R&A CPAs blog
Crowdfunding – Important Tax Guidelines
If you have been using a crowdfunding platform, such as GoFundMe, Kickstarter, or Patreon, to solicit contributions or for charitable donations or gifts, you may be required to report distributions of…
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Reminder – Beneficial Ownership Information Reporting
In July of this year, we alerted you to new reporting obligations that became effective on January 1, 2023, affecting millions of privately owned small businesses. The Corporate Transparency Act…
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Planning for W-2 Year-End Payroll Filings
With the end of the year approaching, your business should have a plan in place for a crucial step: W-2 filing. W-2 filing directly affects your employees-timeliness and accuracy are vital.…
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New Changes in 529 Plans Bring Greater Value for Families
Since their inception in 1996, 529 plans have long been regarded as a valuable college savings vehicle, helping families mitigate the burden of substantial educational expenses. As tuition rates continue…
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Understanding REITs: A Guide to Tax-Efficient Real Estate Investing
Investing in real estate is widely recognized as one of the most effective strategies for building long-term wealth. It provides a tangible asset that not only serves as a portfolio…
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Tax Implications of Bonuses
If your business rewards your team’s performance with bonuses, there are tax implications to understand. You can generally deduct the cost of bonuses as compensation for services. If you use cash-method…
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Employee vs. Freelancer: Tax and Financial Implications for Business Owners
Deciding to onboard a freelancer, also known as an independent contractor, requires understanding the tax and financial implications. Following are some considerations as you determine what works best for your…
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How to Read a Not-For-Profit Tax Return (Even if you are not a tax professional) Part II
In a way, IRS Form 990 consists of two separate tax returns. The first is the “numbers” section (discussed in part I of this article) where organizations report their income and expenses for the year. In the second, organizations report how they comply with the many federal rules and regulations that govern the existence of…
Meet Jessica Nutbrown: Client Accounting Services Supervisor
Jessica Nutbrown is a Supervisor in our Client Accounting Services department and has been a member of the R&A team for four years. In her role, she supports a variety of clients with their accounting needs, helping them stay organized, informed, and confident in their financial operations. Her strong work ethic and approachable style make…
Top 10 Cybersecurity Practices Every Business Needs to Stay Ahead of Threats
As businesses become increasingly reliant on digital technologies to run their operations, cyber-related attacks have taken a quantum leap in both number and sophistication, threatening to derail continuity and create long-term impact. According to Microsoft’s Digital Defense Report, 600 million cyberattacks occur around the globe every day. A single breach can devastate not only a…
Are Nonprofits Exempt from Arizona Sales Tax?
One of the appeals of establishing a nonprofit organization is that these organizations are generally exempt from paying one or more types of tax. But just because an entity is exempt from one type of tax does not mean it is exempt from all taxes. In my work with Arizona nonprofit organizations, one common question…
Why More Businesses are Turning to Fractional CFO Services
For many small and mid-sized businesses (SMEs), hiring a full-time Chief Financial Officer (CFO) can often exceed operational needs or current budget realities, despite the clear value seasoned financial leaders bring to the table. Because of this, many businesses are turning to fractional CFO services as an alternative to capture the executive-level expertise without the…
Succession Planning is Vital – What You Need to Know
In 1977, Steve Jobs and Steve Wozniak incorporated Apple Computer, a company that would revolutionize technology and consumer electronics and have a profound impact on the music, film, and wireless industries. Apple went public in 1980, and by 1983, it was one of America’s top companies. In 2003, Jobs was diagnosed with a rare form…
How to Read a Not-For-Profit Tax Return (Even if you are not a tax professional) Part I
According to the Internal Revenue Service, there are approximately 1.5 million public charities and private foundations in the US. That’s a lot of good work being done! Public charities depend on donations from the general public to carry out their missions. With 1.5 million organizations to choose from, how do you decide which you want…