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.
You have devoted a lot of time in managing and operating your agriculture business. When you no longer want to operate your business or reach a retirement stage, are you prepared?
One main requirement of the Affordable Care Act’s employer mandate is that health coverage must be affordable, based on annual standards set by the IRS. This article discusses the percentage increase for 2019.
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.
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.
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.
According to the IRS, interest on home equity loans and similar products still can be deducted under the new tax law, even though early readings of the law suggested otherwise.
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.
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.
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.
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.
The cost of college continues to increase and saving takes planning. This article offers insights into saving for higher education and methods aligning with the new tax law.