2019 Arizona Key Tax Changes
The Arizona Department of Revenue (ADOR) issued several key reminders for 2019 tax year filings. The individual income tax filing season for state and federal returns opens on Monday, January 27, 2020.
News
Stephen J. Rodis, CPA | Arizona District Export Council Appointment
Congratulations to Stephen J. Rodis, CPA on his three year appointment to the Arizona District Export Council by the U.S. Secretary of Commerce. As a member, Steve will engage and support U.S. small and medium-sized businesses that focus on U.S. exporting.
Arizona Corporate E-Filing Options January 2020
The Arizona Department of Revenue (ADOR) is completing system modifications to start accepting electronically filed corporate returns starting in January 2020.
2020 Inflation Adjustments
The IRS made inflation adjustments for various 2020 tax items and they will apply to a wide range of taxpayers. A few examples that may impact you are included in this article.
The SECURE Act | Retirement Plan Changes
President Trump signed the SECURE Act of 2019 as part of the government’s spending bill and Congress is planning to enact a number of changes that will significantly affect the retirement landscape. The SECURE Act encourages employers to offer retirement plans that were considered too expensive to administer and allows small employers to set up and offer 401(k) plans.
2019 Arizona Tax Changes
It took until May 27, 2019, but Arizona made some significant changes for the 2019 tax year to conform to the Tax Cuts and Jobs Act (TCJA). Outlined are the major changes impacting individuals and businesses.
Maximizing Retirement Contributions and Savings
Since deferring income into another year is no longer an option, retirement contributions are a great way to reduce adjusted gross income (AGI). Some options include IRAs and retirement savings to lower taxes. Outlined are options for maximizing retirement savings.
2019 Phoenix Fit Company Challenge
Congratulations to WP+D on placing as top finishers at the 2019 Phoenix Fit Company Challenge.
Revenue Recognition Standards – ASC 606
ASC 606 became effective for public companies in 2018 and privately-held companies in 2019. Previously, the reporting standard varied according to industry. Now, under ASC 606, the standard is industry neutral, making it more transparent.
GILTI Regulations
New final and proposed regulations will affect U.S. shareholders eligible for global intangible low-taxed income (GILTI). These regulations will cause companies to reassess the relationship between their GILTI income and Part F income.
Arizona Technology Council Governor’s Celebration of Innovation Awards
As a partner sponsor, Wallace Plese + Dreher exhibited at the Arizona Technology Council Governor’s Celebration of Innovation Awards on October 24, 2019.
Employee Bowling Party
The Firm hosted a bowling party at Bowlmor in Scottsdale. Employees enjoyed beverages, food, and unlimited bowling. Pictured: Suzanne LaCross, Ankita Trivedi, Angie Larson, and Stephanie King.
Supporting Arizona’s International Business Community
As Director of the Firm’s tax department and leader of the international team, Steve Rodis serves on multiple international boards such as the Phoenix Committee on Foreign Relations (PCFR).
Estate Planning for Those Under 40
You are never too young to start planning for your estate. Also, you should not put off estate planning until you are ready to retire. The earlier you start, the better off your family will be if something unforeseen happens. Learn why you are never too young for estate planning.
How to Avoid Probate
The death of a close family member is a traumatic experience. Legal and accounting necessities that come with it, especially probate, can make it worse. What are some basic techniques for avoiding probate?
Sales Tax in the Post-Wayfair World
The Supreme Court’s decision in South Dakota v. Wayfair applies to you if your business operates in two or more taxing jurisdictions. Learn the basics of collecting and reporting sales tax.
Wallace Plese + Dreher Announces Partners
Wallace Plese + Dreher named Leslie Prichard, CPA and Allison Lynn Dozbaba, CPA as partners, bringing the total number of Firm partners to 15. In 2016, Leslie joined the Firm as an Audit Manager and Allison as a Tax Manager. In 2017, both were promoted to senior managers.
Tax Planning and Good Financial Health
Good tax planning is a year-round activity requiring collaboration with your accountant to evaluate current circumstances and discuss any changes that may impact minimizing taxes. Circumstances change. Even if you used the standard deduction in the past, it may no longer be the right option for you.
Future Impact of New Tax Law
The majority of the new tax law changes expire at the end of 2025. With the right strategies and planning, business owners can maximize opportunities offered by the new tax law.
New Leasing Standards | Private Companies
As of January 1, 2020, all leases, including short-term leases, must be recorded on a company’s balance sheet. What does the new Financial Accounting Standards Board (FASB) standard mean for your business?
Taxes and Finances | Car Leasing
Other than a home, a car is typically the biggest purchase you will make. Many car owners do not consider the financial implications. What are the benefits and disadvantages of buying and leasing a car?
Sara B. Nance, CPA – Most Influential Women in Arizona 2019
Congratulations to Sara Nance on her recognition as one of the Most Influential Women in Arizona 2019. Chosen from more than 2,000 women, Sara and 49 other talented women were selected for impacting their organizations and business community.
IRS Issues Draft of New W-4
The IRS published a draft of a revised Form W-4, Employee’s Withholding Allowance Certificate. The agency emphasizes this is a preliminary version, and until further notice, everyone should use the current version. However, human resources departments and payroll managers should become familiar with it now since the final version will be similar.
Tax and Estate Planning | Blended Families | Second Marriages
Blended families can create complex tax and estate planning issues. With more children living in blended families, parents need to plan for short and long-term tax and estate matters. According to a Marketwatch survey, approximately 63% of women are in a remarriage, which can create financial complications when it comes to tax liabilities. One challenge for couples is agreeing on inheritances for first and second marriage children.
Wallace, Plese + Dreher Announces Promotions
Wallace, Plese + Dreher (WP+D) congratulates our professionals on their well-deserved promotions. Our people have diverse backgrounds, speak a variety of languages, and possess a wide-range of technical skills. Promotions reflect our workplace culture that encourages continuous learning and career development.
Status | Arizona Tax Conformity
As of May 6, 2019, the Arizona Legislature continues working towards a State budget with ongoing discussions regarding various budget proposals. Recent comments from the Legislature addressed the question of Arizona’s conformity with federal tax law. While conformity is still to be determined, it seems Arizona will conform.
Marriage Penalty | Tax Cuts and Jobs Act
The marriage penalty refers to two people that may pay more in taxes as a married couple than they would filing two single returns. Does this penalty really exist? See how the Tax Cuts and Jobs Act (TCJA) may affect couples and taxes.
Arizona Socially Responsible Investing
When investing, do you care about anything beyond generating returns? Many Arizona investors would like their money to grow and help the world at the same time. Socially responsible investing (SRI) is dedicated to environmental sustainability, alternative energy, and clean technology. How can you help the world with your investing?
Managing Your Company’s Cash Flow
No owner of a business would argue the truth behind the saying, “Cash is king.” Cash is the underlying driver of any business regardless of industry. Ironically, many owners and managers fail to incorporate that essential fact into their management philosophy.
Arizona Tax Deadline April 15, 2019
The Arizona Department of Revenue (ADOR) reminds individuals that April 15, 2019 is the tax deadline for filing their individual return. ADOR recommends electronic filing since it is more secure, efficient, and faster than paper returns. With e-filed returns, average refund processing times are currently six days compared to 12 days for paper returns.