News

Charity as a Part of Your Legacy

Categories: News

How do you effectively make charity a part of your legacy? You want to donate with your head as well as your heart, making sure a charity is legitimate, well-run and aligns with your values. This article discusses evaluating charity legitimacy, performing smart research, and tax planning.

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Did You Receive an Audit Notification?

Categories: News

Every audit notification may not be legitimate and it is important to make sure it is official. The IRS will notify you either by letter or phone. The IRS does not notify taxpayers about audits through email. If you received an email stating you have been selected for an audit, it is probably fraudulent. If you determine that you are definitely getting audited, your next step is to learn what is involved.

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Fraud Alert | Synthetic Identities

Categories: News

The most common identify theft is synthetic. By combining some factual stolen information with completely fake information, thieves convince banks and credit monitoring companies that a fake identity is real. The “bad guy” is not pretending to be the person whose information was stolen or acquired; rather, the data is being used to create a brand-new identity. Thus, synthetic identity theft is born.

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Estimated Taxes

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You may need to pay estimated taxes if you are self-employed or have income other than a salary. This article explains estimated tax payments that are due every quarter.

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Ballot Measure to Amend Arizona Constitution Prohibiting Taxation of Services

Categories: News

A ballot measure was filed with the Secretary of State to amend Arizona’s Constitution to protect taxpayers from sales tax on services. The measure is supported by the Citizens for Fair Tax Policy, Arizona Retailers Association, and Arizona Association of Realtors. For the proposition to make it to the November ballot, at least 225,963 signatures are required by July 5, 2018.

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Selecting the Right Tax Professional

Categories: News

The Arizona Department of Revenue (ADOR) shared recommendations for selecting the right tax professional this filing season. When choosing your tax professional, consider their formal training; current training; professional licenses; years of experience; availability of e-file services; and security measures for protecting clients’ tax records.

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New Tax Law | Charitable Giving

Categories: News

Important new tax changes may mean charitably-minded individuals might consider new giving strategies and evaluate appreciated stock and donor-advised funds. Insights into giving strategies are included in this article.

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Data Protection | Arizona Income Tax Filings

Categories: News

The Arizona Department of Revenue (ADOR) reminds taxpayers to stay alert in protecting their confidential information from getting in the wrong hands. Be cautious of companies or individuals who contact you offering free incentives or asking to receive money.

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Multistate Taxes | Nexus

Categories: News

No matter where your company is headquartered, you probably conduct business across other state borders. How do taxes work across state borders? Read further for guidance on compliance and multistate taxes.

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Real Estate in Your IRA

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Traditionally, IRAs contain funds or individual securities, but it is possible to put other kinds of investments into these accounts, including real estate. There are rewards and potential risks with this strategy.

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Tax Cuts and Jobs Act | TCJA

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In 2018, changes to individual and corporate income tax rates become effective under the new tax legislation called the Tax Cuts and Jobs Act (TCJA). For example, TCJA drops the corporate income tax rate to 21% and modifies individual rate brackets. Read further for full details.

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Written Acknowledgments | Tax-Deductible Charitable Contributions

Categories: News

If you offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, you must do two things: (1) have a bank record or written communication from the charity for any monetary contributions and (2) obtain a written acknowledgment from the charity for any single donation of $250 or more.

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Managing Form 1099

Categories: News

One of the most important tax and payroll issues a company has to address is who is an actual employee and who is an independent contractor. Once you have that worked out, your next step is making sure each category of workers gets the right forms.

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2017 Phoenix Fit Company Challenge

Categories: News

Wallace, Plese + Dreher (WP+D) is serious about team building and having fun. For the second year, WP+D participated in the Phoenix Fit Company Challenge, on Saturday, November 17, 2017, at Kiwanis Park, Tempe, Arizona.

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Keep Your Homeowners Insurance Current

Categories: News

Homeowners insurance is not about buying it once and then forgetting about it. You have to repeatedly check it to make sure you are fully protected. Homeowners insurance is meant to protect against disasters ranging from fire to theft to lawsuits, encompassing most injuries and damage that members of your family might cause to other people. This article discusses how to protect your property and your loved ones.

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Changes in Social Security and Retirement Plans for 2018

Categories: News

Every year, the IRS and Social Security Administration modify essential numbers for Social Security and retirement plans. From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you are an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years.

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Is Your Business Data at Risk?

Categories: News

Security measures by federal and state tax agencies have decreased cyberattacks against individual taxpayers. However, business data thefts are rising. There are simple, effective ways that businesses can minimize their risk of tax-related identity theft.

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WP+D Team – AZAGC Bowling Tournament

Categories: News

Wallace, Plese + Dreher (WP+D) showed support for the Associated General Contractors of America, Arizona Chapter (AZAGC), by participating in its annual 2017 AZAGC Inaugural Bowling Tournament, on September 15, 2017, Phoenix, Arizona.

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Business Succession Planning | Scottsdale | Chandler | Arizona

Categories: News

Succession planning is important for all Arizona businesses and frequently overlooked in family-owned operations. There are numerous family-run companies that no longer exist due to poor or no succession plan.
The plan needs to be well-designed and discussed with everyone affected. Do not assume that a son or daughter will want to carry on the family business. Even if your children say they will take over, they may not have the true desire required to continue a successful operation.

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We Care | Disaster Relief Support | American Red Cross

Categories: News

As Hurricane Harvey approached and descended on Texas, our hearts and thoughts went out to people frantically leaving their homes and businesses. As we watched social media, listened to radio broadcasts, and spoke with family members in the path of Hurricane Harvey, we wanted to help in some way. Photos of people clinging to trees, flood waters rising in homes, and families in shelters moved us into action. Without hesitation, our employees donated directly to the American Red Cross and WP+D matched their donations by 50 percent. This is a small example of our Firm’s caring culture and willingness to help those in need.

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FMLA: Stay Informed

Categories: News

The Family and Medical Leave Act (FMLA) is constantly modified and reinterpreted, and courts are frequently asked to weigh in. Employers should remain watchful and ensure they are compliant with this dynamic law. This is a summary of three recent settled cases.

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