Wallace Plese + Dreher Named Arizona 2022 Top Workplace
Wallace Plese + Dreher named as an Arizona 2021-2022 Top Workplace. Survey results are based on specific qualities: compensation, benefits, workplace flexibility, leadership, and training.
News
ERC IRS Scam Alert
The IRS and tax professionals continue to see aggressive broadcast advertising, direct mail solicitations, and online promotions involving the ERC. While the credit is real, aggressive promoters are misrepresenting and exaggerating who can qualify for the credits.
Tax Recordkeeping Tips
The Arizona Department of Revenue (ADOR) encourages taxpayers to keep well-organized records and to securely discard old documents.
How the FDIC Safeguards Your Money
Everyone has heard of the FDIC, which was created in the 1930s to guard our money in the event of bank failures. Why is it still an essential pillar of today’s financial industry?
Arizona’s Minimum Wage Increases
Effective January 1, 2023, Arizona’s minimum wage increased from $12.80 to $13.85. According to the Industrial Commission of Arizona, the $1.05 increase in minimum wage is based on the increase in inflation between August 2021 and August 2022, as published in the U.S. Bureau of Labor Statistics’ Consumer Price Index.
Fake ERC Refunds
The IRS warns about Employee Retention Credit claims to con ineligible people to claim the ERC credit. Some of these offers collect your personally identifiable information in exchange for false promises.
Why a Career in Accounting Adds Up to Success – AZ Big Media
What more could a young person embarking on their professional journey ask for, right? You get to use your brain and get to make some bank? It seems like a no-brainer.
6 Accounting Trends to Watch in 2023 – AZ Big Media
The accounting industry is rapidly evolving and firms that don’t adapt risk being left behind. Here’s what experts say are six trends to watch in the accounting industry in 2023.
Highly Compensated Employees May Be Eligible for Overtime
It seems contrary to long-standing policy, but in a recent ruling, the Supreme Court decided that in certain situations, highly compensated employees (HCEs) can earn overtime pay.
2023 Electric Vehicle Tax Credits
If you buy a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit of up to $7,500.
Pace & Company, PC Joins Wallace Plese + Dreher
Effective January 1, 2023, Pace & Company, PC joined Wallace Plese + Dreher. For more than 25 years, Pace & Company, PC provided tax planning and advice to corporations, partnerships, individuals, and estates and trusts in Arizona and throughout the U.S.
2023 AZ Big 100 Wallace Plese + Dreher
Wallace Plese + Dreher named one of 50 companies to watch shape Arizona’s economy in 2023.
Arizona Form A-4 Effective January 31, 2023
All Arizona employers must provide the new tax rate options to their employees by January 31, 2023, either electronically through an online portal, fillable form, or paper form.
2023 Wallace Plese + Dreher Employee Promotions
Effective January 1, 2023, Wallace Plese + Dreher promoted several employees. Learn about their diverse backgrounds and experience.
2023 Mileage Rates
In June 2022, the IRS made a rare midyear adjustment to mileage deductions because of rising gas costs. For 2023, the IRS increased the number again.
Arizona Tax Changes and Filing Due Date
Taxpayers have until Tuesday, April 18, 2023, to file their 2022 tax return since April 15, 2023 falls on a federal holiday. If filing an extension, the extended due date to file the income tax return is October 16, 2023 because October 15, 2023 falls on a Sunday.
Phoenix ZooLights
Wallace Plese + Dreher’s employees enjoyed a unique holiday experience at the Phoenix ZooLights.
2022 Charitable Donations
If you expect to itemize deductions in 2022, you may benefit from contributions to qualified charitable organizations. As long as you make a donation in 2022, it is deductible on your 2022 return, including charging the donation to a credit card on December 31.
New Lease Accounting Standard
Effective for 2022, private companies that issue financial statements prepared under U.S. GAAP are required to conform to a new lease accounting standard affecting their 2022 financial statements. Changes from the new lease accounting standard should be reflected in annual financial statements issued in 2023.
New Arizona Form A-4
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.
