Arizona TPT License Renewal for 2016

The Arizona Department of Revenue (ADOR) and Arizona’s cities continue to work towards the simplification of transaction privilege tax (TPT) reporting. However, Arizona announced that due to the complexity in incorporating the City’s requirements into the Department’s information technology system, ADOR will NOT be the single point of licensing, filing and payment of all TPT …

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Donating Artwork: Documentation & Appraisals

I recently had the opportunity to attend a lecture on Art & Legacy Planning at the Phoenix Art Museum and heard a talk by Susan L. Brundage, Director of Appraisal Services at Art Dealers Association of America. She shared a lot of great information on maintaining documentation for artwork, getting artwork appraised, and the tax …

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Three Possibilities for 401(K) Contributions

Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k) or 403(b) plan, offers many benefits: Contributions are pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to the 3.8% net investment income tax. Plan assets can grow tax-deferred — meaning you pay no income …

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Can Shareholders of a C-Corp be Subject to Taxable Income if They are Beneficiaries of a Life Insurance Policy?

A C-Corporation should always be the owner and beneficiary of a life insurance policy to avoid taxable income to the surviving shareholders. When contemplating the manner in which to fund a buy-sell agreement, life insurance is an extremely attractive option. A life insurance policy can provide liquidity when it is needed most upon the death …

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Nevada Issues FAQs about New Commerce Tax on Business

Nevada will soon be joining the many states that tax business receipts with the new Nevada Commerce tax (see the Henry & Horne blog “No Longer Tax Free – Nevada Enacts Commerce Tax on Businesses“). The initial Nevada Commerce Tax applies to the fiscal year of July 1, 2015 to June 30, 2016 regardless of …

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