2022 Year-End Individual Tax Planning Although this year included some major changes in the tax code as it relates to energy credits (mostly effective in 2023 and subsequent years), it was the first year since the passage of the Tax Cuts and Jobs Act of 2017 that planning for income Read more…
2022 Year-End Planning for Businesses Although this year included some major changes in the tax code as it relates to energy credits (mostly effective in 2023 and subsequent years), it was the first year since the passage of the Tax Cuts and Jobs Act of 2017 that planning for income Read more…
The SECURE Act: Changes to Retirement Account Rules Affect Individuals and Businesses In December of 2019, The Setting Every Community Up for Retirement Enhancement Act of 2019 (The SECURE Act) enacted many provisions that could impact retirement savings and planning for individuals. Below, we have outlined several significant changes that Read more…
Arizona Contribution Credits There are six common Arizona tax credits available to individuals for contributions made to certain organizations. The first credit is for contributions or fees paid to a public school for the support of extracurricular activities or for character education programs. The limit is $200 for single and $400 Read more…
Summary of Changes in 2017 Tax Reform Bill Congress has passed a final version of the tax reform bill, which now is on its way to the President’s desk for signature. Following are some key tax reform provisions of the tax bill: For individual taxpayers: The current seven-bracket structure remains, but Read more…
S Corp Officers Payroll Considerations The Internal Revenue Service (IRS) is continuing to scrutinize S corporations for reasonable compensation of salary paid to its officers/shareholders and it is now also considering the timing of such compensation (see below).The IRS has found that in recent years, there has been tax avoidance by company Read more…
Independent Contractor vs. Employee It is critical that the employer correctly determine whether an individual providing a service should be classified as an employee or independent contractor. This topic has undergone close scrutiny by the IRS due to its significant tax impact. Generally, an employer has to withhold and pay Read more…
Suggested Record Retention Guidelines CORPORATE RECORDS Articles of incorporation, amendments, by-laws – Permanent Charter – Permanent Stock, stock transfers and stockholder records – Permanent Minutes – Permanent Property records – Permanent Insurance policies, letters, correspondence – Permanent Corporate annual reports – Permanent Claims and litigation files – Permanent Mortgages – Read more…
Foreign Bank Account and Specified Foreign Financial Assets Potential Reporting Requirements The following information has been provided to assist in increasing your awareness of potential taxpayer obligations with respect to non-U.S. located (i.e., offshore) bank, financial accounts, and/or specified foreign financial assets. The Internal Revenue Service has increased its scrutiny Read more…
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