R&A CPAs blog
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…
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IRS Announces 401(k) and IRA Limits for New Year
The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. That’s just the…
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December 2023 Newsletter
In its usual late-year announcement, the IRS has presented the retirement plan limits and other adjustments for the new year.
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November 2023 Newsletter
Are you curious about the clean vehicle tax credit? Luckily for you, the IRS has plenty of answers to questions about clean vehicle credits,
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What Is a SEP IRA?
A SEP IRA offers employers and their employees a tax-friendly way to save for retirement. As it currently stands, with a traditional IRA you can contribute $6,500. This is a…
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How Your Home Affects Your Taxes: Energy Credits
Just a few years ago, the Tax Cuts and Jobs Act (TCJA) of 2017 greatly changed existing tax laws that affect homeowners. How your personal tax bill has been affected…
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IRS Clean Vehicle Tax Credit FAQs
The Inflation Reduction Act of 2022 has altered the requirements for the clean vehicle tax credit, particularly for electric vehicles, including fuel cell vehicles. The credit is available for eligible…
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October 2023 Newsletter
The IRS is providing relief to heirs of inherited IRAs who are subject to the 10-year rule, allowing them to skip required minimum distributions (RMDs) in 2023. Click for the…
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Prepare for the TCJA Sunset — If You Can
The Tax Cuts and Jobs Act (TCJA) largely winds down at the end of 2025. Maybe. Many of its provisions are political, so much depends on who’s in the White…
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September 2023 Newsletter
The IRS has announced it will extend a new provision stemming from SECURE Act 2.0 that requires employees with annual income exceeding $145,000 to divert their 401(k) catch-up contributions into…
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Upcoming Changes to Tip and Overtime Income Tax and Reporting
In July 2025, H.R.1, The One, Big, Beautiful Bill Act was signed into law. This Act provides deductions for tips and overtime compensation for 2025 through 2028. As a result, employers must implement additional tracking mechanisms, so that this information is accurately reported on employees’ Form W-2. Tip Income Individuals are now eligible to deduct…
Setting Your Children Up for Financial Success
Parenting can be a challenge. You know this if you have lived through the “terrible twos.” If you haven’t yet had that experience, the “terrible twos” is a colloquial term for a phase of childhood typically starting around 18 months and lasting until around age 3 or 4. Your daily mantra for this stage is,…
Stepped-Up Basis: How It Affects Inherited Assets
An asset’s basis is its original purchase price, which determines how much tax will be owed when the asset is sold. When an asset is inherited, the so-called stepped-up basis resets this value to the asset’s fair market value at the time of the owner’s death. For example, if a family home was purchased for…
The Importance of Accurate Real Estate Valuation in Tax Reporting
Real estate valuations have garnered increased attention in tax reporting over the last several years, driven by fluctuations in property prices and heightened oversight around how those values are reported. Whether a property is held for personal or operational use, an investment, or development, how it’s valued can directly impact taxable income, balance sheets, and…
Retirement Plan Catch-up Contributions
Super-Catch-up and Catch-up as Roth Requirements Beginning January 1, 2026, significant changes will be implemented regarding retirement plan catch-up contributions for certain individuals. Both individuals and retirement plan sponsors need to be aware of these changes. The changes discussed below apply to most 401(k), 403(b), and governmental 457(b) retirement plans. Other types of plans are…
Meet Chang Moo – Supervisor, Tax
Chang Moo is a Supervisor in our Tax department and has been a member of our team since 2017. Prior to joining R&A, he worked for Deloitte and RSM. His career in public accounting began in 2006. Chang graduated from the University of Iowa with a Bachelor’s degree in accounting. In addition to assisting clients…
Will the Appraiser You Select Withstand IRS Scrutiny?
If your business is in need of an appraisal, it is vital that you select the right appraiser. This case, Estate of Scott M. Hoensheid v. Commissioner (T.C. Memo 2023-34), underscores that point. The charitable contribution deduction claimed by Scott and Anne Hoensheid for a contribution of business stock was disallowed primarily due to the…