R&A CPAs blog
Residential Rental Property Owners – Transaction Privilege Tax Update
Effective January 1, 2025, residential rental property owners should no longer collect and remit any city transaction privilege tax (sales tax) on residential rentals. Not all Arizona cities assess this…
Time to Renew Transaction Privilege Tax License
You have likely received notices from Arizona Department of Revenue and the City of Tucson that it is time to renew your TPT license. License renewals apply and are valid…
The Tax Benefits of Giving
With fall décor already lining the shelves, it feels like the season of giving is right around the corner. As you consider your gifts and donations this year, keep in…
The IRS Announces Inflation Changes for 2025
The following is not a comprehensive list of all changes, but a summary of key adjustments that will affect a wide range of taxpayers: Standard deductions. For single taxpayers and…
Year-End Tax Planning for Businesses
After a relatively mild year for tax changes, future policy stands at a crossroads-with a confluence of expiring tax provisions, a new administration, and evolving economic factors that will shape…
Year-End Tax Planning for Individuals
Tax planning requires thoughtful consideration and flexibility. Taxpayers should anticipate potential shifts to proactively position their tax strategy, no matter what lies ahead. We’ve highlighted important information in this article…
Don’t Wait Until 2026: It Might Cost You Millions
As we approach 2025, future tax policy is bracing for change. With election results determined, policy shifts will begin to take shape as the new administration takes over. Any potential…
Crowdfunding – Important Tax Guidelines
If you have been using a crowdfunding platform, such as GoFundMe, Kickstarter, or Patreon, to solicit contributions or for charitable donations or gifts, you may be required to report distributions of…
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IRS Interim Guidance Provides Clarity on Bonus Depreciation Rules
The One Big Beautiful Bill Act (OBBBA) brought welcome news for businesses with the permanent return of 100 percent bonus depreciation. Businesses are now eligible to deduct the full cost of qualifying assets acquired and placed in service after Jan. 19, 2025. Until recently, bonus depreciation was scheduled to phase out entirely under previous law.…
Trump Accounts – The Basics
The One Big Beautiful Bill Act passed in July 2025 established the 530A account, a new type of tax-advantaged IRA designed specifically for children. Better known as Trump accounts, these IRAs are designed to help children enter adulthood with greater financial security. A Trump account is subject to certain special rules on contributions, investments, distributions,…
529 Tuition Programs – What You Need to Know
Qualified tuition programs, also called 529 plans, are tax-advantaged plans designed to encourage saving for future education costs. These plans are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code (surprise!). Speaking of surprises, 2025 research shows that 52 percent of Americans don’t know what…
Handling a Family Business
Fairness isn’t always about equal shares – it’s often about what makes sense based on each person’s needs and circumstances. Sometimes one child needs more financial support or hands-on help. Other times, it’s about who’s better equipped to take the reins. At the end of the day, the goal is to land on a solution that allows…
Is Your Business Healthy?
Many leaders see sales and assume all is well, but hidden issues can linger under the surface. Discover the four essential financial tests. From liquidity to profitability, that determine the true health of your company.
The ABCs of RMDs and QCDs
The federal government encourages individuals to save for retirement by providing tax incentives for those who make contributions to personal retirement accounts. The goal is to help people achieve financial independence in retirement and lessen the burden on public assistance programs for older Americans. The government offers these tax incentives as a trade-off, foregoing tax…
Five Reasons to File Your Taxes Early
It has begun! The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the 2026 filing season. Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax due. (Filing a six-month extension will give taxpayers until October 15, 2026, to file their tax returns but…
Could Your Child Owe Taxes? Here’s What To Know
We generally assume that children aren’t required to pay taxes. But if your child has unearned income-such as interest and dividends from investments-the IRS may require them to file a return. There are two main situations to consider. Their unearned income exceeds $2,700 for 2025 Your child will fall under what’s known as the kiddie…