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

California payroll reporting is going all electronic

The California Employment Development Department (EDD) is reminding employers that Assembly Bill 1245, which was enacted in 2015 will soon require ALL employers to file and pay electronically. This includes all their employment tax returns, wage reports and payroll tax deposits. The changes will be introduced in two phases: Beginning January 1, 2017, all employers …

Keep Reading

New overtime rules delayed nationwide

It has been widely reported that U.S. District Judge Amos Mazzant agreed with 21 states and a coalition of business groups that the new overtime rules set to go in place on December 1, 2016 were unlawful, and as such, he granted their motion for a nationwide injunction. The new overtime rules would have increased …

Keep Reading

1099 filing requirements and penalties for 2017

Grab those W-9s because it’s 1099 reporting time! The end of the year is near and I hope you have been collecting those W-9 forms from people, because the IRS is cracking down on 1099 reporting… I am serious. If you do not have W-9 forms signed and filled out, I suggest working on collecting …

Keep Reading

Education credits help you save money

Several education credits can ease the financial blow of college costs and these tax credits are the rewards from Uncle Sam for investing in your education. These can be claimed for qualified expenses that include tuition and required fees for enrollment at eligible post-secondary educational institutions. There are two education credits that can reduce the …

Keep Reading

Even wizards pay taxes. Just ask Ron Weasley

There is no magic spell that can save Rupert Grint – a.k.a. Ron Weasley – from the tax collector. In August, the Harry Potter star lost an appeal for a £1.3 million tax refund. Grint, on the advice of his advisors, attempted to change his accounting date so that 20 months of income would be …

Keep Reading

Have you heard of tax code Section 181?

Back in 2004, in conjunction with the American Jobs Creation Act, there was a tax code section passed by Congress of which few people have heard. Section 181 allows taxpayers to claim their investment as a 100% loss on taxable income up to $15,000,000 (Yes, that is 6 zeros!) for qualifying motion pictures and television …

Keep Reading

Is crowdfunding taxable? Your generosity and the IRS

As the internet has grown, it has helped take crowdfunding from a novelty to an industry in which billions of dollars change hands each year. Companies like Kickstarter and GoFundMe have helped the industry grow to the point that it now rivals venture capital and angel investments as a source of financing. Celebrities like Spike …

Keep Reading

New AZ minimum wage business impact

On November 8 Arizona voters passed the “The Fair Wages and Healthy Families Act” to increase the AZ minimum wage. Here are our initial observations regarding this new law. We expect that there will be clarification and guidance in complying with the new act forthcoming from the state. For 2016 the minimum wage is $8.05 an …

Keep Reading

Phoenix conforms to AZ TPT simplification rules

As you may know, as of July 1, 2016, Arizona has begun to implement their new TPT Simplification process. While some find the AZ TPT simplification process to be a headache, it has some advantages. Once all of the cities conform to the new law, taxpayers will only be required to file a single form …

Keep Reading

Claim these simple AZ tax credits and save

The following AZ tax credits, under the right circumstances, can be taken as a nonrefundable credit (a reduction of tax) on a personal AZ return, as well as a charitable contribution itemized deduction (reduction of income) on a personal federal return. Forms 321 & 352: Credit for Contributions to Qualifying Charitable Organizations Starting in 2016, …

Keep Reading