Benefits of 529 Plans
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.
Category: Taxes
Wayfair Case Review
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.
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.
401(k) Plans | Know the Rules
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.
IRS Issues Additional Guidance on Food Deduction
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%.
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 Update: American Rescue Plan Act – Relief Bill
The recently passed American Rescue Plan Act of 2021 is full of provisions and the IRS has started to issue guidance on key aspects.
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.
Warnings About Fraudulent Unemployment Forms
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.
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.
Mergers and Acquisitions Tax Planning
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.