Considering moving to another state? Moving could lower your state tax bill; however, you need to establish the new state is your place of legal residence, also known as your domicile, for state tax purposes. Otherwise, the old state could come after you for taxes after moving. In the worst-case scenario, your new state could expect to get paid, too.
Homeowners that itemize “qualified residence” interest should be aware of the IRS rules and new Form 1098 reporting requirements. The allowed deduction may not match what the bank reports on Form 1098 and the IRS can target this deduction in tax return audits.
Recruiting teams engage students and prospective employees at a variety of universities throughout Arizona.
The IRS requires taxpayers that have an interest in or authority over foreign financial accounts to provide information about the account by filing a form called the Report of Foreign Bank and Financial Accounts (FBAR). For accounts held in 2016, the annual deadline filing for FBARs has changed to April 18, 2017, which now coincides with individual tax filing deadlines under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. Previously, the deadline was June 30, excluding weekends and holidays.
Arizona increased tax credit contributions for qualifying charitable and foster care organizations, retroactive to January 1, 2016.
The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. There are pros and cons for claiming this deduction.
Employers must ensure proper completion of Forms I-9 to verify identity and employment authorization of their employees. In 2016, a new Form I-9 was issued and employers had an option to use the old form. Beginning January 22, 1017, employers are required to use the new version.
Are you wondering when to expect your Arizona tax refund? Taxpayers filing electronically who chose direct deposit can expect refunds within 12 business days after return acceptance. Taxpayers filing paper returns should expect their refund within 6-8 weeks after return acceptance.
Companies can avoid cyberattacks and minimize risks by coaching employees and establishing policies and procedures. Simple steps can guard against basic criminal acts and internal cyberthreats.
The Arizona Department of Revenue announced some 1099-G forms were sent to taxpayers that contained erroneous information. This does not impact anyone who did not receive an Arizona state income tax refund in 2015. Corrected 1099-G forms are set to be completed this week and mailed to impacted taxpayers as soon as possible.
Considering retiring and moving to another state for the weather, to be closer to family, or both? Certain states may be more attractive than others due to taxes. Some states may have residency requirements for state tax purposes, which may be complicated.
Corporations can deduct interest on debts for federal tax purposes. A valid obligation exists if the parties intended to create a debt, and the debt is enforceable and unconditional. In contrast, a capital contribution is a direct or indirect contribution of cash or other property to the capital of a business entity. Generally, a contribution to the capital of a corporation is not treated as taxable income to the corporation, and the contributor cannot deduct the payment for tax purposes.