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No manager of a small or midsize business would argue about the wisdom of the timeworn saying, “Cash is king.” And that’s the underlying driver of any business, regardless of industry. The irony is that many managers fail to incorporate that essential commandment into their management philosophy. The proverbial bottom line is that businesses that…

Contrary to rumors, the Tax Cuts and Jobs Act of 2017 (TCJA) allows taxpayers who buy, build, or substantially improve their homes using either a home equity loan, home equity lines of credit (HELOC), or second mortgages to deduct interest on the loans. That’s the good news. But if you take out the loan to…

Tucson, AZ, August 5, 2020 — R&A CPAs announced today that it has been named a Top 400 Firm for 2020 by INSIDE Public Accounting (IPA). It is the third consecutive year R&A has achieved this distinction. This annual ranking gathers surveys and analytical data from firms across the United States. R&A helps clients achieve their financial…

During periods of economic stress, both civil and criminal incidents of fraud tend to rise as businesses face increased financial pressures. The current climate is posing exceptional challenges resulting from COVID-19. Attorneys are more likely than ever to turn to the services of a CPA for support with settlement negotiations and trial testimony in fraud…

Legislation in 2019—the Taxpayer Certainty and Disaster Tax Relief Act—resurrected or extended several income tax breaks, but several of them will expire at the end of 2020: Credit for qualified fuel cell motor vehicles. This covers fuel cell vehicles propelled by oxygen and hydrogen, which are chemically combined to create electricity. Currently there is a $4,000…

The net investment tax is a 3.8 percent surtax on a portion of your modified adjusted gross income (MAGI) over certain thresholds. You might be subject to it even if you manage to avoid paying significant income taxes on your investment income by using deductions and credits. Here is what the IRS says: You’re liable for…

Do you run a company with an at-home workforce, leaving you with employees now working in another state? Are you such an employee yourself? You may be facing some tax confusion. Having some basic understanding of what happens will help businesses make the right decisions about classifying wages and avoiding penalties or amended filings later.…

The Small Business Administration (SBA), in consultation with US Treasury, has released a revised loan forgiveness application for the Paycheck Protection Program (PPP). In addition, the SBA released a new EZ application for forgiveness of PPP loans. The applications reflect recent changes to the PPP, in particular: new guidance on how to calculate employee and…

Uncertainty remains in the global market. While the impacts of COVID-19 continue to reverberate, market consolidation may present opportunities—in particular, for distressed acquisitions. As always, as these opportunities take shape, it is important to consider overall tax planning strategies, as well as the tax implications in the current climate. Market factors, along with legislative changes,…

Like many Americans, watching multiple incidents of deadly violence against black people unfold before our eyes has left us feeling horrified, distraught, and angry. We have been forced to confront the truth that, despite gains made in past decades, inequality and racial division are still deeply rooted in our culture. James Baldwin said, “Not everything…