R&A CPAs blog
What to Know About Taxes and the Gig Economy
The gig economy has a lot to recommend it, but in a recent notice, the IRS is reminding gig workers that taxes are still a requirement, even if they can…
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R&A CPAs Wins ClearlyRated’s 2023 Best of Accounting Award for Service Excellence
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…
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IRS Offers A Host Of Car Credits
Thinking of buying a new car in 2023? The IRS is on your side with some great credits, but you have to follow the strict conditions. Read below to see…
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After the Audit: An Overview of SAS 114 & SAS 115, Auditor’s Communication Letters
Independent financial statement audits are designed to provide assurance that the amounts reported in them are reasonably stated. An integral part of the audit process is an assessment of the…
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Estate Planning Reminders
Regardless of your age, estate planning should be a priority for most individuals. Knowing how your assets will ultimately be distributed offers you peace of mind and helps you to…
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Understanding Business Travel Deductions
If you travel for business, you want to claim valid deductions, but the rules can be confusing. Following are just a few tax details business travelers should know. Business travel deductions…
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February 2023 Newsletter
An integral part of the audit process are letters to both governance and management communicating their findings.
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IRS Establishes Mileage Rates for 2023
The IRS has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. In a statement…
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Arizona Sales & Use Taxes—Short-Term Rentals for Winter Events
The Arizona Department of Revenue (DOR) reminds taxpayers that short-term residential rentals are considered lodging rental stays for less than 30 days. The income from short-term rental stays is subject…
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New Law Ushers in Major Retirement Changes
There’s been buzz about new retirement plan provisions for weeks, and now they’re final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The…
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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…