Wallace Plese + Dreher Named Arizona 2021 Top Workplace
Wallace Plese + Dreher has been named as an Arizona 2021 Top Workplace by AZ Central. The award was based on feedback and survey results from the Firm’s employees.
News
New Arizona Travel ID
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.
Phoenix Friends Experience
Understanding the importance of establishing meaningful relationships inside and outside the office, partners and employees took part in the FRIENDS Experience Phoenix.
How Long Should a Business Keep Records?
You should keep tax records for three years after you file a return, but there are times when you will need older files.
Staffing Shortages and Outsourced Accounting Services
Are you having a hard time finding accounting and bookkeeping help for your Arizona business? Accounting and bookkeeping specialists can be a cost-effective option for your company.
Accounts Payable Process
Whether your business brings in $50,000 a year or $50 million, it needs an effective bill-paying system. Here are useful tips on building and managing an efficient accounts payable process.
FATCA Foreign Account Tax Compliance Act
The Foreign Account Tax Compliance Act (FATCA) requires that U.S. individuals who hold foreign financial assets must report those assets to the IRS. What are your responsibilities under FATCA rules?
Tax Interns Spring 2022
Wallace Plese + Dreher welcomed three interns to the Firm for the 2022 tax season. They are attending Arizona State University (ASU), W.P. Carey School of Business, and expected to graduate in May 2024.
Randy G. Brammer, CPA PTK 2022
Randy G. Brammer, CPA recognized as an hands-on professional in People & Projects to Know (PTK) in Commercial Real Estate 2022.
Key Numbers for Operating a Successful Business
Your business cannot operate without enough cash to cover at least 60-90 days of expenses. Do you monitor your cash flow at least on a weekly basis?
Governor Ducey PCFR International State of the State
Wallace Plese + Dreher sponsored the Annual International State of the State with Governor Doug Ducey hosted by the Phoenix Committee on Foreign Relations (PCFR).
Arizona Small Business Income Election
Arizona small businesses may elect to file a separate small business income tax return to report their share of Arizona small business gross income. A taxpayer makes the small business income tax election by timely filing a Small Business Income Tax return along with their timely filed individual income tax form.
ADOR Guidance Proposition 208 Ruling
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.
Common Tax Myths and Facts
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?
What Exactly Is a Tax Year?
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.
Mergers and Acquisitions | Analyzing the Deal
How can you tell if a deal makes practical and financial sense? A short question with a complicated answer. Knowing the basics of when or if a deal makes practical and financial sense is helpful, but seeking help from a CPA to analyze the pros and cons is essential.
Guidance on Schedules K-2 and K-3
The IRS provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules.
2021 IRS Top 10 Crime List
The IRS compiled a list of its most famous and high-profile investigations of 2021. The most prominent case was a family sentenced to prison for fraudulently receiving millions of dollars in COVID money.
Have You Outgrown Your Accounting Firm?
Collaboration with your Arizona accounting firm should be part of your process when making business decisions. Your accounting firm should listen and help you make strategic moves to grow your company. Perhaps, you have heard your accountants refer to themselves as a crossing guard directing traffic, hoping everyone makes it across safe and sound.
Randy G. Brammer, CPA 2022 Arizona Business Leader
Congratulations to Randy G. Brammer, CPA on his selection as a 2022 Arizona Business Leader. Randy was selected from more than 5,000 Arizona business leaders in a number of industries, including construction, real estate, banking, and financial services.
Arizona CPA Firm | Culture | Upward Mobility | Growth Opportunities
Wallace Plese + Dreher promoted 15 employees ranging from Tax Senior to Senior Tax Manager. Some employees started their careers with the Firm, others transition from industry to public accounting, and some joined the Firm after graduating college.
Difference Between Credits and Deductions
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.
Can a Business Deduct Advertising and Marketing Expenses?
Recent guidance from the IRS highlights the nature of advertising costs. The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. What expenses can a business deduct?
January 31 Preparing for Business Tax Filings
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.
Medieval Times Employee Holiday Gathering
Wallace Plese + Dreher’s employees gathered together for a holiday event to mingle, share dinner, and journey back in time.
Arizona Small Business Income (SBI) Tax
Senate Bill 1783 allows individual taxpayers to elect to have their Arizona small business adjusted gross income removed from their regular individual income tax return and taxed on a separate Arizona small business income tax return. For taxable years beginning from and after December 31, 2020, a small business taxpayer may elect to file a return for the taxable year with the Arizona Department of Revenue (ADOR) to report that small business taxpayer’s share of Arizona small business gross income.
