Record Retention: When to Hold ‘Em and When to Fold ‘Em

As the world continuously moves toward digital bill paying, statement delivery, and record retention, why do we still have so much paper? No matter how much of your financial life you move online, there are still some documents you’ll need … read more

Establishing that Debt is Bona Fide Debt

Recently, there have been a number of cases disallowing bad debt deductions, particularly for loans to shareholders and related parties. If a related party loan becomes worthless, it is treated no differently from a debt to an unrelated party. Of … read more

Tax Treatment of Business Loan Prepayment Penalties

If you’re a business owner and you have a mortgage loan on some real estate, and find yourself in a situation where you have the desire and wherewithal to pay off the loan early, how do you treat any prepayment … read more

Are You Aware of the New Changes for 2011 on Partnership Returns?

In an ongoing effort to ensure the proper amount of income and deductions are reported and that the proper amount of tax is collected, the Internal Revenue Service is ever evolving its tax forms. You can always find these changes … read more

Governor Jan Brewer Signs Bill for 2-Year Unemployment "Special Assessment" Tax Increase on Employers

Arizona employers face a temporary tax increase in 2011 and 2012 to help Arizona repay loans provided by the federal government to pay for unemployment benefits. House Bill 2619 signed April 25, 2011 by Gov. Jan Brewer authorizes the Department … read more

What to do if you Cannot Pay Your Tax – Part 1

In the current economic downturn, you might be experiencing financial difficulties and unable to meet your tax obligations. Do not let your inability to pay your tax liability in full keep you from filing your tax return properly and on … read more


There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.

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