Business Tax

Taxpayers who have to write big checks for higher education can see tax savings when filing tax returns next year. If you, your spouse, or your dependents are taking postsecondary coursework, there’s a strong chance a tax benefit may be in your future. The credits available are the American Opportunity Tax Credit (AOTC) and the…

The research and development tax credit is a tax incentive program. Also known as the research and experimentation tax credit, the research tax credit, or the R&D credit, the credit allows a company to recover a portion of their R&D costs through tax credits. Many incorrectly think the R&D credit only applies to companies that actually…

Wondering what your options are to reduce spending and increase income? Here are some tips: Organize your documents and communications. Receipts scattered? Can’t keep up with payments that are due? Missed payments result in late fees and interest charges, and all those do are increase the overall amount to be paid each month. You’ll be paying more…

Small and midsize employers, and certain governmental employers, can claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID-19 vaccinations. These credits are available to eligible employers that pay sick and…

Closing your Arizona Limited Liability Company (LLC) can be a challenging and difficult task. You may be facing legal matters such as settling debt or protecting personal property and there will always be taxation issues to resolve.  The choice to close a business is never easy, and you should gather resources and support as you…

Internal fraud, also called occupational fraud, is defined as “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the organization’s resources or assets.” Simply stated, this type of fraud occurs when an employee, manager, or executive commits fraud against his or her employer. Stories of debilitating fraud cases surface every year. Small businesses…

An S corporation is a “pass-through” entity — profits and losses from the corporation are reported on the tax returns of individual shareholders who also are responsible for paying S corporation tax. The S corporation has a responsibility to file an informational income tax return each year as well as IRS forms that relate to…

Many businesses remain steeped in financial and operational challenges related to the COVID-19 crisis, but businesses cannot afford to overlook proper tax planning this year. With only a few weeks left in 2020, now is the time to evaluate your tax position, find valuable tax breaks and implement strategies to effectively manage your financial situation.…

What can business owners do to reduce their taxes? Some taxpayers need to make themselves aware of the various breaks applicable due to changes in the tax code. This year’s income tax credits will make filing anything but a simple tax return. Some of the benefits and tax write-offs available to businesses for 2020 are…

On August 8, the White House issued a series of memorandums and executive orders to provide relief while Congress continued to debate legislative action. There are limits, however, regarding what can be done in the absence of congressional approval, and that has led to confusion about what exactly is being provided. The most significant and controversial provision…