R&A CPAs blog
Hobby or Business: The IRS Takes a Stand
From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act (TCJA) kept the itemized…
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Payroll Tax Holiday and Unemployment Boost Are in Flux
On August 8, the White House issued a series of memorandums and executive orders to provide relief while Congress continued to debate legislative action. There are limits, however, regarding what can be…
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Special Report: How to Manage Cash Flow
No manager of a small or midsize business would argue about the wisdom of the timeworn saying, “Cash is king.” And that’s the underlying driver of any business, regardless of…
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Home Equity Loans Are Deductible — Sometimes
Contrary to rumors, the Tax Cuts and Jobs Act of 2017 (TCJA) allows taxpayers who buy, build, or substantially improve their homes using either a home equity loan, home equity…
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R&A CPAs named a Top 400 Firm for 2020 by INSIDE Public Accounting (IPA)
Tucson, AZ, August 5, 2020 — R&A CPAs announced today that it has been named a Top 400 Firm for 2020 by INSIDE Public Accounting (IPA). It is the third consecutive year…
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Getting a Handle on Financial Fraud
During periods of economic stress, both civil and criminal incidents of fraud tend to rise as businesses face increased financial pressures. The current climate is posing exceptional challenges resulting from…
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How the Net Investment Tax Works
The net investment tax is a 3.8 percent surtax on a portion of your modified adjusted gross income (MAGI) over certain thresholds. You might be subject to it even if you…
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Pandemic Leads to State Border Tax Complications
Do you run a company with an at-home workforce, leaving you with employees now working in another state? Are you such an employee yourself? You may be facing some tax…
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Updated PPP Loan Forgiveness Application and New EZ PPP Loan Forgiveness Application Announced
The Small Business Administration (SBA), in consultation with US Treasury, has released a revised loan forgiveness application for the Paycheck Protection Program (PPP). In addition, the SBA released a new…
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Mergers and Acquisitions/Business Continuance Tax Considerations in Current Climate
Uncertainty remains in the global market. While the impacts of COVID-19 continue to reverberate, market consolidation may present opportunities—in particular, for distressed acquisitions. As always, as these opportunities take shape,…
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Categories
Major Overtime Change Will Deeply Affect Employers
According to a Department of Labor release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative, or professional employee from federal overtime pay requirements. The release states, “Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to…
How To Handle Cyberattacks
Every worker in a company has a part to play in pulling together to combat potential cyberattacks. Vigilance must extend well beyond the IT department, as employees themselves constitute a first-line defense in a firmwide effort to ward off breaches. Criminals hunt for customer information, financial records, trade secrets, and intellectual property data. As companies…
Payroll Myths Exploded
Are there any misconceptions that you’ve had about payroll? Did you end up finding out the reality of the situation after experiencing a series of unfortunate events? Hopefully, your answer is no, but whether or not you have been duped by nonfactual information, staying informed is the key to protecting yourself. So, keep reading for…
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…