Your Guide to State, Local, Federal, Estate + International Taxation

Tax implications of Bitcoin transactions

Cryptocurrencies are making a big splash in today’s economy. The most popular cryptocurrency is the Bitcoin. The price has skyrocketed in 2017 from $1,000 to over $5,000 U.S. dollars. This is because the Bitcoin is becoming more prevalent in use and many companies are beginning to recognize and accept it as a payment system. Most …

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1099s already? Start thinking about them now

Every year, Christmas decorations seem to show up earlier and earlier at stores. We all know those people that get upset with anything Christmas related showing up before Thanksgiving. In some ways I feel like I am doing the same thing with this blog. I can just imagine people saying, “1099s? The year’s not even …

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Will you be battling in the international tax arena in 2018?

If you answered yes to this question, then this blog may be for you! Whether you are a seasoned warrior or a new comer in the International Tax Arena, you want to know your opponent’s weaknesses and strengths, in order to plan and come out VICTORIOUS!!! Close your eyes; can you hear that? Is it …

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Gift tax exclusion, estate and gift exemption rise in 2018

The IRS announced in Revenue Procedure 2017-58 that the gift tax exclusion will rise to $15,000 in 2018. The 2017 exclusion of $14,000 has been in place since 2013. Using the annual gift tax exclusion, in 2018 any person can gift up to $15,000 to another person without using any of his/her lifetime estate and …

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Arizona dollar for dollar tax credits 2017

Did you know that Arizona offers you dollar for dollar tax credits that can also be claimed as federal charitable contributions? These credits allow you to reduce your Arizona state tax up to a total of $2,389 (single) and $4,777 (married filing joint) or up to the amount of tax owed (whichever is less). Please …

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Tax reform, how’d we end up here?

The news of the current tax reform proposal just hit my mailbox. As I perused the initial details of the proposed changes I began to wonder “How did we get to this place?” Where did the tax system that I work with day in and day out come from and how did it evolve to …

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How to protect your clients from BEC scams

The IRS continues to warn tax professionals and businesses about BEC scams. A BEC, or business email compromise scam, occurs when a hacker impersonates a company or organization executive’s email address and then targets an internal employee with a request for a wire transfer or a list of employees and their W-2s. In IR-2017-130 the …

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What’s a BEC? IRS warns businesses about W-2 scams

In IR-2017-130 the IRS again warns business and tax professionals to beware of business email compromise scams. These scams have become so common they now have an acronym: “BEC” scams. A BEC scam occurs when a cybercriminal is able to “spoof” or impersonate a company or organization executive’s email address and target a payroll, financial …

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Beware of spooky calls from the IRS

Taxpayers who get unexpected or unsolicited phone calls from the IRS should be very hesitant – it’s probably a scam. Phone calls continue to be one of the most common ways that thieves try to get you to provide personal information. These scammers then use that information to gain access to the victim’s bank or …

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New due dates for annual Arizona payroll forms

The ADOR announced that beginning with the 2017 withholding returns filed in 2018, the new due date for filing Arizona Form A1-R or Arizona Form A1-APR is January 31. In prior years the due date was February 28. The new due date applies to the filing of Arizona Withholding Reconciliation Returns (Form A1-R) and Arizona …

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