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Did You Know? R&A Can Assist Your Business with Human Resources Services
Human resources management is a complex and ever-evolving aspect of running a business. Our clients often look to us to assist them in their human resource decisions. In addition to our own team, R&A has a network of expert resources we can call on to assist. If you need consultative or other assistance relating to…
Read MoreEmployee Retention Credit: New Guidance
In COVID Tax Tip 2021-123, the IRS clarifies some of the confusion surrounding the powerful but complex Employee Retention Credit. The IRS is addressing changes made by the American Rescue Plan Act of 2021 that apply to the third and fourth quarters of 2021. These changes include: Making the credit available to eligible employers that pay…
Read MoreIs 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…
Read MoreInnovative 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.…
Read MoreYear-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…
Read MoreYear-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.…
Read MoreCapital 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…
Read More5 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…
Read MoreHobby 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…
Read MorePayroll 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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