Important Changes to IRS Form 1099

R&A CPAs’ Client Advisory Services team helps our clients to prepare and file timely 1099 forms each year. If we are not already working with you on your monthly and annual accounting, please call us to see how we can assist you.  Following, please find relevant information for you as you begin to prepare and…

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2020 Estate Planning and Tax Considerations: COVID-19

The impacts of COVID-19 continue to reverberate, and businesses adversely affected by those impacts can expect to struggle, operationally and financially, for months, if not years, to come. Estate planning becomes ever more crucial as lost current and future earnings translate into decreased valuations. From a tax perspective—including changes presented by the Tax Cuts and…

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CPAs Can Help Protect Your Assets

Small business owners take note: the Association of Certified Fraud Examiners (ACFE) reports that 30 percent of all reported frauds occur at businesses with fewer than one hundred employees. And that overlooks all those businesses that never discover the fraud. Regardless of the size of your organization, a CPA can help you protect your organization’s…

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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 remained substantially unchanged until 2018. In 2018, the Arizona legislature enacted the new Arizona Limited Liability Company Act (ALLCA). The ALLCA will affect all Arizona…

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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 Accounting Principles (GAAP) is somewhat vague. Here are some questions that may arise as participants report shared costs and revenue on their income statements, along…

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GAAP vs. tax-basis reporting: Choosing the right model for your business

Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that comply with U.S. Generally Accepted Accounting Principles (GAAP). But doing so could result in significant differences in financial results. Here are the key differences between these two financial reporting options. GAAP: GAAP is the most…

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