R&A CPAs blog
2021 Tax Tips: A Look at the Future
The end of the year always means the possibility of last-minute tax changes, and this year, that’s especially true. Some of the new legislation may mean major changes starting in…
Read More >>
SSA Updates Key Numbers for 2022
The Social Security Administration reviews key numbers each year and usually makes adjustments, and this year, the changes are significant. In a recent release, the SSA announced what is and…
Read More >>
State and Local Tax Considerations for Remote Employees
No one envisioned how long the COVID-19 pandemic would necessitate remote work, and then how many people would want to continue working remotely on a permanent basis. Along with workplace…
Read More >>
Document Management and Recordkeeping At Not-For-Profits
If you work at a not-for-profit that is funded by grants or donations, you need to keep iron-clad records in order to account for every penny in case you are…
Read More >>
Section 1031 Like-Kind Exchanges: When They Are the Right Choice
In very simple terms, a like-kind exchange is a tax-deferred transaction that allows one asset to be swapped with another, similar asset without generating a capital gains tax liability from…
Read More >>
R&A CPAs Promotes Karly A. Meza to Shareholder
R&A CPAs is pleased to announce that Karly A. Meza, CPA, has been promoted to shareholder. Meza has been an integral member of R&A since joining the firm in 2009. Meza…
Read More >>
Employee Retention Credit: New Guidance
In COVID Tax Tip 2021-123, the IRS clarifies some of the confusion surrounding the powerful but complex Employee Retention Credit. The IRS is addressing changes made by the American Rescue Plan…
Read More >>
2021 Update on Tax and Education Credits
Taxpayers who have to write big checks for higher education can see tax savings when filing tax returns next year. If you, your spouse, or your dependents are taking postsecondary…
Read More >>
Planning Ahead for Tax Credits and Deductions
Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from…
Read More >>
What To Know About the New Lease Accounting Standard
Every day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. The standard applies to any company preparing financial statements…
Read More >>Search
Have A Question?
Talk to our tax experts today
520-881-4900
Categories
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…