Exempt Organizations and Sales Tax

In Arizona, entities are required to pay a “transaction privilege tax” on sales of goods, most commonly referred to as a “sales tax.” However, under certain circumstances, entities are exempt from collecting and remitting this tax. If your entity is recognized by the IRS as a non-profit charitable organization under IRC Code section 501(c)(3), retail …

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Simplified Accounting for Goodwill for Private Companies

As many people know, in 2012, the Private Company Council (“PCC”) was formed to assist in creating alternatives in accounting for private companies. In November 2013, the Financial Accounting Standards Board (“FASB’) endorsed the proposal regarding an alternative approach for private companies for accounting for goodwill after a business combination. This accounting alternative was issued …

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Employee supervision – one way not to demoralize your staff

A friend of mine had a son and daughter in their early teens. He and his wife both worked during the day. The mother would usually give the children a list of chores to take care of once they got home from school. The chores list would typically have about a dozen items to be …

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Going to the Chapel… Wedding Tax Tips

Planning that big wedding this summer? While taxes may not be high on your list of things to do before you walk down the aisle, be aware of the tax issues that come along with your marriage. Name change: The name and Social Security number on your tax return must match your Social Security Administration …

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Employee fraud: how to spot a fictitious vendor billing scheme

Billing schemes are a type of asset misappropriation employee fraud. According to the 2018 Report to the Nations published by the Association of Certified Fraud Examiners, billing schemes typically account for 20% of all employee fraud and cost employers $100,000 per incident. One type of billing scheme we have seen is the “Shell Company” or …

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What You Need to Know When Filing Form 5500

What is Form 5500? Form 5500 is the annual tax return for your retirement plan that must be filed with the Employee Benefit Security Administration (EBSA), a division of the Department of Labor (DOL). It is required by the Employee Retirement Income Security Act of 1974 (ERISA) to ensure employee benefit plans are operated and …

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Tax-Free Student Aid vs. Education Credit

The American Opportunity and Lifetime Learning tax credits were created to subsidize the cost of college education. Generally, the credits are based on qualified costs of education, namely, college tuition and fees, books, supplies and equipment. Those qualified costs must be reduced, however, by the amount of any tax-free student aid received, such as scholarships …

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