For summer tax planning, this article is the first of ten tips for reducing taxes. When entertaining clients, you may be eligible to write off 50% of the cost of business meals and entertainment.
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.
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.
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.
Most commercial construction contractors would like to expand their business with larger projects. Due to increased risks associated with these projects, they require bid, performance, and payment bonds.
It is easy to forget to spend remaining funds in Flexible Spending Accounts (FSAs) before January 1, 2017. By failing to observe the “use-it-or-lose-it rule,” money could be forfeited if there is money left over in your accounts, unless a special provision applies.
Three teams from Wallace, Plese + Dreher participated in the Fit Company Challenge – Phoenix 2016 and competed against nine other Arizona companies. Team participants included a variety of ages and fitness levels and worked together to complete three courses for their team. Courses focused on strength, agility, full-body conditioning, speed, and endurance. Examples of course stations included planks, burpees, sit-ups, kettlebell swings, push-ups, inverted rows, sandbell slams, sprint and agility relays, and three-mile runs.
Effective November 1, 2016, Dennis, Schmich & Co., Ltd. combined with Wallace, Plese + Dreher. All four partners, Murray P. Mindlin, CPA, J.D., L.L.M., Hilarie H. Pierce, CPA, Steven F. Buel, CPA, and Nikki M. Kuretich, CPA, joined WP+D.
A special set of federal income tax rules applies to fringe benefits provided by a partnership to its partners in exchange for their services to the business. The same set of rules also applies to multi-member LLCs because they are treated as partnerships for federal tax purposes.
If you recently inherited an IRA with other beneficiaries, the rules regarding required minimum distributions (RMDs) may not be optimal for everyone. Particularly, if the beneficiaries are multiple beneficiaries or the inherited IRA lists a charity as a beneficiary.
Wallace, Plese + Dreher elected three new partners, Randy G. Brammer, CPA, CCIFP, Michelle L. Flynn, CPA, and Sara B. Nance, CPA, effective July 1, 2016, bringing the Firm’s total partners to nine.
In 2016, the Baby Boomer generation will turn 59 years old and be eligible to withdraw funds from their qualified retirement funds without incurring the 10% early withdrawal penalty. Many may not be ready for full retirement. Preparing for retirement takes planning and financial matters for retirement should not be ignored.
In December 2015, Wallace, Plese + Dreher (WP+D) designated Mark Dreher as managing partner. Scott Wallace, former managing partner since 1997, remains a partner and dedicates time to serving clients and business development.
Many factors impact the length of time it takes to close an estate, including size, complexity, and state law. Sometimes, estate proceedings continue to be open for years with no end in sight. As an executor, personal representative, or heir of an estate, you should be aware of a few general guidelines for closing an estate.
The Internet has revolutionized our lives. It facilitates transactions and information transmission. With opportunities there are risks. In today’s Web-based world, it is critical to know contents of your “digital dossier” and take steps to minimize risks that various forms of online surveillance create for personal and financial security. Respond Online to IRS Requests to Verify Identity When the IRS receives a suspicious tax return
Over the years, tax and other paper records tend to mount. Many individuals and companies keep records longer than necessary in case the IRS, state tax authorities, or another regulatory body inquires about a course of action. The following record retention guidelines can prevent your home or office from looking like a TV show about hoarding. E-filing is on the upswing. According to