All U.S. owners, who own 10% or more of a foreign company, must include their pro-rata share of the accumulated earnings of the foreign company as income in 2017. This is effectively requiring the U.S. owner to pay a transition tax on the untaxed foreign earnings.
A ballot measure was filed with the Secretary of State to amend Arizona’s Constitution to protect taxpayers from sales tax on services. The measure is supported by the Citizens for Fair Tax Policy, Arizona Retailers Association, and Arizona Association of Realtors. For the proposition to make it to the November ballot, at least 225,963 signatures are required by July 5, 2018.
The Arizona Department of Revenue (ADOR) shared recommendations for selecting the right tax professional this filing season. When choosing your tax professional, consider their formal training; current training; professional licenses; years of experience; availability of e-file services; and security measures for protecting clients’ tax records.
Sara B. Nance, CPA added to ICAN: Positive Programs for Youth’s Board of Directors. The Firm’s commitment to the nonprofit sector is demonstrated by our involvement in community projects and participation on boards.
Important new tax changes may mean charitably-minded individuals might consider new giving strategies and evaluate appreciated stock and donor-advised funds. Insights into giving strategies are included in this article.
The Arizona Department of Revenue (ADOR) reminds taxpayers to stay alert in protecting their confidential information from getting in the wrong hands. Be cautious of companies or individuals who contact you offering free incentives or asking to receive money.
No matter where your company is headquartered, you probably conduct business across other state borders. How do taxes work across state borders? Read further for guidance on compliance and multistate taxes.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
As a nominee, Randy G. Brammer, CPA 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.
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.
This article is the ninth of ten tips for reducing taxes during the summer. Has your child recently graduated from college? This is probably the last year you can claim a dependency exemption.
This article is the seventh of ten tips for reducing taxes during the summer. By renting out your primary residence, you may not need to comply with the usual tax rules. Read further for details.
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.