PPP Loan

Paycheck Protection Program (PPP) Loan Forgiveness

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.

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Qualifying Charitable Tax Credit

Arizona 2019 Tax Credit Contribution Deadline 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.

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Recap COVID-19

COVID-19 and Retirement Plans

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.”

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CARE Act Guidance

Economic Injury Disaster Loans | Emergency Economic Injury Grants

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.

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2020 Tax

Penalty and Interest Waiver

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.

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Identity Protection

IRS Offers Identity Protection PIN

Categories: IRS, Tax

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?

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2020 Inflation Adjustments

Categories: Tax

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.

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Secure Act

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.

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International business

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.

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Estate planning

Estate Planning for Those Under 40

Categories: Estate Planning

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.

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How to Avoid Probate

Categories: 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? 

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Tax planning strategy

Tax Planning and Good Financial Health

Categories: News

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.

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Car leasing

Taxes and Finances | Car Leasing

Categories: Tax

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?

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New Form W-4

IRS Issues Draft of New W-4

Categories: News

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.

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Multicultural family

Tax and Estate Planning | Blended Families | Second Marriages

Categories: Estate Planning, News, Tax

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.

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Arizona conformity

Status | Arizona Tax Conformity

Categories: News

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.

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Socially investing

Arizona Socially Responsible Investing

Categories: News

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?

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