Many Arizona small businesses received Paycheck Protection Program (PPP) funding to maintain payroll levels from loss of revenue. The Small Business Administration (SBA) released an Interim Final Rule addressing eligibility issues and requirements for certain pledges. The CARES Act requires the SBA to issue additional guidance on rules for loan forgiveness by April 27, 2020.
The April 15, 2020 deadline for filing and paying Arizona and federal income taxes for the 2019 calendar year is July 15, 2020. The Arizona due date for first quarter estimated tax payments has not changed and remains April 15, 2020.
April 15, 2020 is the deadline for taxpayers to claim tax credits on their 2019 individual income taxes for donations to qualifying charitable organizations (QCO), certified school tuition organizations (STOs), and public schools.
The CARES Act offers some relief for borrowers seeking student loan repayment delays. There are some limitations and not every loan classified as a student loan is eligible.
The CARES Act grants a payroll tax credit for employment taxes owed by certain eligible employers. Employers may be able to defer the employer portion of any Social Security taxes for the period beginning on March 27, 2020, and ending before January 1, 2021.
Governor Ducey issued an Executive Order temporarily suspending commercial tenant evictions, including lock out, notice to vacate, or any other attempt to inhibit the operations of a business associated with inability to pay rent caused by COVID-19. The Executive Order expires on May 31, 2020.
The Families First Coronavirus Response Act provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19.
According to Eric Stevenson, President, Nationwide Retirement Plans, advisors to retirement plans will play a critical role, stating “This is the time they have to be more visible than they have ever been,” said Stevenson. “They have to be in constant communication with plan sponsors, even if from a distance.”
The Economic Injury Disaster Loans and Emergency Economic Injury Grants provide an emergency advance of up to $10,000 to small businesses and private nonprofits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance.
The Small Business Debt Relief Program provides immediate relief to small businesses with non-disaster SBA loans, such as 7(a), 504, and microloans. Eligibility requirements for 7(a), 504, and microloans, along with other resources, are in this article.
Business owners should consider the Paycheck Protection Program (PPP) to assist them through this critical time. We highly recommend they contact their lending institution to start the lending process and begin gathering information that may be required for their application.
On March 30, 2020, Arizona Governor Doug Ducey announced Arizona’s version of a stay-at-home executive order. Unique to Arizona, the Governor’s order includes a strong focus on mental health and encourages Arizonans to participate in outdoor activities in accordance with social distancing measures.
The SBA strongly encouraged its lending partners to offer deferment relief to existing borrowers that have been adversely affected by COVID-19-related economic disruptions.
Congress is proposing a stimulus bill, which is expected to become law in the next few days. Here are some of the major provisions and potential impacts.
Governor Ducey declared most Arizona counties, including Maricopa, a disaster area. This means business owners can apply for low-interest loans online through the U.S. Small Business Administration (SBA) Disaster Loan Application Portal.
On March 20, 2020, the Arizona Department of Revenue (ADOR) announced it moved the deadline for filing and paying state income taxes from April 15 to July 15, 2020 following direction by Governor Doug Ducey.
The Families First Coronavirus Response Act (H.R. 6201) is now law, and attorneys, accountants, and other professionals are reviewing the main provisions about paid family and sick leave.
On March 17, 2020, Treasury Secretary Steven Mnuchin announced that, while the due date for filing 2019 tax returns would not be postponed, the IRS would waive penalties and interest on tax payments for 90 days. The waiver only applies to individual taxpayers owing up to $1 million in taxes and corporations owing up to $10 million in taxes.
Technology has profoundly changed how business works. Its influence is everywhere, from smart homes to business operations. The future will only continue to add new ways technology is used.
As of January 31, 2020, employers should use the new Form I-9, Employment Eligibility Verification, released on October 21, 2019. The form’s version is located at the bottom left corner, with the expiration date of October 31, 2022 in the top left corner.
There are many unknowns about the coronavirus. With any health crisis, business owners and managers should know what their responsibilities are regarding employees.
The IRS is launching a new identity protection program that prevents anyone who has stolen your Social Security number from using it to file a fraudulent tax return. How does it work? Are you eligible for the program?
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.
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.
The Arizona Department of Revenue (ADOR) is completing system modifications to start accepting electronically filed corporate returns starting in January 2020.
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.
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.
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.
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.
Congratulations to WP+D on placing as top finishers at the 2019 Phoenix Fit Company Challenge.
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.
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.
As a partner sponsor, Wallace Plese + Dreher exhibited at the Arizona Technology Council Governor’s Celebration of Innovation Awards on October 24, 2019.
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.
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).
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.
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?
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 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.
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.
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.
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?
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?
Congratulations to Sara B. Nance, CPA 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.
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.
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 (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.
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.
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.
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?