R&A CPAs blog
It’s Never Too Early for Tax Planning
Benjamin Franklin once said “to fail to plan is to plan to fail.” This adage certainly applies to tax planning. Although the Tax Cuts and Jobs Act of 2017 (TCJA)…
Arizona’s New Limited Liability Company Act
Arizona has long had laws defining and regulating limited liability companies (LLCs) organized within the state. The first law was codified in the Arizona Revised Statutes in 1992, and it…
Why Do You Need a Business Valuation?
Why would you consider keeping your business valuation current? You might be able to think of one or two reasons, but there are plenty: What if something calamitous were to…
What Is GILTI And How Does It Work?
Global Intangible Low Tax Income Global Low Tax Intangible Income (GILTI) is a new tax regime under the Tax Cuts and Jobs Act (TCJA). Under this regime, United States Shareholders…
FDII: Tax Reform’s Overlooked Benefit of U.S. Exporters
In an effort to boost the production of U.S. goods, the 2017 Tax Act introduced a Foreign Derived Intangible Income (FDII) deduction for tax years 2018 and beyond. But despite…
Business Valuations: What Are They and Why Are They Important?
A business valuation is a formal statement of the full value of a business. It can take into account aspects such as: The company’s potential for revenue generation now and…
Don’t let collaborative arrangements cause financial reporting headaches
Businesses often enter into so-called “collaborative arrangements” when they partner with another entity on a major project. Unfortunately, the current guidance for these types of arrangements under U.S. Generally Accepted…
How The IRS Does and Does Not Contact Taxpayers
In order to help taxpayers avoid scams in which criminals impersonate IRS employees, IRS has issued a Fact Sheet in which it sets out the ways that it does and…
How to prepare WIP reports for long-term contracts
Work-in-progress (WIP) is a major inventory account for manufacturers, media and film companies, construction contractors, and other entities that enter into long-term contracts. WIP reports help management gauge the profit…
How To Conduct A Year-end Risk Assessment
Auditors assess their clients’ risk factors when planning for next year’s financial statement audit. Likewise, proactive managers assess risks at year end. A so-called “SWOT” analysis can help frame that…
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Could Your Child Owe Taxes? Here’s What To Know
We generally assume that children aren’t required to pay taxes. But if your child has unearned income-such as interest and dividends from investments-the IRS may require them to file a return. There are two main situations to consider. Their unearned income exceeds $2,700 for 2025 Your child will fall under what’s known as the kiddie…
Should I Get an IP PIN?
In recent years, tax-related identity theft has been a growing problem and has evolved into a major enterprise run by well-funded, technically sophisticated national and international criminal syndicates. In the 2024 filing season, the IRS flagged more than 2.1 million tax returns for identity fraud. There are many ways to safeguard your personal tax information,…
New USPS Regulations: Don’t Run Afoul of the Mailbox Rule!
The Internal Revenue Code provides that a mailed tax document or payment is deemed to be filed timely if it is properly addressed, has sufficient postage, and is postmarked by the US Postal Service (USPS) on or before the deadline, even if the IRS receives it later than the due date. In other words, when…
What Documents Do I Need to File My Individual Income Tax Returns?
Seems like I just barely put my holiday decorations away, and now it’s already time to start gathering documents for my 2024 income tax returns. Whether you are super-organized or the type who thinks about taxes only on April 14, this article is meant to help make the document gathering and filing process a little…
The Essentials of Payroll Tax Recordkeeping
Federal agencies such as the IRS and the Department of Labor require employers to maintain detailed information on wages, hours and taxes; state laws often impose additional regulations. Some records, such as payroll tax filings, must be retained for several years for IRS review, while the Fair Labor Standards Act sets separate timelines for payroll…
IRS First-Time Abatement Program Policy Change
Did you know that if you file a tax return late, pay taxes late, or make mistakes in making tax deposits, the IRS imposes a penalty? For your sake, we hope you don’t know that from experience. The good news is that there are ways to negotiate with the IRS that allow you to reduce…
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…