SSA Announces 2021 COLA and Max Earnings
The SSA published its 2021 COLA increases and new ceiling for earnings subject to OASDI. What numbers are changing and are you affected?
News
Restructuring Debt as a Business Strategy
Like earlier business crises, Covid-19 has forced many businesses to make hard choices regarding their future. Learn about restructuring debt and whether it is an option to consider.
IRS Final Regulations on Meals and Entertainment
The 2017 TCJA changed rules for meals and entertainment. Recent IRS guidance may clear up some confusion and Arizona business owners should consult with their CPA to make sure they are not violating any rules or leaving money on the table.
Arizona Manufacturing, Technology and COVID-19
As a result of COVID-19, the economy has taken a tremendous hit and many Arizona manufacturers are feeling an impact. Some manufacturers have pivoted to meet customer demand, and more may be able to do so if they can take advantage of technology and increased access to market trends.
Relief for Small PPP Loan Borrowers
The SBA issued a new form making it easier for smaller borrowers to qualify for loan forgiveness and clarified due dates. Is your company eligible for the simplified paperwork?
Deadline Approaching for Tax Year 2019 Filing Extension
Federal individual and calendar year corporate returns (except S Corporations) are due October 15, 2020, and calendar year fiduciary returns were due September 30, 2020.
Simplifying Life for the Arizona Nonprofit CFO
One of the most challenging responsibilities for Arizona nonprofit CFOs is managing a budget with financial constraints. Even though it may be needed, financial management software can sometimes seem like a distracting and risky problem. Benefits from cloud-based accounting may outweigh the risks.
Arizona TPT Electronic Filing and Payment Effective January 1, 2021
The transaction privilege tax (TPT) electronic filing and paying threshold lowers to $500 beginning January 1, 2021. There will be penalties for not filing and paying electronically.
Applying for PPP Forgiveness
As more banks start accepting forgiveness applications, PPP borrowers need to know what to do to obtain maximum forgiveness, including required documentation for forgiveness application forms.
IRS Announcement CCH E-Filing Outage on September 15, 2020
The IRS stated in a September 24, 2020 memorandum, it would treat September 15, 2020 returns and any elections filed on September 17, 2020, as timely if the September 15, 2020 filing was affected by a CCH e-filing system software outage.
Understanding Changes to USMCA and Mexico
In a free two part webinar on September 23 and 30, 2020, hear experts with the Arizona District Export Council (DEC) discuss exporting from the U.S. to Mexico. Learn about the tax benefits from Stephen J. Rodis, CPA, on September 30. Read further for the full agenda and registration details.
Strategizing for a New Normal
Strategizing for an uncertain future is not easy and Arizona businesses are taking a closer look at their response to COVID-19. Learn more about strategic planning in today’s environment.
Does Workers’ Compensation Cover COVID-19?
The applicability of workers’ compensation programs to COVID-19 is one of the great legal and financial issues. Does workers’ compensation cover COVID-19? There are no firm answers.
Best Practices for Managing Remote Employees
While many companies offered options to work from home before COVID-19, few had policies and procedures in place for managing employees. What are some best practices for managing employees working from home?
Deferral of Social Security Tax Withholdings
On August 8, 2020, President Trump issued an executive order offering payroll tax deferral until the end of 2020. Deferral would begin on September 1, 2020 and employers could pause collecting the 6.2% employee portion of the social security tax on an employee’s annual wages for 2020.
COVID-19 Reassessing Estate Planning
COVID-19 caused many changes in our personal and business lives, giving us time to rethink our priorities and expectations. Estate planning is one area that has received a lot of attention. Do you have an estate plan in place?
IRS Accepts E-Filings of Amended Individual Tax Returns
The IRS reached a major milestone by accepting Form 1040-X, Amended U.S. Individual Income Tax Return, electronically. Now, taxpayers can correct tax returns with fewer errors and expedite processing.
ADOR Importance of Verifying Mailing Address
The Arizona Department of Revenue (ADOR) reminds taxpayers and business owners to verify their mailing address when filing. ADOR recommends using a standardized address that is fully spelled out and uses the postal service standard abbreviations when filing electronically or registering online.
IRS Operational Processing Delays COVID-19
The IRS is experiencing delays in processing paper tax returns due to limited staffing. Taxpayers are strongly encouraged to file electronically through a CPA or accountant or tax software provider. Paper returns are processed in the order they are received.
Interpreting Financial Reports
Your financial statements can tell you what is happening in your business today and expectations for the future. Knowing how to interpret financial reports gives you insight into your business.
Mark R. Dreher, CPA | What Businesses Can Do to Prosper Post-Pandemic
Mark R. Dreher, CPA gives guidance to Arizona businesses post-pandemic in an AZBigMedia article.
2020 Tax Credits Expiring
Several tax credits and incentives, such as the qualified fuel cell motor vehicles and energy-efficient home improvements, are set to expire at the end of 2020.
COVID-19 Lastest DOL Guidance
The DOL released additional guidance for workers and employers on how protections and requirements will affect the workplace as companies reopen. Additional guidance will help everyone understand workplace rights and responsibilities.
California’s Data Privacy Law’s Implications
The California Consumer Privacy Act (CCPA) affects more than Californians and has wide implications for many businesses.
Arizona and Federal Taxes Due July 15, 2020
In March 2020, due to COVID-19, the IRS automatically extended the filing deadline for tax returns from April 15 to July 15, 2020. The extension applied to all individual returns, trusts, and corporations. The Arizona tax filing deadline was also extended to July 15, 2020.
