Real Estate in Your IRA
Traditionally, IRAs contain funds or individual securities, but it is possible to put other kinds of investments into these accounts, including real estate. There are rewards and potential risks with this strategy.
News
Tax Cuts and Jobs Act | TCJA
In 2018, changes to individual and corporate income tax rates become effective under the new tax legislation called the Tax Cuts and Jobs Act (TCJA). For example, TCJA drops the corporate income tax rate to 21% and modifies individual rate brackets. Read further for full details.
Written Acknowledgments | Tax-Deductible Charitable Contributions
If you offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, you must do two things: (1) have a bank record or written communication from the charity for any monetary contributions and (2) obtain a written acknowledgment from the charity for any single donation of $250 or more.
Managing Form 1099
One of the most important tax and payroll issues a company has to address is who is an actual employee and who is an independent contractor. Once you have that worked out, your next step is making sure each category of workers gets the right forms.
2017 Phoenix Fit Company Challenge
Wallace, Plese + Dreher (WP+D) is serious about team building and having fun. For the second year, WP+D participated in the Phoenix Fit Company Challenge, on Saturday, November 17, 2017, at Kiwanis Park, Tempe, Arizona.
Keep Your Homeowners Insurance Current
Homeowners insurance is not about buying it once and then forgetting about it. You have to repeatedly check it to make sure you are fully protected. Homeowners insurance is meant to protect against disasters ranging from fire to theft to lawsuits, encompassing most injuries and damage that members of your family might cause to other people. This article discusses how to protect your property and your loved ones.
Changes in Social Security and Retirement Plans for 2018
Every year, the IRS and Social Security Administration modify essential numbers for Social Security and retirement plans. From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you are an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years.
Building a Successful Company Morale
Positive morale can unleash a company’s success. How do you build a positive company morale? Implementing a few easy tactics can create a positive workplace that attracts and retains employees.
Is Your Business Data at Risk?
Security measures by federal and state tax agencies have decreased cyberattacks against individual taxpayers. However, business data thefts are rising. There are simple, effective ways that businesses can minimize their risk of tax-related identity theft.
WP+D Team – AZAGC Bowling Tournament
Wallace, Plese + Dreher (WP+D) showed support for the Associated General Contractors of America, Arizona Chapter (AZAGC), by participating in its annual 2017 AZAGC Inaugural Bowling Tournament, on September 15, 2017, Phoenix, Arizona.
Business Succession Planning | Scottsdale | Chandler | Arizona
Succession planning is important for all Arizona businesses and frequently overlooked in family-owned operations. There are numerous family-run companies that no longer exist due to poor or no succession plan.
The plan needs to be well-designed and discussed with everyone affected. Do not assume that a son or daughter will want to carry on the family business. Even if your children say they will take over, they may not have the true desire required to continue a successful operation.
We Care | Disaster Relief Support | American Red Cross
As Hurricane Harvey approached and descended on Texas, our hearts and thoughts went out to people frantically leaving their homes and businesses. As we watched social media, listened to radio broadcasts, and spoke with family members in the path of Hurricane Harvey, we wanted to help in some way. Photos of people clinging to trees, flood waters rising in homes, and families in shelters moved us into action. Without hesitation, our employees donated directly to the American Red Cross and WP+D matched their donations by 50 percent. This is a small example of our Firm’s caring culture and willingness to help those in need.
FMLA: Stay Informed
The Family and Medical Leave Act (FMLA) is constantly modified and reinterpreted, and courts are frequently asked to weigh in. Employers should remain watchful and ensure they are compliant with this dynamic law. This is a summary of three recent settled cases.
WP+D Announces New Partner, Jason A. Mattina, CPA
Wallace, Plese + Dreher (WP+D) elected Jason A. Mattina, CPA, to partner, effective July 1, 2017. Jason joined the Firm in 2002 and previously was an Audit Senior Manager.
WP+D Announces Promotions | Scottsdale | Chandler | Arizona
Wallace, Plese + Dreher promotes nine professionals.
Taxes | Sharing, Gig, and On-Demand Economy
Are you part of the sharing, Gig, or on-demand economy? Examples are providing rides via mobile app, renting out a spare room using an online platform, or repairing computers for local businesses on demand. Participation in this emerging method of distributing services can be a good way to earn money in your down time, pursue a flexible lifestyle, and provide cash to offset expenses associated with owning a vehicle or home.
Can Employers Monitor Employee Communications?
As an employer, you have authority to monitor employee communications. Of course, that power is not unlimited and depends on the level of privacy you have led employees to expect, whether explicitly or implicitly.
2018 Health Savings Account Limits
The IRS announced inflation-adjusted amounts that individuals and families can contribute to Health Savings Accounts (HSAs) in 2018. The tax agency also announced the minimum required deductibles and out-of-pocket maximums for high-deductible health plans.
Randy G. Brammer, CPA | 40 Under 40 Nominee
As a nominee, Randy Brammer attended the Phoenix Business Journal’s 40 Under 40 Class of 2017 kick-off party in Scottsdale. Every year, the Phoenix Business Journal honors 40 individuals under the age of 40 that contribute to their company and community.
Arizona Proposition 206 | Earned Paid Sick Time
Effective July 1, 2017, Proposition 206 entitles employees to accrue earned paid sick time. Arizona voters approved Proposition 206, the Fair Wages and Healthy Families Act, which established a new state minimum wage and entitled employees to accrue earned paid sick time.