R&A CPAs blog
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…
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What Not-For-Profits Need to Know About Form 990
Purpose of Form 990 Nearly all the approximately 1.74 million organizations recognized as tax exempt by the IRS must file Form 990 or another form in the same series annually.…
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Deciding Whether You Can Claim R&D Benefits
The research and development tax credit is a tax incentive program. Also known as the research and experimentation tax credit, the research tax credit, or the R&D credit, the credit allows…
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Nonresident Individuals and Tax Returns
Form 1040-NR is a version of the IRS income tax return for nonresident individuals to file if they earned income from US sources throughout the year. As with regular Form…
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Did You Know? R&A Offers Business Valuation Services
You want to know the value of your business. R&A can help you with that. Many business owners are faced at some point with the question “What is my company…
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Are You Spending Too Much on Bookkeeping?
Wondering what your options are to reduce spending and increase income? Here are some tips: Organize your documents and communications. Receipts scattered? Can’t keep up with payments that are due? Missed payments…
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Tax Treatment for Kids Working in the Family Business
What kind of business is a mom-and-pop operation? It’s probably not a question you pondered when you dreamed of going into business. Suppose you employ your child. How is this…
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Did You Know? R&A Offers Outsourced Accounting, Payroll, and Advisory Services
You want to grow your business. R&A can help you do that. Many small- to mid-size businesses are outsourcing non-core functions, including accounting and payroll. Those services can include: general ledger management,…
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Closing an Arizona Limited Liability Company
Closing your Arizona Limited Liability Company (LLC) can be a challenging and difficult task. You may be facing legal matters such as settling debt or protecting personal property and there…
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Is Your Small Business At Risk For Internal Fraud?
Internal fraud, also called occupational fraud, is defined as “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the organization’s resources or assets.” Simply stated, this…
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How to Read a Not-For-Profit Tax Return (Even if you are not a tax professional) Part II
In a way, IRS Form 990 consists of two separate tax returns. The first is the “numbers” section (discussed in part I of this article) where organizations report their income and expenses for the year. In the second, organizations report how they comply with the many federal rules and regulations that govern the existence of…
Meet Jessica Nutbrown: Client Accounting Services Supervisor
Jessica Nutbrown is a Supervisor in our Client Accounting Services department and has been a member of the R&A team for four years. In her role, she supports a variety of clients with their accounting needs, helping them stay organized, informed, and confident in their financial operations. Her strong work ethic and approachable style make…
Top 10 Cybersecurity Practices Every Business Needs to Stay Ahead of Threats
As businesses become increasingly reliant on digital technologies to run their operations, cyber-related attacks have taken a quantum leap in both number and sophistication, threatening to derail continuity and create long-term impact. According to Microsoft’s Digital Defense Report, 600 million cyberattacks occur around the globe every day. A single breach can devastate not only a…
Are Nonprofits Exempt from Arizona Sales Tax?
One of the appeals of establishing a nonprofit organization is that these organizations are generally exempt from paying one or more types of tax. But just because an entity is exempt from one type of tax does not mean it is exempt from all taxes. In my work with Arizona nonprofit organizations, one common question…
Why More Businesses are Turning to Fractional CFO Services
For many small and mid-sized businesses (SMEs), hiring a full-time Chief Financial Officer (CFO) can often exceed operational needs or current budget realities, despite the clear value seasoned financial leaders bring to the table. Because of this, many businesses are turning to fractional CFO services as an alternative to capture the executive-level expertise without the…
Succession Planning is Vital – What You Need to Know
In 1977, Steve Jobs and Steve Wozniak incorporated Apple Computer, a company that would revolutionize technology and consumer electronics and have a profound impact on the music, film, and wireless industries. Apple went public in 1980, and by 1983, it was one of America’s top companies. In 2003, Jobs was diagnosed with a rare form…
How to Read a Not-For-Profit Tax Return (Even if you are not a tax professional) Part I
According to the Internal Revenue Service, there are approximately 1.5 million public charities and private foundations in the US. That’s a lot of good work being done! Public charities depend on donations from the general public to carry out their missions. With 1.5 million organizations to choose from, how do you decide which you want…