R&A CPAs blog
July 2022 Newsletter
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
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…
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…
June 2022 Newsletter
There are new reporting rules for 2022 for nonprofits that receive contributions of nonfinancial assets.
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…
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,…
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…
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…
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…
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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Categories
What to Know About Social Security Now and in Retirement
Social Security provides nearly 97% of older adults with a foundation of retirement protection in their later years. For many, it serves as a major source of income, supplementing 40% of their pre-retirement earnings or providing disability or survivor benefits for eligible individuals. For others, it’s a spoke in a broader retirement strategy, one of…
Preparing for an Audit
The word ‘audit’ can invoke images of piles of paperwork, discovery of horrible mistakes, and endless email chains in our mind’s eye. For auditees, exhaustion can creep in before the audit even begins. Prior experience with external audit can provide some relief in terms of familiarity, but for a first-time auditee, the process can be…
Tax Planning Strategies for Multi-State Real Estate Investors
In today’s market, investing in real estate across state lines has become an increasingly accessible and effective way to build a diversified portfolio and tap into areas that show strong demand and potential for appreciation. Real estate investors now own about 20 percent of the 86 million single-family homes and townhomes across the country. Of…
How Do You Know When Your Business Is Ready for a CFO?
One of the biggest challenges in running a successful company is managing growth. Not having the right skill set in place is like having the bat boy fill in as catcher. Your team can have a phenomenal pitcher, but each ball that gets past the catcher increases the likelihood of a loss. Many growing companies…
Tax Harvesting Strategies: How to Make Gains and Losses Work in Your Favor
Learn tax-gain and tax-loss harvesting strategies for 2025. Maximize investments, reduce tax liability, and plan year-end tax positions with proven tactics.
Arizona Tax Credits for Individuals – 2025
Discover Arizona tax credits for 2025: charitable donations, foster care, school tuition, and military family relief. Learn limits and filing deadlines for maximum savings.
Can I Claim a Tax Deduction for that Donation?
Clarify which donations are tax-deductible. Understand 501(c)(3), churches, schools, and other exempt organizations. Know what qualifies for your tax deduction.
Taxpayer Right to Representation in IRS Matters
Understand your right to IRS representation. Learn how CPAs and authorized representatives help with audits, negotiations, and IRS compliance to protect your interests.