Arizona’s Individual Income Tax Withholding Form, Arizona Form A-4, has been updated to reflect Arizona’s lower individual income tax rates. By January 31, 2023, every Arizona employer is required to make this form available to its Arizona employees.
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.
ADOR issued guidance for taxpayers who are affected by the recent Maricopa County Superior Court ruling striking down the surcharge imposed by Proposition 208. Taxpayers who have already filed do not need to amend their tax returns.
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?
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.
Many people believe tax deductions and credits are the same. Tax deductions reduce your taxable income, but tax credits reduce your tax bill dollar for dollar. Knowing how they work can help you understand your tax situation.
January 31 is a significant date for businesses to perform certain tasks and start preparing for their tax filings. Businesses should keep in mind that state taxing authorities have their own set of due dates. It is never too early to work with your accounting and payroll staff to make sure your end-of-year reporting is accurate and timely.
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.
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.
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.
A 529 savings plan can do more than help you pay for college. Now is the best time to find out about their flexibility. Take advantage of the benefits of a 529 plan in a pandemic-affected economy.
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.
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.
The benefits of retirement programs, for both companies and employees, can be substantial, but the rules are complicated. You need to figure out how to help your employees while being compliant.
The IRS issued additional guidance under the Taxpayer Certainty and Disaster Relief Act of 2020 allowing businesses a 100% deduction for food or beverages from restaurants. Earlier in 2021, legislation increased the 50% deduction to 100%.
The IRS is using private collection contractors to assist in collecting delinquent federal taxes. Learn how taxpayer rights are protected during the collections process.
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.
The recently passed American Rescue Plan Act of 2021 is full of provisions and the IRS has started to issue guidance on key aspects.
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.
The Arizona Department of Revenue (ADOR) advises taxpayers who receive a Form 1099-G from the Arizona Department of Economic Security (DES) for unemployment benefits they did not receive to contact the Arizona Department of Economic Security for a corrected form.
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.
The Tax Cuts and Jobs Act (TCJA), passed in late 2017, changed many facets of tax planning, including mergers and acquisitions (M&A). TCJA created a variety of opportunities for mergers and acquisitions and any business considering a future M&A should be aware of the changes.
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.
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.
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.
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.
Most employers in the United States must pay state unemployment tax, the collection of which is authorized by the State Unemployment Tax Act (SUTA). Although most wages are subject to SUTA tax, certain wages may be exempt.