Is Your Small Business At Risk For Internal Fraud?

Internal fraud, also called occupational fraud, is defined as “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the organization’s resources or assets.” Simply stated, this type of fraud occurs when an employee, manager, or executive commits fraud against his or her employer. Stories of debilitating fraud cases surface every year. Small businesses…

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Innovative Startup Paramium Technologies Wins University of Arizona Center for Innovation Sponsored Launch Fueled by R&A CPAs Competition

The University of Arizona Center for Innovation (UACI) is pleased to announce the winning startup of the UACI Sponsored Launch Fueled by R&A CPAs competition. Paramium Technologies will receive one sponsored year of admission at UACI which includes venture development programming and space. R&A CPAs will also provide the winning company hours of accounting services.…

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Year-End Tax Planning for Individuals

As we approach the end of 2020, we hope the attached year-end tax planning information will prove helpful. As always, R&A is here to assist you. From all of us at R&A, thank you for your business and your loyalty, and wishing you and your family a good holiday and New Year. With a new…

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Year-End Tax Planning for Businesses

Many businesses remain steeped in financial and operational challenges related to the COVID-19 crisis, but businesses cannot afford to overlook proper tax planning this year. With only a few weeks left in 2020, now is the time to evaluate your tax position, find valuable tax breaks and implement strategies to effectively manage your financial situation.…

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Capital Gains and Schedule D

When you sell a capital asset—property owned and used for personal or investment purposes, let’s say—the sale will result in either a capital gain or a capital loss. You report that gain or loss on Schedule D of Form 1040. The capital assets you’ll most likely report on Schedule D are stocks, bonds, and homes…

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5 Business Tax Deductions to Consider

What can business owners do to reduce their taxes? Some taxpayers need to make themselves aware of the various breaks applicable due to changes in the tax code. This year’s income tax credits will make filing anything but a simple tax return. Some of the benefits and tax write-offs available to businesses for 2020 are…

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Hobby or Business: The IRS Takes a Stand

From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act (TCJA) kept the itemized deductions for allocable mortgage interest and property taxes. However, by eliminating virtually all miscellaneous itemized deductions for tax years 2018-2025, the 2017 TCJA made it…

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Payroll Tax Holiday and Unemployment Boost Are in Flux

On August 8, the White House issued a series of memorandums and executive orders to provide relief while Congress continued to debate legislative action. There are limits, however, regarding what can be done in the absence of congressional approval, and that has led to confusion about what exactly is being provided. The most significant and controversial provision…

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Special Report: How to Manage Cash Flow

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…

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Home Equity Loans Are Deductible — Sometimes

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…

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