Many Arizona businesses received SBA Paycheck Protection Program (PPP) loans. Our SBA Paycheck Protection Program (PPP) task force helps businesses and nonprofits navigate the forgiveness process. They are familiar with the PPP Loan Forgiveness Application, which is complex and complicated, and can answer your questions.
On April 14, 2021, Governor Ducey signed Senate Bill 1752, which conformed to the definition of federal adjusted gross income (federal taxable income, for corporations), including federal changes made during 2020 as well as through the 2021 American Rescue Plan.
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 State of Arizona has announced it has moved the deadline for filing and paying state individual income taxes from April 15 to May 17, 2021. Additionally, the deadline for first quarter tax year 2021 individual estimated tax payments remains April 15, 2021.
As of April 5, 2021, the Arizona State Legislature is currently considering a bill that would extend the Arizona filing deadline for individual filers to May 17. ADOR is actively monitoring the bill as it goes through the legislative process.
The IRS announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, 2021. Estimated tax payments are still due on April 15, 2021.
The IRS is using private collection contractors to assist in collecting delinquent federal taxes. Learn how taxpayer rights are protected during the collections process.
Congress approved the PPP Extension Act of 2021, which extends the Payroll Protection Program (PPP). It was scheduled to expire on March 31, but the application deadline is now May 31.
The IRS is reminding taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. Previous rules stated that a retirement plan account owner must begin taking an RMD annually starting the year they reach 70½ or 72, depending on the birthdate and retirement year of the plan owner.
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.
If you are a U.S. citizen or resident alien living in a foreign country, you are still subject to the same U.S. income tax laws that you would be if you lived in the United States.
The recently passed American Rescue Plan Act of 2021 is full of provisions and the IRS has started to issue guidance on key aspects.
How does the American Rescue Plan Act of 2021 impact Arizona businesses, schools, and families? Here is a summary of the main provisions of the 600-page bill.
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.
A company-sponsored retirement plan is one of the most popular benefits a business can offer its employees, and there are many advantages and compelling employer benefits as well. Tax advantages, investing opportunities, and matching contributions are just three of the benefits of a 401(k) plan for employees.
Donors have the right to set restrictions on the donations they give to a nonprofit. Grant funders want to make sure their funds are spent on agreed-upon programs. Nonprofits have to ensure these funds are spent in a way that donors support.
The IRS is providing some accommodation to employee benefit plans offering health flexible spending accounts (FSAs) and dependent care assistance plans (DCAPs). Under the COVID-19-related Taxpayer Certainty and Disaster Tax Relief Act of 2020, these plans now have additional discretion in 2021 and 2022 to adjust their programs to help employees better meet the unanticipated consequences of the public health emergency.
Some Arizona construction company owners focusing on operational activities may not realize how financing purchases and selling assets make a difference. Projecting future cash flow is not easy. For construction companies, it becomes more complicated because no two projects are the same.
Beginning February 24, 2021, the Small Business Administration (SBA) is establishing an 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees.
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.
Last year was a challenging year. However, 2020 taxes are still due on April 15, 2021. If you underestimated the amount of tax you owe, you may be subject to a penalty.
The Internal Revenue Service (IRS) urges employers to take advantage of the newly-extended Employee Retention Credit (ERC), designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The ERC is one of the more popular relief items for businesses and recent legislation has made it even more attractive.
The new round of Paycheck Protection Program (PPP2) loans is available to both new and second-time borrowers. Who gets the money and what are the rules?
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.
Effective January 1, 2021, Wallace Plese + Dreher (WP+D) designated Randy G. Brammer, CPA as the Firm’s new Managing Partner. Mark R. Dreher, CPA, former Managing Partner, remains a partner and will continue assisting businesses with sales, purchases, mergers and acquisitions.
The pandemic relief package (Consolidated Appropriations Act, 2021) gives a break to the hardest-hit small businesses by reopening the Paycheck Protection Program and offers them the ability to apply for a second loan. The new round of loans will be limited to those with fewer than 300 employees that have experienced drops of at least 25% in revenue during any quarter of 2020 compared with the same quarter in 2019.
Mark R. Dreher, CPA was appointed to CPAmerica’s Board of Directors. He will work with CPAmerica’s leadership team and other Board members developing 2021 initiatives and long-term goals.
Legislation signed into law initiated a multi-year phase-in period for businesses required to file income tax returns electronically. The e-file option was introduced in 2020 for tax year 2019 and is now mandatory for corporations and partnerships for tax year 2020 returns.
On January 6, 2021, the IRS and Treasury Department issued guidance allowing deductions for the payments of eligible expenses when such payments would result, or be expected to result, in the forgiveness of a covered loan under the Paycheck Protection Program (PPP).
Randy G. Brammer, CPA, selected as a 2021 Arizona Business Leader to Watch, was interviewed by Michael Gossie, Editor-in-Chief, AzBigMedia, about best leadership practices during COVID-19.
Wallace Plese + Dreher has been awarded and recognized on the Forbes list of America’s Best Tax and Accounting Firms 2021. In total, 250 companies were awarded the title of America’s Best Tax Firm 2021 and 200 companies were awarded the title of America’s Best Accounting Firm 2021. Wallace Plese + Dreher was awarded titles in both accounting and tax.
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.
The Arizona Department of Revenue (ADOR) issued a reminder about legalities surrounding bingo and raffles in the State of Arizona. In the State of Arizona, all forms of online gambling are illegal.
Americans with certain foreign financial assets have special tax reporting responsibilities. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions and certain other nonfinancial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on relevant payments.
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.
You need current and accurate financial statements for good business decision-making. Do you understand your financials and what they say about your business? QuickBooks can help you grasp your debits and credits and take charge of your data and financial reports.
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.
The adverse economic impact of COVID-19 has bolstered employers’ interest in supplemental unemployment benefits (SUB) plans. which is an employer-sponsored benefit that provides severance pay to employees who involuntarily lose their jobs such as through layoff, reduction in force, or plant closing.
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.
Compensation planning in the COVID-19 era continues to shift. How should your company handle compensation during cash flow challenges?
The SSA published its 2021 COLA increases and new ceiling for earnings subject to OASDI. What numbers are changing and are you affected?
Like earlier business crises, Covid-19 has forced many businesses to make hard choices regarding their future. Learn about restructuring debt and whether it is an option to consider.
The 2017 TCJA changed rules for meals and entertainment. Recent IRS guidance may clear up some confusion and Arizona business owners should consult with their CPA to make sure they are not violating any rules or leaving money on the table.
As a result of COVID-19, the economy has taken a tremendous hit and many Arizona manufacturers are feeling an impact. Some manufacturers have pivoted to meet customer demand, and more may be able to do so if they can take advantage of technology and increased access to market trends.
The SBA issued a new form making it easier for smaller borrowers to qualify for loan forgiveness and clarified due dates. Is your company eligible for the simplified paperwork?
Federal individual and calendar year corporate returns (except S Corporations) are due October 15, 2020, and calendar year fiduciary returns were due September 30, 2020.
One of the most challenging responsibilities for Arizona nonprofit CFOs is managing a budget with financial constraints. Even though it may be needed, financial management software can sometimes seem like a distracting and risky problem. Benefits from cloud-based accounting may outweigh the risks.
The transaction privilege tax (TPT) electronic filing and paying threshold lowers to $500 beginning January 1, 2021. There will be penalties for not filing and paying electronically.
As more banks start accepting forgiveness applications, PPP borrowers need to know what to do to obtain maximum forgiveness, including required documentation for forgiveness application forms.