News Alert: Beneficial Ownership Information Reporting – Business Clients

This is to alert you to recent developments regarding Beneficial Ownership Information reporting, commonly referred to as BOI or BOIR. BOI filing is a requirement to everyone that owns an entity that is formed or registered the State such as an LLC, Corporation, or similar. On December 3, 2024, a federal court in Texas issued…

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Residential Rental Property Owners – Transaction Privilege Tax Update

Effective January 1, 2025, residential rental property owners should no longer collect and remit any city transaction privilege tax (sales tax) on residential rentals. Not all Arizona cities assess this tax and there is currently no  requirement to  collect state or county sales tax from residential rentals. The City of Tucson does not charge this…

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Time to Renew Transaction Privilege Tax License

You have likely received notices from Arizona Department of Revenue and the City of Tucson that it is time to renew your TPT license. License renewals apply and are valid for one calendar year, January 1 to December 31. All licenses must be renewed by January 1st, 2025, to apply to the current year. If…

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Year-End Tax Planning for Businesses

After a relatively mild year for tax changes, future policy stands at a crossroads-with a confluence of expiring tax provisions, a new administration, and evolving economic factors that will shape the decisions of businesses and individual taxpayers alike. There are steps you can take before year-end to stay well-positioned even amid uncertainty. Capitalizing on tax-friendly…

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Crowdfunding – Important Tax Guidelines

If you have been using a crowdfunding platform, such as GoFundMe, Kickstarter, or Patreon, to solicit contributions or for charitable donations or gifts, you may be required to report distributions of the money raised. Tax guidelines for contributions and distributions from online crowdfunding can vary based on the nature of the funds raised, the platform used,…

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Reminder – Beneficial Ownership Information Reporting

In July of this year, we alerted you to new reporting obligations that became effective on January 1, 2023, affecting millions of privately owned small businesses. The Corporate Transparency Act (CTA) is an anti-crime law that seeks to uncover the concealment of illicit money through the use of shell and front companies. This is to remind…

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Tax Implications of Bonuses

If your business rewards your team’s performance with bonuses, there are tax implications to understand. You can generally deduct the cost of bonuses as compensation for services. If you use cash-method accounting, remember that you can only deduct bonuses paid by the end of the tax year to have them deductible that year. Accrual-method businesses benefit…

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Business Tax Account Gives Business Taxpayers New Options for Making Payments Easier

The IRS’s Business Tax Account (BTA) is an online self-service tool designed to help business taxpayers manage their tax responsibilities efficiently. BTA, launched last fall, is an important part of a wide-ranging initiative to reduce paper-based processes that hamper the IRS and frustrate taxpayers. The BTA aims to simplify tax management for businesses by providing…

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IRS Issues New FAQs on Educational Assistance Programs

With the new academic year approaching, the IRS recently issued timely guidance on employer-sponsored educational assistance programs under Section 127. The “frequently asked questions” (FAQs) fact sheet provides information on the tax treatment and benefits available to employees and employers. As an invaluable recruiting and retention tool, these programs offer significant tax advantages by allowing…

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Tax Benefits and Risks to Consider in Real Estate Investments

Real estate investment has long been an attractive option for investors seeking to diversify their portfolios and build long-term wealth. With it brings the potential for steady rental income, property value appreciation, and a hedge against inflation. Alongside these well-known benefits, however, lies a complex tax landscape that real estate investors must navigate. This article will…

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