R&A CPAs blog
What to Know About Tax Prep
The IRS is offering some help to taxpayers in getting organized so the filing season can be as easy as possible for everyone. “Having all needed documents on hand before…
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Taxable and Nontaxable Employee Benefits
As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around…
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What’s the Tax Deal on IRAs?
IRAs—individual retirement arrangements—are among the most popular retirement savings vehicles. They can be used to reduce taxes on retirement savings, but how do they work? If you create a traditional…
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IRS Announces Mileage Rates for 2022
The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan.…
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IRS Offers Guidance on ERC
The IRS has issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Employee Retention Credit now applies only to wages paid before October 1, 2021,…
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What Employers Need to Know About FICA Taxes
The Federal Insurance Contributions Act (FICA) mandates that employers have to withhold, and also match, certain taxes. FICA consists of Social Security (formally known as the Old-Age, Survivors and Disability…
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IRS Announces 2022 Limits for Retirement Plans
The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b),…
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Payroll Tax Rates and Contribution Limits for 2022
Below are federal payroll tax rates and benefits contribution limits for 2022. Social Security tax In 2022, the Social Security tax rate is 6.2 percent for employers and employees, unchanged…
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Do You Need a Forensic Accountant?
If you discover money missing from your business, you may need a forensic accountant. Forensic accountants are qualified to investigate the source of missing money and determine whether you were…
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IRS Clarifies Charity Benefits
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 generally extends through the end of 2021 four temporary tax changes originally enacted by the CARES Act. Here is a…
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What are the Rules for Record Retention?
Now that tax season is drawing to a close, it may feel like a good time to declutter the accumulated piles of paperwork. But there are some recommended guidelines to be aware of before you discard any official documents. The following article outlines what you need to know about retaining tax records, important property documents,…
What Are the Tax Rules Around Day Care
You may be in for a tax break if you’ve been shelling out the bucks for day care. Among the tax credits and deductions available to parents and families, one of the most overlooked and beneficial is the childcare tax credit, formally known as the Child and Dependent Care Expenses Tax Credit and claimed with…
Pension-Linked Emergency Savings Accounts: Help Employees Save for a Rainy Day
Employer-sponsored PLESAs encourage employees to save for emergencies by allowing them to put aside a portion of their pay for that purpose. Authorized under the SECURE 2.0 Act of 2022, pension-linked emergency savings accounts are individual accounts in defined contribution plans. They are designed to permit and encourage employees to save for financial emergencies. These are…
Beware of Ghost Employees – and Other Payroll Fraud
Any employee can commit payroll fraud. An employee could submit false hours, claiming they worked overtime when they didn’t. On the extreme end, someone in your payroll department could create a ghost employee (an employee that does not actually exist) keeping those false wages for themselves. Below we discuss four actual cases of payroll schemes that…
Key Tax Considerations for Real Estate Investors in 2024
Amid the backdrop of market realignment, higher interest rates, and shifting workplace habits, investors remain cautiously optimistic about their real estate allocations heading into 2024. After an overall slower acquisition pace in 2023, market uncertainties prompted investors to adopt a wait-and-see approach, hoping for property values and interest rates to reconcile. Those who returned profitability…
Payroll Tax Rates and Contribution Limits for 2024
Below are federal payroll tax rates and benefits contribution limits for 2024. Social Security tax In 2024, the Social Security tax rate is 6.2 percent for employers and employees, unchanged from 2023. The Social Security wage base is $168,600 for employers and employees, increasing from $160,200 in 2023. Self-employed people must pay 12.4 percent on the first $168,600. Medicare…
The 1099 Story: Which Version Should You Be Using?
As each calendar year draws to a close, many businesses have to think about their tax filing responsibilities. It can be confusing to figure out which forms to send out, especially as the IRS made some changes to its venerable Form 1099-MISC, Miscellaneous Information, a few years ago and assigned some of its former responsibilities…
Reminder – Income from Short-Term Rentals is Taxable in Arizona
Many property owners in Arizona offer short-term residential rentals–lodging rental stays for less than 30 days—especially in the winter. Arizona Department of Revenue (ADOR) reminds property owners that the income from short-term rental stays is subject to Arizona transaction privilege tax (TPT). From ADOR: “If a property owner is only renting their residence for an…