R&A CPAs blog
August 2023 Newsletter
Effective January 1, 2024, millions of privately-owned small businesses will be subject to new reporting obligations that seek to uncover concealment of illicit money.
A New Look at SECURE Act 2.0 Issues
The Setting Every Community Up for Retirement Enhancement Act 2.0 (SECURE Act 2.0) has a new provision that speaks to the nature of auto-enrollment for new 401(k) plans. All eligible…
QCDs: Tax-Free Gifts to Charity
If you have an IRA, you are required to take out a certain amount of money each year once you reach age 73, even if you don’t need the funds.…
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…
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…
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…
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.
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…
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…
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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Is Your Business Healthy?
Many leaders see sales and assume all is well, but hidden issues can linger under the surface. Discover the four essential financial tests. From liquidity to profitability, that determine the true health of your company.
The ABCs of RMDs and QCDs
The federal government encourages individuals to save for retirement by providing tax incentives for those who make contributions to personal retirement accounts. The goal is to help people achieve financial independence in retirement and lessen the burden on public assistance programs for older Americans. The government offers these tax incentives as a trade-off, foregoing tax…
Five Reasons to File Your Taxes Early
It has begun! The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the 2026 filing season. Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax due. (Filing a six-month extension will give taxpayers until October 15, 2026, to file their tax returns but…
Could Your Child Owe Taxes? Here’s What To Know
We generally assume that children aren’t required to pay taxes. But if your child has unearned income-such as interest and dividends from investments-the IRS may require them to file a return. There are two main situations to consider. Their unearned income exceeds $2,700 for 2025 Your child will fall under what’s known as the kiddie…
Should I Get an IP PIN?
In recent years, tax-related identity theft has been a growing problem and has evolved into a major enterprise run by well-funded, technically sophisticated national and international criminal syndicates. In the 2024 filing season, the IRS flagged more than 2.1 million tax returns for identity fraud. There are many ways to safeguard your personal tax information,…
New USPS Regulations: Don’t Run Afoul of the Mailbox Rule!
The Internal Revenue Code provides that a mailed tax document or payment is deemed to be filed timely if it is properly addressed, has sufficient postage, and is postmarked by the US Postal Service (USPS) on or before the deadline, even if the IRS receives it later than the due date. In other words, when…
What Documents Do I Need to File My Individual Income Tax Returns?
Seems like I just barely put my holiday decorations away, and now it’s already time to start gathering documents for my 2024 income tax returns. Whether you are super-organized or the type who thinks about taxes only on April 14, this article is meant to help make the document gathering and filing process a little…
The Essentials of Payroll Tax Recordkeeping
Federal agencies such as the IRS and the Department of Labor require employers to maintain detailed information on wages, hours and taxes; state laws often impose additional regulations. Some records, such as payroll tax filings, must be retained for several years for IRS review, while the Fair Labor Standards Act sets separate timelines for payroll…