R&A CPAs blog
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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May 2023 Newsletter
The option of portability when planning your estate could make a substantial difference come tax time, especially with today’s generous estate and gift tax exemption amounts.
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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 for one calendar year, January 1 to December 31. All licenses must be renewed by December 31 of the current year to apply to the…
Business Fraud Case Study: How to Detect & Prevent Fraud
On June 25, 2025, Elizabeth Gutfahr, former Santa Cruz County Treasurer, was sentenced to 10 years in prison for embezzling and laundering approximately $38.7 million of public funds. Ms. Gutfahr, who served as the Santa Cruz County Treasurer from 2012 through 2024, began embezzling funds from the county in 2013 and continued to do so…
2025 End-of-Year Tax Planning is Crucial
Master 2025 tax planning with OBBBA strategies: charitable deductions, SALT caps, wash-sale rules & crypto tips. Minimize taxes before year-end.
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…