Benefits of 529 Plans
A 529 savings plan can do more than help you pay for college. Now is the best time to find out about their flexibility. Take advantage of the benefits of a 529 plan in a pandemic-affected economy.
Tag: tax
About FDAP
FDAP refers to certain income earned by some foreign persons in the U.S. It is subject to a withholding tax of up to 30 percent, although certain tax treaties offer a lower rate.
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.
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.
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.
IRS Offers Identity Protection PIN
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?
2020 Inflation Adjustments
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.
Maximizing Retirement Contributions and Savings
Since deferring income into another year is no longer an option, retirement contributions are a great way to reduce adjusted gross income (AGI). Some options include IRAs and retirement savings to lower taxes. Outlined are options for maximizing retirement savings.
Supporting Arizona’s International Business Community
As Director of the Firm’s tax department and leader of the international team, Steve Rodis serves on multiple international boards such as the Phoenix Committee on Foreign Relations (PCFR).
Wallace Plese + Dreher Announces New Partners
Wallace Plese + Dreher named Leslie Prichard, CPA and Allison Lynn Dozbaba, CPA as partners, bringing the total number of Firm partners to 15. In 2016, Leslie joined the Firm as an Audit Manager and Allison as a Tax Manager. In 2017, both were promoted to senior managers.
Future Impact of New Tax Law
The majority of the new tax law changes expire at the end of 2025. With the right strategies and planning, business owners can maximize opportunities offered by the new tax law.
Tax and Estate Planning | Blended Families | Second Marriages
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.
Worried About Serving as a Trustee?
Have you been named trustee or successor trustee for someone’s trust? Do you know your responsibilities as a trustee? Initially, you act only when the person, called the grantor, is unable to manage their financial affairs.
Beware of Ghost Tax Return Preparers
The Arizona Department of Revenue (ADOR) advises taxpayers they should avoid “ghost” tax return preparers. A ghost preparer is paid to prepare a tax return, but does not sign it or include necessary information. ADOR warns taxpayers to be aware they may be a part of a scam if a preparer will not place their name on the tax return.
Claiming AZ Tax Credits | Public Schools | QCOs | QFCOs
The Arizona Department of Revenue (ADOR) reminds taxpayers there is a new process for claiming credits for public schools, qualified charitable organizations (QCOs), and qualified foster care organizations (QFCOs) this tax filing season.
Padding Tax Deductions | Gambling with the IRS
Consequences of padding tax deductions is serious and you are gambling with the IRS. Benjamin Franklin said, “In this world, nothing can be said to be certain, except death and taxes.” With that in mind, it is best to be prepared, at least financially, for taxes and tax season each year.
New Partner Announcement | Christopher T. Coots, CPA, PFS™, J.D.
Effective January 1, 2019, Christopher T. Coots, CPA, PFS™, J.D. was promoted to Partner, Scottsdale, AZ, bringing Wallace Plese + Dreher’s (WP+D) total number of partners to 13. Chris provides comprehensive tax planning and consulting services to individuals, partnerships, corporations, estates and trusts.