2022 Arizona and Federal Tax Filing Deadlines
Every year, changes are made to Arizona’s tax code. Since April 15 2022 falls on a federal holiday, taxpayers have until Monday, April 18, 2022, to file their 2021 tax return. If filing an extension, the extended due date to file the income tax return is October 15, 2022. However, because October 15, 2022 falls on a Saturday, taxpayers have until Monday, October 17, 2022 to timely file their 2021 tax return.
Ensuring Company Financial Statement Assertions Are Accurate
A company’s financial statements reflect the story it tells the general public, and truth and accuracy are key. A company’s CFO is responsible for accurately reporting all of the organization’s financial activities.
Arturo N. Moreno, CPA Appointed NourishPHX Board Chair
Congratulations to Arturo N. Moreno, CPA on his appointment as Board Chair for NourishPHX. NourishPHX assists families and individuals with meeting their daily basic living needs by providing food, clothing, hygiene supplies, and household items.
Employee Retention Credit (ERC) IRS Guidance
The Infrastructure Investment and Jobs Act amended the law so that the Employee Retention Credit applies only to wages paid before October 1, 2021, in some cases. Recently, the IRS issued new guidance on how to manage this change.
Is a Private Equity Partnership Right for You?
To determine whether a private investor is right for your company, you need to understand your motivation. Is it a growth strategy or an exit strategy?
Individual and Business Tax Checklist
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.
2021 Year-End Tax Planning Tips
The end of the year always brings possible last-minute tax changes, which is especially true for 2021. New legislation may mean major changes starting in 2022, but other proposed bills, such as new capital gains and qualified dividend tax rates, may take effect retroactively.
Arizona Tax Credits for Qualifying Charitable Organizations
Arizona offers many opportunities to claim tax credits for Qualifying Charitable Organizations, including Foster Care tax credits on Arizona personal income tax. Also, there are credits for donating to public schools and Certified School Tuition Organizations.
Taxpayer Reminder Limited-Time Donation Rules
Special rules allow limited charitable deductions even for taxpayers who do not itemize. Also, there are other donation changes for individuals and businesses. Learn how to take advantage of these opportunities now.
Managing Supply Chain Risks
Managing supply chains in uncertain times means understanding the risks and finding ways to mitigate them. How do you manage some of the most common supply chain risks?
2021 Treasure House Celebrity Game Night
As a sponsor of the 4th Annual Celebrity Game Night benefiting Treasure House Phoenix, Wallace Plese + Dreher’s partners, managers, and staff attended the event on Thursday, October 7, 2021, at the Scottsdale Hangar One.
Remote and Hybrid Employees | State and Local Tax Considerations
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.
Stephen J. Rodis, CPA Appointed to Arizona State Board of Accountancy Board
Governor Ducey appoints Stephen J. Rodis, CPA to the Board of the Arizona State Board of Accountancy.
Latest News on Vaccine Mandates
COVID-19 and its variants continue to disrupt the way we live, work, and play. The population disagrees on whether to wear masks or be vaccinated. One of the most pressing issues is whether businesses can — or should — issue a vaccine mandate for their employees.
Recognizing Revenue Under ASC 606
Before the adoption of ASC 606, there was no formal standard for the recognition of revenue across industries. Learn how this important standard has affected the construction industry.
Arizona CPA Firm Great Upward Mobility
At WP+D, employees and clients both benefit from working with an Arizona CPA firm versus a regional or national one. At larger firms, one may never meet or interact with a partner until they are a manager. This is not the case at WP+D, where the culture is centered around approachability and accessibility.
American Opportunity Tax Credit
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.
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.
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.
Digital Assets, Privacy, and Estate Planning
Estate plans should address the management and distribution of digital assets, such as cryptocurrencies, electronic communications, financial accounts, and documents stored in the cloud. How can you protect digital assets upon your death or if you become incapacitated?
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.
2021 Child Tax Credit and Advance Child Tax Credit Payments
For 2021, families will begin receiving early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit. If the IRS processed your 2020 tax return or 2019 tax return, these automatic monthly payments will begin on July 15 through December 15, 2021, based on the information contained in that return.
Future of Taxes and Multinational Corporations
Countries around the globe are trying to stem the “rush to the bottom,” which has multinational companies moving their corporate headquarters to lower their tax bills. According to the International Monetary Fund, the result of this tax strategy is a loss of worldwide government revenues estimated between $500 and $600 billion annually.
Independent Contractor Rule Withdrawn by DOL
In May 2021, the Department of Labor (DOL) withdrew a rule clarifying the standard for employees versus independent contractors under the Fair Labor Standards Act. According to SHRM, the withdrawn rule would have applied a more-limited economic-reality test.