Effective January 1, 2024, millions of privately-owned small businesses became subject to new reporting obligations under the Corporate Transparency Act (CTA), an anti-crime law that seeks to uncover the concealment of illicit money through the use of shell and front companies. In an effort to increase transparency of true ownership behind anonymous corporate structures, entities…
Read MoreIf 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…
Read MoreWhen 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…
Read MoreAre your employees really employees, or are they actually independent contractors? It’s not just semantics; the IRS makes a stark distinction. You don’t generally have to withhold or pay any taxes on payments to independent contractors, as you do with employees. If you’re unsure about the tax implications of hiring freelancers versus employees, check out…
Read MoreR&A renews Transaction Privilege Tax (TPT) licenses for clients for which we process sales tax. If you process your TPT renewal yourself and have not yet done so, Arizona Department of Revenue (ADOR) has issued this reminder to renew now. Penalties will apply. Here from ADOR is the information you need to make that happen. …
Read MoreArizona’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…
Read MoreAccording 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…
Read MoreYou 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 MoreAccording 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 MoreNow 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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