R&A CPAs blog
QCDs: Tax-Free Gifts to Charity
If you have an IRA, you are required to take out a certain amount of money each year once you reach age 73, even if you don’t need the funds.…
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Corporate Transparency Act: What Small Businesses Need to Know About New Reporting Requirements
Effective January 1, 2024, millions of privately-owned small businesses will be subject to new reporting obligations under the Corporate Transparency Act (CTA), a new anti-crime law that seeks to uncover…
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Protect Yourself with an IRS Identity Protection PIN
The IRS has recently published information about identity PINs, which can make your financial world more secure. We are pleased to reprint the key portions below. For further details, visit the…
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Arizona One-Time General Welfare Rebate
The Arizona Department of Revenue (DOR) will be issuing a one-time individual income tax general welfare rebate, entitled the Arizona Families Tax Rebate to Arizona taxpayers who meet the following requirements: filed…
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July 2023 Newsletter
If you file your taxes in Arizona and meet specific criteria, you may be entitled to a one-time individual income tax general welfare rebate.
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R&A CPAs and UACI Announce Sponsorship Recipient
R&A is once again sponsoring a promising startup for a year-long incubation with the University of Arizona Center for Innovation (UACI). Tucson-based, innovative surgical startup BioBolt Medical will receive one sponsored…
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What To Know About Tax Record Keeping in Arizona
The Arizona Department of Revenue (ADOR) reminds taxpayers to keep well-organized records and to toss old documents securely. Maintaining a dedicated folder for tax-related documents is a good place to…
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When Does a Gift Require a Gift Tax Return, and Gift Tax?
With lifetime gift and estate tax exemptions at an all-time high in 2023, not as many taxpayers will be subject to federal gift taxes this year. However, that does not…
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Tax Credits for Energy-Efficient Home Improvements
Under the Inflation Reduction Act of 2022, tax credits are available for making homes more energy efficient, using clean energy sources and retrofitting heating and cooling systems. The energy-efficient home…
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June 2023 Newsletter
Return-to-office plans remain in a state of limbo as some employers find that a remote work strategy is a viable option long term.
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How to Read a Not-For-Profit Tax Return (Even if you are not a tax professional) Part II
In a way, IRS Form 990 consists of two separate tax returns. The first is the “numbers” section (discussed in part I of this article) where organizations report their income and expenses for the year. In the second, organizations report how they comply with the many federal rules and regulations that govern the existence of…
Meet Jessica Nutbrown: Client Accounting Services Supervisor
Jessica Nutbrown is a Supervisor in our Client Accounting Services department and has been a member of the R&A team for four years. In her role, she supports a variety of clients with their accounting needs, helping them stay organized, informed, and confident in their financial operations. Her strong work ethic and approachable style make…
Top 10 Cybersecurity Practices Every Business Needs to Stay Ahead of Threats
As businesses become increasingly reliant on digital technologies to run their operations, cyber-related attacks have taken a quantum leap in both number and sophistication, threatening to derail continuity and create long-term impact. According to Microsoft’s Digital Defense Report, 600 million cyberattacks occur around the globe every day. A single breach can devastate not only a…
Are Nonprofits Exempt from Arizona Sales Tax?
One of the appeals of establishing a nonprofit organization is that these organizations are generally exempt from paying one or more types of tax. But just because an entity is exempt from one type of tax does not mean it is exempt from all taxes. In my work with Arizona nonprofit organizations, one common question…
Why More Businesses are Turning to Fractional CFO Services
For many small and mid-sized businesses (SMEs), hiring a full-time Chief Financial Officer (CFO) can often exceed operational needs or current budget realities, despite the clear value seasoned financial leaders bring to the table. Because of this, many businesses are turning to fractional CFO services as an alternative to capture the executive-level expertise without the…
Succession Planning is Vital – What You Need to Know
In 1977, Steve Jobs and Steve Wozniak incorporated Apple Computer, a company that would revolutionize technology and consumer electronics and have a profound impact on the music, film, and wireless industries. Apple went public in 1980, and by 1983, it was one of America’s top companies. In 2003, Jobs was diagnosed with a rare form…
How to Read a Not-For-Profit Tax Return (Even if you are not a tax professional) Part I
According to the Internal Revenue Service, there are approximately 1.5 million public charities and private foundations in the US. That’s a lot of good work being done! Public charities depend on donations from the general public to carry out their missions. With 1.5 million organizations to choose from, how do you decide which you want…