Home Sellers’ Profit Exclusions Are Not One-Time Opportunities
Many homeowners sell their houses at a profit, which raises questions about taxation. Fortunately, the IRS gives breaks on these profits. Learn about the details that can save you a lot of money.
Balancing In-Person and Remote Employees
Companies with remote and in-person employees should create a plan to measure achievements in all situations.
Electric Vehicle Tax Credit
If you are interested in claiming the EV tax credit for purchasing a new electric vehicle after August 16, 2022, a tax credit is generally available only for qualifying electric vehicles where final assembly occurred in North America. A transition rule applies for electric vehicles purchased before August 16, 2022.
Rightsizing Your Arizona Company
How do you know if your Arizona company has too few or too many employees? Do you know the best way to adapt your workforce as your company grows and develops?
Fringe Benefits and Taxes
Additional benefits on top of an employee’s regular pay may be taxable. The rules are complicated and employers should familiarize themselves with the requirements. Do you know which benefits are taxable?
Teambuilding and Escape Rooms
As a teambuilding activity, our people used their communication, critical thinking, observation, and problem solving skills while participating in several escape room games.
Business Value and Your Employees
How do you think about the people who work for your company? You are on the right track if you believe they are valuable individuals who contribute to your success. A company’s intangible assets, including human capital and culture, comprise more than half of a company’s market value on average.
Arizona Accounting Firm’s Positive Impact
Are you seeking a profession that is respected and known for its integrity and ethics? Do you want to interact with influential business leaders in the Arizona community? You can experience these things in public accounting with Wallace Plese + Dreher.
Accounting and Bookkeeping You Can Outsource
Maintaining accurate records, keeping track of your company’s finances, bookkeeping, taxes, accounts receivable, accounts payable, and financial reporting takes a lot of time. This may be the right time to get help with these important tasks.
Depreciation Tax Rules
Depreciation is an annual tax deduction that allows small businesses to recover costs of certain property that decreases in value over its lifetime. It is an allowance for wear and tear, deterioration, or obsolescence of the property.
Feed My Starving Children
As part of our workplace culture, we take time to give back to charitable organizations. Our most recent community effort involved packing meals for malnourished children. Everyone that participated felt grateful for what we take for granted everyday: food.
Consumer Privacy
By 2023, Google will eliminate cookies and institute Topics, which supports interest-based advertising. A person’s browser will determine a handful of broad topics based on their browsing history. With increased concerns about privacy, many companies have been forced to make changes to how they use data.
Teambuilding Axe Throwing
As a teambuilding activity, our people took part in a new experience: axe throwing. Conducted in a safe environment, at BATL in Scottsdale, it was a fun and first-time experience for many who attended.
ADOR Out-of-State Planes, Boats, and Autos
Businesses or individuals who purchase a plane, boat, or vehicle from an out-of-state vendor may be subject to use tax, which is a tax on purchases made out-of-state for taxable items stored, used, or consumed in Arizona when the sale was not subject to transaction privilege tax (TPT).
Keys to a Successful M&A
Selling or acquiring a business is a new experience for most business owners. One key to a successful sale or purchase is using a CPA well-versed in current tax regulations and laws.
Probate and Adding Children to Bank Accounts and Deed
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.
New Audit Standard for Employee Benefit Plans
Auditors of employee benefit plan financial statements have new performance requirements. Employee benefit plan administrators and those charged with governance should become familiar with the new requirements.
Voted 100 Best Places to Work and Live in Arizona
Wallace Plese + Dreher voted as one of the 100 Best Places to Work and Live in Arizona for 2022, as recognized by Ranking Arizona.
IRS Increases Mileage Rate for Remainder of 2022
Effective July 1, 2022, standard mileage rates for business travel is 62.5 cents per mile. Recognizing recent gas price increases, the IRS made a special adjustment for the final months of 2022.
Remote Work and Cybersecurity
In 2020, the FBI reported over a million cybercrime complaints, mostly from identity theft. The time period reported in these statistics corresponds to remote work due to the COVID-19 pandemic. This should be a warning to businesses and individuals who have not taken steps to protect their sensitive information from hacking, phishing, or malware.
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 Tax 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).