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

ADOR revises thresholds for mandatory EFTs

To increase e-filing and e-paying by business taxpayers, the Arizona Department of Revenue (ADOR) decreased the mandatory electronic funds transfer (EFT) threshold for businesses. A business must make electronic payments if it has an annual transaction privilege tax (TPT) liability of $20,000 (down from $1,000,000). In addition, the withholding tax liability threshold was lowered to …

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Going the way of the dinosaur? Endangered tax regulations

While we may wish that all tax regulations were endangered and soon to be extinct, there are certainly some that are more worthy for extinction than others. In April of 2017, President Trump issued an executive order designed to reduce tax regulatory burdens. The order instructed Treasury Secretary Steven Mnuchin to review “all significant tax …

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FIRPTA withholding on sale of U.S. real estate

The Foreign Investment in Real Property Tax Act of 1980 – a.k.a FIRPTA – gave rise to the withholding requirement when a foreign person sells U.S. real estate. The withholding requirement, which increased from 10% to 15% for sales on or after February 17, 2016, applies to the gross sale price of the property, not …

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Washington passes remote seller bill to collect sales tax

The State of Washington just passed Bill 2163 which will require out-of-state retailers with gross receipts of at least $10,000 from Washington sales to either collect and remit retail sales tax or make an election to comply with notice and reporting requirements (aka “tattle telling” on purchasers). This will all go into effect on January …

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Foreign earned income exclusion & retirement savings

Do you think your accountant asks you too many questions? Do you feel interrogated? I’d just like to remind you that we are on your side and we aren’t the ones issuing penalties. We are here to help prevent those penalties, but we can only use the information that is given to us (shocking, I …

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No, really, I’m alive. IRS declares man dead

Picture this: you are owed a refund on your taxes. Time passes as you patiently wait for that magical moment when there is extra money in your checking account. Four or five months go by without any word so you finally give in and make that dreaded call to the IRS. You wait on hold …

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Buying a home? Get help from your CPA, really!

What do you know about buying a home? As a millennial, I fully admit that I knew nothing. This is because I have never bought a home before, nor was I looking. Shocking right, a millennial NOT looking for a home? Anyways, I was randomly jogging on a Thursday afternoon through the nearby neighborhoods. I …

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Spain gives soccer icons the red card

“To me, soccer is so much more than a ball and two goals; it connects people from all of the corners of the world.”  – Unknown Author The Spanish government is helping connect (and prosecute) players from all corners of the world that are linked to similar, serious tax evasion issues. Over the past several …

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Is the death of the stretch IRA imminent?

We may soon see the end of a valuable estate planning tool known as the stretch IRA, which allows the tax deferred status of an inherited individual retirement account (IRA) for as long as possible when the beneficiary is someone other than a spouse. This tool is typical of the planning currently being done with …

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AZ paid sick leave provisions effective July 1

A big change is happening for ALL Arizona employers in just a couple of days. On November 8th, 2016, Arizona voters passed Proposition 206, The Fair Wages and Healthy Families Act. While the minimum wage portion of this proposition got most of the attention, another far-reaching provision affecting most ALL employers will go into effect …

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