R&A CPAs blog
January 2024 Newsletter
Click through for important information to take advantage of this credit and support qualified local organizations.
Less Than Two Weeks 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…
IRS Changes Mileage Rates for New Year
According to an IRS statement, starting in 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67 cents per mile…
Year-End Tax Readiness: A Checklist for Businesses
Now is a good time to begin preparing to file your business taxes for 2023. Accurate and organized financial statements will make that process easier and help ensure you optimize deductions.…
Arizona Tax Credits for Individuals – 2023
The 2023 Arizona Tax Credit programs for individuals allow you to make a positive charitable impact while receiving a credit that reduces your Arizona income tax liability dollar for dollar.…
Budgeting For Small Businesses
In this first in a series of three articles, we share information for small business owners about budgeting and how the right platform can help. R&A CPAs recommends QuickBooks Online…
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…
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…
December 2023 Newsletter
In its usual late-year announcement, the IRS has presented the retirement plan limits and other adjustments for the new year.
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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IRS to Revise Nonprofit Tax Returns
New proposed changes to Form 990, which is filed by not-for-profit organizations, will focus on making an organization’s use of funds more transparent. Click for more details.
What OBBBA Tax Changes Take Effect in 2026?
January 1 ushered in a new set of provisions resulting from the One Big Beautiful Act that will influence what 2026 looks like. You will want to pay attention now, before the year gets too far along.
Understanding the Federal R&D Tax Credit
At its core, the federal R&D tax credit, enacted in 1981 to stimulate innovation and business investment, provides dollar-for-dollar savings tied to qualified research activities. It is now complemented by similar tax credits in many states and, together, federal and state credits can amount to as much as 20 percent of the costs incurred in…
Scam Alert: How To Spot Phishing, Smishing and Spoofing
Phishing remains a major threat. In the second half of 2024, email-based phishing attacks surged by 202 percent. Alarmingly, most of these attacks used link-based tactics, and 80 percent of the malicious links were categorized as zero‑day threats, meaning they exploited computer vulnerabilities before patches could be applied. During peak periods, users encountered an average…
IRS Interim Guidance Provides Clarity on Bonus Depreciation Rules
The One Big Beautiful Bill Act (OBBBA) brought welcome news for businesses with the permanent return of 100 percent bonus depreciation. Businesses are now eligible to deduct the full cost of qualifying assets acquired and placed in service after Jan. 19, 2025. Until recently, bonus depreciation was scheduled to phase out entirely under previous law.…
Trump Accounts – The Basics
The One Big Beautiful Bill Act passed in July 2025 established the 530A account, a new type of tax-advantaged IRA designed specifically for children. Better known as Trump accounts, these IRAs are designed to help children enter adulthood with greater financial security. A Trump account is subject to certain special rules on contributions, investments, distributions,…
529 Tuition Programs – What You Need to Know
Qualified tuition programs, also called 529 plans, are tax-advantaged plans designed to encourage saving for future education costs. These plans are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code (surprise!). Speaking of surprises, 2025 research shows that 52 percent of Americans don’t know what…