Insights
This is to alert you to recent developments regarding Beneficial Ownership Information reporting, commonly referred to as BOI or BOIR. BOI filing is a requirement to everyone that owns an entity that is formed or registered the State such as an LLC, Corporation, or similar. On December 3, 2024, a federal court in Texas issued…
Read MoreEffective January 1, 2025, residential rental property owners should no longer collect and remit any city transaction privilege tax (sales tax) on residential rentals. Not all Arizona cities assess this tax and there is currently no requirement to collect state or county sales tax from residential rentals. The City of Tucson does not charge this…
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 January 1st, 2025, to apply to the current year. If…
Read MoreResidential Rental Property Owners – Transaction Privilege Tax Update
Effective January 1, 2025, residential rental property owners should no longer collect and remit any city transaction privilege tax (sales tax) on residential rentals. Not all Arizona cities assess this tax and there is currently no requirement to collect state or county sales tax from residential rentals. The City of Tucson does not charge this…
Time 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 January 1st, 2025, to apply to the current year. If…
The Tax Benefits of Giving
With fall décor already lining the shelves, it feels like the season of giving is right around the corner. As you consider your gifts and donations this year, keep in mind the potential tax benefits that charitable donations can offer, making your generosity even more rewarding. This article outlines the tax advantages of charitable giving and…
The IRS Announces Inflation Changes for 2025
The following is not a comprehensive list of all changes, but a summary of key adjustments that will affect a wide range of taxpayers: Standard deductions. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024. For married couples…
Year-End Tax Planning for Businesses
After a relatively mild year for tax changes, future policy stands at a crossroads-with a confluence of expiring tax provisions, a new administration, and evolving economic factors that will shape the decisions of businesses and individual taxpayers alike. There are steps you can take before year-end to stay well-positioned even amid uncertainty. Capitalizing on tax-friendly…
Year-End Tax Planning for Individuals
Tax planning requires thoughtful consideration and flexibility. Taxpayers should anticipate potential shifts to proactively position their tax strategy, no matter what lies ahead. We’ve highlighted important information in this article to help guide your decisions as the situation unfolds. Expiring Tax Provisions The Tax Cuts and Jobs Act (TCJA) of 2017 brought about landmark tax…
Don’t Wait Until 2026: It Might Cost You Millions
As we approach 2025, future tax policy is bracing for change. With election results determined, policy shifts will begin to take shape as the new administration takes over. Any potential policy changes will provide a modified framework for strategic decisions on a forward-looking basis. However, wealth transfer planning for individuals still requires thoughtful consideration because it…