R&A CPAs blog
To Port or Not to Port: Is Filing for Portability Right for You?
Prior to 2010, the concept of portability as a tax strategy simply did not exist. Any amount of a lifetime exemption that went unused by an estate was purely lost.…
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What Builders Should Know About the 45L Energy Efficient Tax Credit
The Inflation Reduction Act that was signed into law in August last year includes an extension of the 45L Energy Efficient tax credit, a federal tax incentive for builders of…
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9 Money Milestones for Your 50s and Beyond
Every birthday is important in our book, but there are some key milestones to remember when planning for retirement. This age-by-age breakdown offers an overview of tax and financial planning…
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Did You Know? R&A Offers Talent Acquisition Services – Exclusively for Our Clients
Whether you want to hire a top-level executive or professional staff, R&A is able to handle all aspects of the hiring process for you. We offer a variety of talent…
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What Business Owners Should Know About Valuations
If you own a business, at some point you are likely to need a business valuation. A valuation can play a key role in helping you achieve your financial goals.…
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Independent Contractor: A New Definition?
Who counts as an employee versus an independent contractor may be about to change. A DOL proposal suggests revamping employee classification, reclassifying workers who are economically dependent on a company…
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April 2023 Newsletter
How will a Department of Labor rule proposal affect your business?
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March 2023 Newsletter
R&A is pleased to share that, for the third consecutive year, we have won ClearlyRated’s Best of Accounting Award for providing superior service to our clients; one of just 44 accounting firms across the…
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IRS Clarifies Federal Taxes and State Payments
The IRS has recently announced that “in the interest of sound tax administration and other factors,” taxpayers in many states will not need to report various payments on their 2022…
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Does Your Business Have to File Schedules K-2 and K-3?
In alignment with IRS requirements, there are certain businesses that must file Schedule K-2 and Schedule K-3. Ultimately, any pass-through entities that have relevant international income, deductions, credits, or other…
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What are the Rules for Record Retention?
Now that tax season is drawing to a close, it may feel like a good time to declutter the accumulated piles of paperwork. But there are some recommended guidelines to be aware of before you discard any official documents. The following article outlines what you need to know about retaining tax records, important property documents,…
What Are the Tax Rules Around Day Care
You may be in for a tax break if you’ve been shelling out the bucks for day care. Among the tax credits and deductions available to parents and families, one of the most overlooked and beneficial is the childcare tax credit, formally known as the Child and Dependent Care Expenses Tax Credit and claimed with…
Pension-Linked Emergency Savings Accounts: Help Employees Save for a Rainy Day
Employer-sponsored PLESAs encourage employees to save for emergencies by allowing them to put aside a portion of their pay for that purpose. Authorized under the SECURE 2.0 Act of 2022, pension-linked emergency savings accounts are individual accounts in defined contribution plans. They are designed to permit and encourage employees to save for financial emergencies. These are…
Beware of Ghost Employees – and Other Payroll Fraud
Any employee can commit payroll fraud. An employee could submit false hours, claiming they worked overtime when they didn’t. On the extreme end, someone in your payroll department could create a ghost employee (an employee that does not actually exist) keeping those false wages for themselves. Below we discuss four actual cases of payroll schemes that…
Key Tax Considerations for Real Estate Investors in 2024
Amid the backdrop of market realignment, higher interest rates, and shifting workplace habits, investors remain cautiously optimistic about their real estate allocations heading into 2024. After an overall slower acquisition pace in 2023, market uncertainties prompted investors to adopt a wait-and-see approach, hoping for property values and interest rates to reconcile. Those who returned profitability…
Payroll Tax Rates and Contribution Limits for 2024
Below are federal payroll tax rates and benefits contribution limits for 2024. Social Security tax In 2024, the Social Security tax rate is 6.2 percent for employers and employees, unchanged from 2023. The Social Security wage base is $168,600 for employers and employees, increasing from $160,200 in 2023. Self-employed people must pay 12.4 percent on the first $168,600. Medicare…
The 1099 Story: Which Version Should You Be Using?
As each calendar year draws to a close, many businesses have to think about their tax filing responsibilities. It can be confusing to figure out which forms to send out, especially as the IRS made some changes to its venerable Form 1099-MISC, Miscellaneous Information, a few years ago and assigned some of its former responsibilities…
Reminder – Income from Short-Term Rentals is Taxable in Arizona
Many property owners in Arizona offer short-term residential rentals–lodging rental stays for less than 30 days—especially in the winter. Arizona Department of Revenue (ADOR) reminds property owners that the income from short-term rental stays is subject to Arizona transaction privilege tax (TPT). From ADOR: “If a property owner is only renting their residence for an…