A Look at Financial Accountability for Student Activities in Arizona Schools

Student activities for Arizona School Districts have many requirements, that by law, each school should be aware of before processing student activity transactions. It is important that school districts understand what constitutes a student activity, such as a club, organization, school play, or other student entertainment raised through the efforts of students at the District …

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You Need to File an Amended Return: Now What?

You promised yourself back in January that you wouldn’t procrastinate on your tax return this year. It would be finished and filed by the middle of March, at the latest. But, sure enough, you found yourself scrambling on April 14th to round up all of your tax forms and enter them into TurboTax. And, as …

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HR May Need to Work Overtime for New Overtime Rule

The United States Department of Labor is proposing to update its regulations governing which executive, administrative, and professional employees (white collar workers) are entitled to the Fair Labor Standards Act’s minimum wage and overtime pay protections. These regulations were last updated in 2004 and new rules may be published as early as April 2016, though …

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Clawback Compensation and Section 1341

Recently, a client contacted me looking for some advice on an issue with his former employer. The client had been a shareholder in a C-Corp and received W-2 wages from the C-Corp partially based on the performance of the company. After my client and several other shareholders left the company a few years ago, the …

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Donated Services

Volunteer time (or donated services) is only recorded as revenue and expense in the financial statements if the services create or add value to a non-financial asset (such as construction services provided to a building) or if the services meet all of the following three criteria: The services require specialized skills The services are provided …

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History of E-File

Did you file your tax return electronically this year? If so, you are in with a pack of your closest friends – over 100 million tax returns are expected to have been completed by e-file for 2015. That is a large number – but it looks bigger when it is written out as 100,000,000. But …

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Tax Season: Overheard in the Hallways

So as another tax season comes to an end, I am going to share some memories of conversations overheard in the hallway, just as I was walking by. Obviously, these are just snippets of conversations, but show how patient we try to be with our clients. “No, you cannot just put the same numbers on …

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Agriculture accounting: inventory and asset classification

Agriculture is a big part of Arizona’s past, present and future. From crops to livestock, there are many farming and ranching companies within the state. One question that may come about when running a company involving agriculture, or farm, is what to do with your crops, animals and other products. Do you make these your …

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UK Double Taxation Relief for the U.S. LLC

A recent UK high court decision provides insight and HMRC may grant flow through treatment status for certain qualified United States LLCs. Prior to this decision, HMRC has denied UK investors relief from double taxation in the UK. On July 1, 2015 the Supreme Court reached a decision in the case, known as Anson v …

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