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.
Insights
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).
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?