R&A CPAs blog
Arizona Tax Credits
Contributions to Qualifying Charitable Organizations: An individual who makes a cash donation to a qualifying charitable organization can receive a tax credit of up to $400 for single, head of…
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R&A CPAs Wins Clearlyrated’s 2021 Best Of Accounting Award For Service Excellence
Clients of winning firms are twice as likely to be completely satisfied. Tucson, AZ – February 9, 2021 – R&A CPAs, one of Southern Arizona’s leading public accounting and business…
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Filing Taxes for the Deceased
Death doesn’t cancel a final responsibility: paying income taxes. A decedent’s executor must file one last income tax return for the deceased if the deceased’s income surpassed a certain threshold.…
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What To Know About S-Corp Returns
An S corporation is a “pass-through” entity – profits and losses from the corporation are reported on the tax returns of individual shareholders who also are responsible for paying S…
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Relief for Leasing Concessions Related to COVID-19
In light of the devastating economic impacts of the COVID-19 pandemic, an unprecedented number of leasing concessions have been negotiated between lessees and lessors. Typically, companies reporting under generally accepted…
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I got a notice from the IRS! What do I do now?
Every year, the IRS mails millions of letters and notices to taxpayers for a wide variety of reasons. In this article, we’ll explore some of the reasons IRS mails these…
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Important Changes to the Employee Retention Credit
On December 27, President Trump signed the second COVID-19 stimulus bill (the Consolidated Appropriations Act, “CAA”), that includes special benefits for small businesses, i.e., companies with 100 employees or fewer. The…
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New Stimulus Has Plenty for Small Business
The pandemic relief package, the Consolidated Appropriations Act, 2021 (“CAE”) gives a break to small businesses by reopening the Paycheck Protection Program (PPP) so that some of the hardest-hit small businesses…
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Tax-Related Identity Theft
Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Often, the first indication that you have been a…
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Important Changes to IRS Form 1099
R&A CPAs’ Client Advisory Services team helps our clients to prepare and file timely 1099 forms each year. If we are not already working with you on your monthly and…
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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…