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Beginning in July, those with children may get deposits into their bank account or paper checks for advance payment of the 2021 Child Tax Credit (CTC). The second stimulus package (Consolidated Appropriations Act, 2021) includes updates to the child tax credit, making it more accessible to people whose incomes fell during the pandemic. The expanded…
Read MoreYou want to grow your business. R&A can help you do that. Many small- to mid-size businesses are outsourcing non-core functions, including accounting and payroll. Those services can include: general ledger management, payroll, virtual CFO services, cash flow management, AP, AR, transaction processing, and controllership. The benefits of outsourcing some or all these services can be substantial.…
Read MoreThe IRS is reminding taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. Previous rules stated that a retirement plan account owner must begin taking an RMD annually starting the year he or she reaches 70 ½ or 72, depending on the birthdate and retirement year of the plan owner. Retirement plans requiring RMDs…
Read MoreRelief Bill Offers Provisions for Families with Children
Beginning in July, those with children may get deposits into their bank account or paper checks for advance payment of the 2021 Child Tax Credit (CTC). The second stimulus package (Consolidated Appropriations Act, 2021) includes updates to the child tax credit, making it more accessible to people whose incomes fell during the pandemic. The expanded…
Did You Know? R&A Offers Outsourced Accounting, Payroll, and Advisory Services
You want to grow your business. R&A can help you do that. Many small- to mid-size businesses are outsourcing non-core functions, including accounting and payroll. Those services can include: general ledger management, payroll, virtual CFO services, cash flow management, AP, AR, transaction processing, and controllership. The benefits of outsourcing some or all these services can be substantial.…
New Laws Affect Retirement Plans
The IRS is reminding taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. Previous rules stated that a retirement plan account owner must begin taking an RMD annually starting the year he or she reaches 70 ½ or 72, depending on the birthdate and retirement year of the plan owner. Retirement plans requiring RMDs…
Employers Get Tax Breaks for Vaccination Leave
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…
When Trading, Don’t Forget Taxes
It can seem exciting to make money in the stock market. But when you do well, the government wants a piece of the action in the form of taxes. Each trade can generate either a taxable gain or a loss that can offset a taxable gain. So you may want to maximize after-tax profits by…
Closing an Arizona Limited Liability Company
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…
Restaurant Revitalization Fund Has Launched
The American Rescue Plan Act, signed into law in March, established the Restaurant Revitalization Fund (RRF) to help restaurants and other eligible businesses impacted by the COVID pandemic. The RRF will award grants of up to $5 million per physical location, capped at $10 million per entity and affiliates. Total funding available under the RRF…
Important Information for Arizona Taxpayers Claiming Charitable Donations for 2020
The Arizona Department of Revenue (ADOR) advises taxpayers they have until May 17 to make donations to qualifying charitable organizations to claim the tax credits on their 2020 individual income tax return. Details about the process to claim those qualified charitable donations for 2020 are included here. We hope this information is useful to you,…
Is Your Small Business At Risk For Internal Fraud?
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…
