Business Tax
Less Than Two Weeks 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 December 31 of the current year to apply to the…
Read MoreIRS Changes Mileage Rates for New Year
According to an IRS statement, starting in 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67 cents per mile driven for business use, up 1.5 cents from 2023. 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the…
Read MoreYear-End Tax Readiness: A Checklist for Businesses
Now is a good time to begin preparing to file your business taxes for 2023. Accurate and organized financial statements will make that process easier and help ensure you optimize deductions. As you review your various statements, you will also get insights into planning for the upcoming year. The following is a list of key financial…
Read MoreHow To Handle Intangible Assets – Part I: Business Sellers Beware
If you are a business owner and are either currently considering selling your business or may sell it later on, you will want to carefully consider intangible assets in your business valuation. While these assets have value you don’t want to leave on the table, you will also want to ensure you account for them…
Read MoreNew Accounting for Credit Losses
If your entity has trade receivables, contract assets, loans, or held-to-maturity debt securities, among other types of financial assets, then the new current expected credit loss (“CECL”) model will affect the way you account for those assets on your US GAAP financial statements. For nonpublic entities, adoption of this new accounting standard takes effect for…
Read MoreWhat To Know About Tax Record Keeping in Arizona
The Arizona Department of Revenue (ADOR) reminds taxpayers to keep well-organized records and to toss old documents securely. Maintaining a dedicated folder for tax-related documents is a good place to start. It makes it easier to prepare your tax return and it helps if you are audited or receive a notice. The statute of limitations…
Read MoreEmployees in Other States? Here are the Top Tax Implications to Consider
Return-to-office plans remain in a state of limbo as some employers find that a remote work strategy is a viable option long term. What are the tax implications for businesses in this new scenario? Over the past couple of years businesses have sent employees to work from home as a temporary solution in response to…
Read MoreWhat Builders Should Know About the 45L Energy Efficient Tax Credit
The Inflation Reduction Act that was signed into law in August last year includes an extension of the 45L Energy Efficient tax credit, a federal tax incentive for builders of qualifying projects. 45L tax credits were retroactively extended for 2022 through the end of 2032, creating significant returns for multifamily developers and homebuilders if the…
Read MoreDoes Your Business Have to File Schedules K-2 and K-3?
In alignment with IRS requirements, there are certain businesses that must file Schedule K-2 and Schedule K-3. Ultimately, any pass-through entities that have relevant international income, deductions, credits, or other miscellaneous items must submit completed Schedule K-2 and Schedule K-3 forms. What is Schedule K-2 and Schedule K-3? Schedule K-2 is associated with Partner’s Distributive Share…
Read MoreWhat to Know About Taxes and the Gig Economy
The gig economy has a lot to recommend it, but in a recent notice, the IRS is reminding gig workers that taxes are still a requirement, even if they can be a little confusing in this model. The agency says that “taxpayers must report their gig economy earnings on a tax return–whether they earned that…
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