FinCEN Extends Beneficial Ownership Information Reporting by 30 Days

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced on February 27 that it will not take any action to enforce the upcoming beneficial ownership information (BOI) deadline that was originally mandated under the Corporate Transparency Act. No fines or penalties will be issued, and no enforcement actions will be taken until a…

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IRS Announces Mileage Change For 2025

At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes: Self-employed and business: 70 cents/mile (up from 67 cents in 2024) Charities: 14 cents/mile (unchanged from 2024) Medical: 21 cents/mile (unchanged from 2024) Moving (military only): 21 cents/mile (unchanged…

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Tax Benefits for Businesses That Accommodate People with Disabilities

Businesses that make structural adaptations or other accommodations for the elderly or for employees or customers with disabilities may be eligible to save money on their taxes through various tax credits and tax deductions. These tax incentives include the Disabled Access Credit (a tax credit) and the Architectural Barrier Removal tax deduction (a tax deduction).…

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Update – Significant Expiring Provisions of the Tax Cuts and Jobs Act

In 2017, Congress passed the Tax Cuts and Jobs Act (TCJA) making significant changes to the existing tax code. Many of the provisions of the act were set to expire at the end of 2025 and most of the sunsetting provisions apply to individual taxpayers. Incoming president Donald Trump favors extending all the provisions, and…

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Solar Tax Credits: What Residential and Rental Property Owners Need to Know

Solar tax incentives have been in place for years, but recent expansions have sparked a surge in solar installations across the country. Both residential and rental property owners are now benefitting from new federal tax credits designed to accelerate the adoption of clean energy and sustainable practices. The Inflation Reduction Act (IRA) of 2022 expanded…

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What Business Owners Need to Know About Business Travel Deductions

When it comes to deducting business travel expenses, business owners and employers face a maze of rules that can be both complicated and prone to change. However, understanding these regulations can significantly help businesses maximize their tax write-offs and lower their annual tax bills. Following are some guidelines and tips to ensure compliance with IRS…

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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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