News

Arizona Tax Refunds

Categories: News

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.

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1099-G Forms May Contain Incorrect Information

Categories: News

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.

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Retirement and Taxes

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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.

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IRS Clarification | Corporate Debt Versus Equity

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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.

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Year-End Reminder – FSAs

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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.

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Fit Company Challenge – Phoenix 2016

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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.

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Fringe Benefits – Partnerships and LLCs

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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. 

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Tax Strategies | Inherited IRAs

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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.

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Avoiding Probate

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You may have heard people say you should “avoid probate” in your estate and wondered: What does that mean? This article discusses probate issues and ways to avoid them.

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Key Financial Issues and Retirement

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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.

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General Guidelines for Closing an Estate

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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.

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Safeguarding Personal Information Against Online Surveillance

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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

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Tax Paperwork – Keep or Toss?

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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

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