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

New IRS website link for OECD reporting

The Organization for Economic Co-operation and Development (OECD) helps governments around the world communicate and build policies for improving the social and economic welfare of its people. One initiative of the OECD is to improve transparency between countries for the tax reporting of multinational enterprises. Country-by-country reporting provides a reporting template for businesses to show …

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Residential rental licensing matrix: tax tips

Are you looking to purchase a residence to use as a rental property and you are unsure if you need to report and pay sales taxes for the city it is located in? Or maybe you are a tax professional who has a client asking you this question. In either case, I just found the …

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Spooky stories of the IRS

Hard to believe it’s already fall, and even though it doesn’t mean much here in Arizona (Mesquite trees don’t shed beautiful colored leaves on my driveway), it means that Halloween is also right around the corner. To bide the time until then, I thought I’d share a spooky story I dealt with this year related …

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It’s not you. It’s me – disagreements with CPAs

Here at Henry+Horne, we value highly the work that we do and the services we provide to our clients. As CPAs, are we saving lives as heart surgeons? Not even close, but we do help people like you navigate the complex world of taxes. Sometimes the answer we give is a wonderful (read “lucrative”) surprise, …

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Tax tips for newlyweds

Getting married by the end of the year? Here are some things newlyweds should think about other than cake and décor. Name change If you or your spouse is going to change your name, you will need to inform the Social Security Administration (SSA). In order for the IRS to process your return correctly, the …

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Like-kind exchange: talk to your CPA first

As tax accountants, there is nothing we like less than hearing about a transaction after it has already closed, for example, a like-kind exchange. When we are only brought in after the fact, there is often nothing for us to do but report what already happened. Tax planning is the most valuable service we can …

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Doing business in Los Angeles? You may owe tax

If you conduct business in Los Angeles, you may be required to register and pay a local business tax. For business tax purposes, you are considered to be engaged in business in Los Angeles if you perform work for at least seven days per year within the city. There are a few exceptions, which you …

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Arizona releases Pub 623 Nexus Guide

Out-of-state businesses struggle to understand the tax filing requirements in another state. To assist an out-of-state business with these questions, the Arizona Department of Revenue released Pub 623 Nexus in Arizona on its website. Pub 623 covers the main Arizona business taxes: Transaction Privilege Tax, Use Tax and Corporate income tax. In addition, it includes …

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Insurance Dedicated Funds, a hot tax avoidance plan

While they’ve been around for at least the last couple of decades, a previously little known investment/insurance vehicle known as Insurance Dedicated Funds (IDFs), seems to have come out of hiding and become the latest thing in tax avoidance strategies. While there is no official accounting of how much money has been invested, it’s been …

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Perks of the job, deductible fringe benefits

Maybe I’m alone in this, but as a sports fan, I sometimes wonder what it might be like to own my own franchise. While the dream is likely just that – a dream (barring some huge Lotto win) – the next logical thing I do as a CPA is think about the various tax implications …

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