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.
Insights
Randy G. Brammer, CPA Designated Managing Partner
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.
Consolidated Appropriations Act, 2021
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 Appointed to CPAmerica’s Board of Directors
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.
Mandatory 2020 Income Tax E-Filing for Arizona Corporations and Partnerships
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.
IRS: Eligible PPP Expenses Now Deductible
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 2021 AZ Business Leader to Watch Interview
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 Awarded Forbes America’s Best Tax and Accounting Firms 2021
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.
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.
2020 Business Tax Deductions
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.
Arizona Bingo and Raffles
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.
IRS Releases Additional Guidance on PPP Loan Forgiveness
The IRS published a Revenue Procedure and a Revenue Ruling to clarify certain complex and controversial details in PPP loan forgiveness. Read further for a summary of the new IRS guidance.