R&A CPAs blog

All About Quarterly Tax Returns

IRS Form 941 is a tax form that businesses file quarterly. It is how businesses report employee income taxes, Social Security, and Medicare taxes that the business withheld from employee…

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IRS Makes Rare Midyear Mileage Rate Adjustment

The IRS has announced an increase in the optional standard mileage rate for the final six months of 2022. Taxpayers may use the optional standard mileage rates to calculate the…

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Current Bear Market Creates Opportunities for Roth Conversions

The Roth IRA, created by the Taxpayer Relief Act of 1997 and named after Senator William Roth of Delaware, is an option for individuals to increase retirement savings. Taxpayers do…

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What Is FATCA?

Under the Foreign Account Tax Compliance Act (FACTA), US taxpayers holding financial assets outside the US must report those assets to the IRS using Form 8938, Statement of Specified Foreign…

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IRS Notices CP2100 and 2100A Help Payers Correct Backup Withholding Errors

You might get a special error notice if your tax filings include one or more of the forms below: Form 1099-B, Proceeds from Broker and Barter Exchange Transactions Form 1099-DIV,…

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Is It a Hobby or a Business?

In general, a hobby is an activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention…

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Filing the Final Tax Return

As a survivor, executor, or administrator of an estate, you are obligated to file an income tax return reporting all the deceased’s income up to his or her date of…

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Income Tax Credit for Residential Solar Devices

Arizona Department of Revenue (ADOR) is reminding homeowners who installed a solar energy device in their residential home during 2021 to submit Form 310, Credit for Solar Energy Devices with their individual…

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Intro to the Accounts Payable Process

The term “accounts payable” encompasses almost all the non-payroll payments a business makes. It’s an integral part of your company’s financial statements. If you fail to track billing properly, the…

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Cryptocurrency Basics

Cryptocurrency has been in the news a lot lately as it continues to gain traction as an alternative currency. Many are considering whether this is the time to invest in…

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I’ll Get Back to You

August 10, 2022

When I started my career as a CPA, I was surprised to discover how fluid the tax law is. I had always thought that tax laws were black and white – you did what the IRS said, end of story. What I’ve learned in practice is that taking a position on a tax return is…

R&A CPAs Promotes Adam Foard to Shareholder

August 10, 2022

Tucson, AZ, July 25, 2022—R&A CPAs, one of Southern Arizona’s leading public accounting and business advisory firms, announced today that Adam Foard, CPA, has been promoted to shareholder. Foard has more than 10 years of experience in tax planning and preparation for businesses and high-net-worth individuals. His focus is in both domestic and international tax.…

Employer Responsibilities Regarding 401(k) Plans

August 10, 2022

Offering a variety of competitive benefit plans (EBPs) has become a necessity for employers to attract and retain talent. Because of the cost and complexities of traditional pension plans, the 401(k) plan has become the most common type of employer-sponsored retirement plan. Sponsoring a 401(k) plan is straightforward, but employers need to be aware of…

IRS Offers More Time to Make Portability Election

August 10, 2022

Portability is often an effective, go-to estate planning strategy that could make a considerable difference for taxes owed on larger estates, especially with today’s generous exemption amounts. In a recent ruling, the IRS took steps to make filing for portability even easier. More Time to Make the Election Revenue Procedure 2022-32 now grants a surviving…

July 2022 Newsletter

August 3, 2022

Current Bear Market Creates Opportunities for Roth Conversions, IRS Makes Rare Midyear Mileage Rate Adjustment, All About Quarterly Tax Returns, 529 Plans: Good for Parents and Grandparents

529 Plans: Good for Parents and Grandparents

July 28, 2022

For families trying to save for their children’s college education, 529 college savings plans, named for a section of the tax code, have always been hailed as a great option—perhaps the best. Let’s look more closely at what has always made them a good deal: Families invest through these accounts without earnings being taxed as…

R&A Client Appreciation Survey Coming Soon

July 28, 2022

R&A surveys our clients once a year to learn what we are doing well and, very importantly, where we could do better. We pride ourselves on providing the highest level of service possible, and client feedback is essential to ensure we are meeting or exceeding that vital goal. If you are an R&A client, we…

All About Quarterly Tax Returns

July 28, 2022

IRS Form 941 is a tax form that businesses file quarterly. It is how businesses report employee income taxes, Social Security, and Medicare taxes that the business withheld from employee paychecks over the previous quarter, and the matching employer taxes. Filing deadlines are the last day of January, April, July, and October of any given…

IRS Makes Rare Midyear Mileage Rate Adjustment

July 28, 2022

The IRS has announced an increase in the optional standard mileage rate for the final six months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final half of 2022, the standard mileage rate for business travel…