Do You Know Your Key Performance Indicators (KPIs)?
How is your business doing? Having a lot of customers or clients does not necessarily mean success. Do you know your key performance indicators, also known as KPIs?
PPP Loan Applications Extended Until August 8, 2020
President Trump extended acceptance of Paycheck Protection Program (PPP) loan applications until August 8, 2020, a five-week extension.
Arizona Physician Practices | Entity Formation and Taxes
In the past, physician practices were set up as sole proprietorships or partnerships. As the business of medicine and liability risks grew more complex, new entities were created. Arizona medical practices now have a number of entity options.
Home Office Tax Deduction Rules
With many people working from home, you may think you can take a home office tax deduction. The Internal Revenue Code is complex and sets certain conditions on claiming a tax deduction. What deduction is allowable and under which circumstance?
COVID-19 Cost Reductions of Some Export Services
The U.S. Department of Commerce’s International Trade Administration (ITA) and U.S. & Foreign Commercial Service (USFCS) are temporarily reducing or eliminating costs of several export services to U.S. businesses affected by COVID-19.
SBA and Treasury Announces PPP Transparency Enhancement
The SBA and Treasury agreed with U.S. Senate Small Business Committee bipartisan leadership to make public additional data regarding the Paycheck Protection Program (PPP).
COVID-19 Understanding Sales Tax Thresholds
COVID-19 caused many brick-and-mortar entities to strengthen or create their online presence, forcing them to address sales tax complexities they did not have to contend with when sales were local.
COVID-19 Impact on Social Security
According to retirement professionals and researchers, the pandemic will affect Social Security benefits for those born in 1960, due to the complicated formula the Social Security Administration uses to calculate benefits.
PPP Funds Still Available
With the enactment of the Paycheck Protection Program Flexibility Act, more than $129 billion in PPP funds are still available.
Presentation: PPP Current Tax Developments and Forgiveness
Join Stephen J. Rodis, CPA and Mark R. Dreher, CPA in an ASCPA live online webcast on June 20, 2020, about current PPP tax issues and status of forgiveness portion of the PPP loan program, including financial reporting options.
SBA Accepting New EIDL Applications
The Small Business Administration (SBA) is accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses and agricultural businesses.
PPP Partial Loan Forgiveness
The PPP Flexibility Act offers partial loan forgiveness when a borrower uses less than 60% of the loan for payroll costs during the forgiveness covered period.
Paycheck Protection Program Flexibility Act of 2020
President Trump signed the Paycheck Protection Program Flexibility Act of 2020 modifying certain provisions related to PPP loan forgiveness. One important modification allows recipients of loan forgiveness to defer payroll taxes.
SBA PPP Guidance on Employees Refusing to be Rehired
The SBA issued PPP loan guidance that businesses can exclude laid-off employees from loan forgiveness reduction calculations if employees reject a written offer to be rehired.
COVID-19 Work From Home State Tax Agreements
COVID-19 may have created tax complications for companies with employees working from home in another state. To prevent tax surprises for you and your employees, understanding how to classify wages will avoid penalties and amending tax filings.
2021 Inflation-Adjusted HSA Increase
The IRS announced an inflation-adjusted increase to Health Savings Accounts (HSAs) for calendar year 2021. HSAs are savings accounts that employees can use with a high-deductible health plan to cover higher deductibles and copays.
CARES Act Retirement Provisions
Recent government aid in the face of COVID-19 extends beyond tax breaks. It also includes provisions for various aspects of retirement plans.
CDC Guidance on Reopening Businesses
The CDC has given guidance for reopening certain businesses under specific circumstances. Businesses should start developing their reopening plans with these guidelines.
PPP Loan Forgiveness Application
On May 15, 2020, the SBA published its PPP Loan Forgiveness Application, with instructions, providing some clarity about allowing borrowers to use their regular payroll schedule. Borrowers were concerned about matching their payroll cycle to the testing or covered period in the forgiveness formula.
Arizona Stay At Home Order Expires May 15, 2020
Arizona Governor Ducey announced retail, including retailers in indoor shopping malls, pools, gyms, fitness providers, spas, massage therapists, and personal services may open on May 13, 2020, with physical distancing and enhanced sanitation.
PPP Repayment Deadline Extended to May 14, 2020
The Trump Administration extended the deadline for companies to repay PPP loans from May 7, 2020 to May 14, 2020. The decision comes after many groups and organizations requested the administration provide additional time for companies to determine if they would return the funds.
Majority Supports Protecting Employers from COVID-19 Lawsuits
The U.S. Chamber Institute for Legal Reform released a poll showing that Americans across the political spectrum believe that employers must have protections from COVID-related lawsuits. The poll shows more than 6-in-10 Americans say Congress should extend liability protections to employers.
PPP: Tax Responsibilities and Disbursement Rules
The IRS and SBA issued guidance clarifying certain rules about PPP. Whether you have a loan already or preparing to apply, you should be aware of tax responsibilities and disbursement rules.
Arizona Restaurants and Salons to Reopen
Arizona Governor Ducey announced barbers and cosmetologists can resume operations on May 8, 2020, and dine-in restaurants on May 11, 2020, with safety protocols and best practices.
Arizona Stay Home Order Modified Through May 15, 2020
On April 29, 2020, Governor Ducey loosen some Stay Home restrictions, including a phased in approach for retail stores effective May 4, 2020. The Stay Home order remains in effect through May 15, 2020, with modifications.