What 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 More

What 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 More

Does 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 More

What 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…

Read More

Understanding Business Travel Deductions

If you travel for business, you want to claim valid deductions, but the rules can be confusing. Following are just a few tax details business travelers should know. Business travel deductions are available when employees must travel away from their tax home or main place of business–and there are definitions to know for both. A taxpayer is…

Read More

IRS Establishes Mileage Rates for 2023

The IRS has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. In a statement issued on Dec. 29, the IRS said that beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans,…

Read More

Arizona Sales & Use Taxes—Short-Term Rentals for Winter Events

The Arizona Department of Revenue (DOR) reminds taxpayers that short-term residential rentals are considered lodging rental stays for less than 30 days. The income from short-term rental stays is subject to Arizona transaction privilege tax (TPT). If, for example, an Arizona property owner is only renting their residence for the Gem Show, they will need a…

Read More

Arizona’s Employees Have New Tax Withholding Options

Employee Tax Withholding Form A-4 Updated to Reflect Lower Rates Arizona’s Individual Income Tax Withholding Form (Arizona Form A-4) has been updated to reflect Arizona’s lower individual income tax rates. Every Arizona employer is required to make this form available to its Arizona employees by January 31, 2023. The new A-4 form has seven new withholding…

Read More

Employee Retention Credit: Over but Not Done

The federal government’s Employee Retention Credit (ERC) proved to be a lifeline for many businesses and their employees affected by the COVID pandemic. The eligibility rules were complex and changed over time, as noted in an extensive IRS chart. Not all business owners may have been able to figure out whether they were eligible; however, the…

Read More