Do You Have More Than 100 Employees in Your Employee Benefit Plan?

If you have more than 100 employees participating in your employee benefit plan (EBP), you may be required to undergo an EBP audit. For plan years beginning on or after January 1, 2023, the requirements for an EBP audit have changed. Defined contribution plans that have at least 100 participants with account balances in their…

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Small Business Tax Breaks: Are You Leaving Money on the Table?

When running a small business, it’s easy to get caught up in the day-to-day demands of overseeing operations, managing cash flow, and ensuring customer satisfaction. With so many pressing priorities, exploring tax breaks and incentives often falls to the bottom of the to-do list. However, taking the time to learn more about available tax benefits can…

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1031 Exchange Rules for Real Estate Investors in Arizona

Arizona’s housing market has become a hotspot for real estate investors in recent years, fueled by its rapid growth and potential for significant returns. As investors expand their portfolios, rising property values are prompting investors to implement 1031 exchange strategies to mitigate hefty capital gains taxes and reinvest for further growth. Understanding 1031 Exchanges Named…

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Major Overtime Change Will Deeply Affect Employers

According to a Department of Labor release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative, or professional employee from federal overtime pay requirements. The release states, “Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to…

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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…

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IRS 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…

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Year-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…

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How 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…

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New 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…

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