Category: News

Wallace Plese + Dreher Announces Partners

Categories: News

Wallace Plese + Dreher named Leslie Prichard, CPA and Allison Lynn Dozbaba, CPA as partners, bringing the total number of Firm partners to 15. In 2016, Leslie joined the Firm as an Audit Manager and Allison as a Tax Manager. In 2017, both were promoted to senior managers.

Read More »

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 »

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 »

Tax and Estate Planning | Blended Families | Second Marriages

Categories: News

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 »

Wallace, Plese + Dreher Announces Promotions

Categories: News

Wallace, Plese + Dreher (WP+D) congratulates our professionals on their well-deserved promotions. Our people have diverse backgrounds, speak a variety of languages, and possess a wide-range of technical skills. Promotions reflect our workplace culture that encourages continuous learning and career development.

Read More »

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 »

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 »

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 »

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 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 »

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 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 »

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 | 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 »

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 »

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 »

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 »

New Partner Announcement | Christopher T. Coots, CPA, PFS™, J.D.

Categories: News

Effective January 1, 2019, Christopher T. Coots, CPA, PFS™, J.D. was promoted to Partner, Scottsdale, AZ, bringing Wallace Plese + Dreher’s (WP+D) total number of partners to 13.
With over 20 years of professional accounting experience, Chris provides comprehensive tax planning and consulting services to individuals, partnerships, corporations, estates and trusts. He serves clients in a variety of industries, including technology, health care, manufacturing, and real estate. Working with privately-held businesses and their owners, he develops tax plans maximizing cash flow and minimizing tax liabilities. His hands-on collaborative approach effectively and efficiently guides clients on diverse business matters.

Read More »

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 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 »

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 »

Have You Outgrown Your Accounting Firm?

Categories: News

Collaboration with your Arizona accounting firm should be part of your process when making business decisions. You should feel your accounting firm listens and helps you make strategic moves to grow your company. Your firm should have insights into expanding your business and guidance for avoiding obstacles. Only an accounting firm with experience directing other growing companies can help your company.

Read More »