R&A CPAs blog
What Home Improvement Tax Breaks Are Set to Expire and Which Remain in Effect?
If you’re thinking about making upgrades to your home, you may have an opportunity to claim valuable tax breaks. While not every improvement qualifies, there are a few exceptions, such…
Time to Renew Transaction Privilege Tax License
You have likely received notices from Arizona Department of Revenue and the City of Tucson that it is time to renew your TPT license. License renewals apply and are valid…
Business Fraud Case Study: How to Detect & Prevent Fraud
On June 25, 2025, Elizabeth Gutfahr, former Santa Cruz County Treasurer, was sentenced to 10 years in prison for embezzling and laundering approximately $38.7 million of public funds. Ms. Gutfahr,…
2025 End-of-Year Tax Planning is Crucial
Master 2025 tax planning with OBBBA strategies: charitable deductions, SALT caps, wash-sale rules & crypto tips. Minimize taxes before year-end.
Upcoming Changes to Tip and Overtime Income Tax and Reporting
In July 2025, H.R.1, The One, Big, Beautiful Bill Act was signed into law. This Act provides deductions for tips and overtime compensation for 2025 through 2028. As a result,…
Setting Your Children Up for Financial Success
Parenting can be a challenge. You know this if you have lived through the “terrible twos.” If you haven’t yet had that experience, the “terrible twos” is a colloquial term…
Stepped-Up Basis: How It Affects Inherited Assets
An asset’s basis is its original purchase price, which determines how much tax will be owed when the asset is sold. When an asset is inherited, the so-called stepped-up basis…
The Importance of Accurate Real Estate Valuation in Tax Reporting
Real estate valuations have garnered increased attention in tax reporting over the last several years, driven by fluctuations in property prices and heightened oversight around how those values are reported.…
Retirement Plan Catch-up Contributions
Super-Catch-up and Catch-up as Roth Requirements Beginning January 1, 2026, significant changes will be implemented regarding retirement plan catch-up contributions for certain individuals. Both individuals and retirement plan sponsors need…
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IRS Interim Guidance Provides Clarity on Bonus Depreciation Rules
The One Big Beautiful Bill Act (OBBBA) brought welcome news for businesses with the permanent return of 100 percent bonus depreciation. Businesses are now eligible to deduct the full cost of qualifying assets acquired and placed in service after Jan. 19, 2025. Until recently, bonus depreciation was scheduled to phase out entirely under previous law.…
Trump Accounts – The Basics
The One Big Beautiful Bill Act passed in July 2025 established the 530A account, a new type of tax-advantaged IRA designed specifically for children. Better known as Trump accounts, these IRAs are designed to help children enter adulthood with greater financial security. A Trump account is subject to certain special rules on contributions, investments, distributions,…
529 Tuition Programs – What You Need to Know
Qualified tuition programs, also called 529 plans, are tax-advantaged plans designed to encourage saving for future education costs. These plans are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code (surprise!). Speaking of surprises, 2025 research shows that 52 percent of Americans don’t know what…
Handling a Family Business
Fairness isn’t always about equal shares – it’s often about what makes sense based on each person’s needs and circumstances. Sometimes one child needs more financial support or hands-on help. Other times, it’s about who’s better equipped to take the reins. At the end of the day, the goal is to land on a solution that allows…
Is Your Business Healthy?
Many leaders see sales and assume all is well, but hidden issues can linger under the surface. Discover the four essential financial tests. From liquidity to profitability, that determine the true health of your company.
The ABCs of RMDs and QCDs
The federal government encourages individuals to save for retirement by providing tax incentives for those who make contributions to personal retirement accounts. The goal is to help people achieve financial independence in retirement and lessen the burden on public assistance programs for older Americans. The government offers these tax incentives as a trade-off, foregoing tax…
Five Reasons to File Your Taxes Early
It has begun! The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the 2026 filing season. Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax due. (Filing a six-month extension will give taxpayers until October 15, 2026, to file their tax returns but…
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…