New Form I-9 Requirements As of August 1, 2023, the U.S. Citizenship and Immigration Services (USCIS) has released a new version of Form I-9. Key Points: New Form I-9: Starting on November 1, 2023, employers are mandated to exclusively use this new version for verifying the identity and employment authorization Read more…
Arizona Families Tax Rebate The Arizona Department of Revenue has introduced the Arizona Families Tax Rebate, providing taxpayers with $100 – $250 per dependent for up to three dependents. To qualify for this one-time rebate, you must meet the following criteria: Filed an Arizona full-year resident personal income tax return for tax Read more…
New: Steps to Withdraw Your Employee Retention Credit (ERC) Claim “As if They Were Never Filed” With concerns on the rise about the accuracy of ERC claims, the IRS has provided procedures for eligible employers to withdraw ERC claims previously filed. Commissioner Danny Werfel said in a recent statement, “The Read more…
Security Notice: Safeguard Your Payments with Our Online Payment System According to a recent warning issued by the U.S. Postal Service, there has been a notable increase in checks being stolen during mail transit. Sophisticated scam artists are using the data from bank checks and are able to alter the payee’s Read more…
Reminder: Upcoming Quarterly Estimated Tax Deadline As we approach the end of the quarter, we would like to bring your attention to the upcoming September 15th due date for quarterly estimated tax payments. For those of you who are required to make these payments, kindly ensure that you review and submit your Read more…
Six Essential Tax Considerations for Small Businesses and Start-Ups To navigate the complexities of tax compliance and optimization, we have compiled a list of six essential tax considerations that can significantly impact the financial success of your small business or start-up. Step 1: Identifying Individual and Business Filing Status Choosing the Read more…
Tax Tip for College Grads – Maximize Paychecks with Part-Year Withholding The standard federal tax withholding tables are based on the assumption that individuals will earn a full year’s income, potentially leading to higher tax withholding amounts. However, for college grads beginning employment mid-year, this assumption may not accurately reflect their Read more…
Nine factors commonly used to gauge whether it’s a business or a hobby Businesses engaged in activities for-profit can deduct costs as incurred whereas activities considered “hobbies” are subject to limitations on deductibility. By strategically addressing these following factors (and possibly others), you can strengthen your position to account for Read more…
Arizona Employees Must be Provided the New AZ Withholding Form With the change to Arizona’s income tax rates to a lower rate, the Department of Revenue has updated the 2023 Arizona employee income tax withholding form to reflect new lower withholding rates. Every Arizona employer is required to make this Read more…
Year-End Planning – Arizona Pass-through Entity State Tax Election Tax year 2022 will be the first year eligible partnerships and S corporations will be able to elect into an Arizona pass-through entity level tax at a rate comparable to that of individual residents of Arizona. The entity level tax is Read more…