Business Tax

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…

The Small Business Administration (SBA), in consultation with US Treasury, has released a revised loan forgiveness application for the Paycheck Protection Program (PPP). In addition, the SBA released a new EZ application for forgiveness of PPP loans. The applications reflect recent changes to the PPP, in particular: new guidance on how to calculate employee and…

Uncertainty remains in the global market. While the impacts of COVID-19 continue to reverberate, market consolidation may present opportunities—in particular, for distressed acquisitions. As always, as these opportunities take shape, it is important to consider overall tax planning strategies, as well as the tax implications in the current climate. Market factors, along with legislative changes,…

June 5, 2020 – Congress recently passed legislation to loosen some of the restrictions that came with the popular Payroll Protection Program (PPP). The president signed the bill today. The new law runs only about 1,000 words, but contains several major changes that vastly extend the terms of the program: The new law lets PPP…

If your company was approved for a Paycheck Protection Program (PPP) loan, congratulations! Now, you need to use those funds correctly and accurately account for them. The Small Business Administration (SBA) restricts how PPP funds may be used and requires the lender to collect supporting documentation in order to process forgiveness requests. Now is the…