers bitcoin a real thing and it is taxable.

Read More »

Scott Wallace

Scott T. Wallace, CPA | FASB New Lease Accounting | Guidance | Planning

Categories: News

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 “lessees,” to recognize on the balance sheet assets and liabilities for the rights and obligations created by those leases.

Read More »

Charity as a Part of Your Legacy

Categories: News

How do you effectively make charity a part of your legacy? You want to donate with your head as well as your heart, making sure a charity is legitimate, well-run and aligns with your values. This article discusses evaluating charity legitimacy, performing smart research, and tax planning.

Read More »

Did You Receive an Audit Notification?

Categories: News

Every audit notification may not be legitimate and it is important to make sure it is official. The IRS will notify you either by letter or phone. The IRS does not notify taxpayers about audits through email. If you received an email stating you have been selected for an audit, it is probably fraudulent. If you determine that you are definitely getting audited, your next step is to learn what is involved.

Read More »

Fraud Alert | Synthetic Identities

Categories: News

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.

Read More »

Estimated Taxes

Categories: News

You may need to pay estimated taxes if you are self-employed or have income other than a salary. This article explains estimated tax payments that are due every quarter.

Read More »

Ballot Measure to Amend Arizona Constitution Prohibiting Taxation of Services

Categories: News

A ballot measure was filed with the Secretary of State to amend Arizona’s Constitution to protect taxpayers from sales tax on services. The measure is supported by the Citizens for Fair Tax Policy, Arizona Retailers Association, and Arizona Association of Realtors. For the proposition to make it to the November ballot, at least 225,963 signatures are required by July 5, 2018.

Read More »