Does your company have a capitalization policy?

When undergoing an audit, one question the auditors may ask is “does the company have a fixed asset capitalization policy?” While having a written capitalization policy in place will make your auditor happy, it will also help simplify the accounting for fixed asset purchases. Establishing a capitalization policy helps keep the treatment of property additions, …

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Beware of spooky calls from the IRS

Taxpayers who get unexpected or unsolicited phone calls from the IRS should be very hesitant – it’s probably a scam. Phone calls continue to be one of the most common ways that thieves try to get you to provide personal information. These scammers then use that information to gain access to the victim’s bank or …

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New due dates for annual Arizona payroll forms

The ADOR announced that beginning with the 2017 withholding returns filed in 2018, the new due date for filing Arizona Form A1-R or Arizona Form A1-APR is January 31. In prior years the due date was February 28. The new due date applies to the filing of Arizona Withholding Reconciliation Returns (Form A1-R) and Arizona …

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ACA compliance numbers: the results are in

The Treasury Inspector General for Tax Administration (TIGTA) issued a report recently relative to the IRS’s compliance with a statutory ACA rule that requires them to send out notifications to certain taxpayers. For those that are not aware, the TIGTA audits, investigates, inspects and evaluates for the fair administration of the Federal tax system and …

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2017 Extension deadline has passed, let’s look to 2018

Now that the tax return extension filing deadline has passed, the IRS suggests that taxpayers look ahead and get ready for next year. You still have time to take these three actions that may affect your 2017 tax return when you file in 2018. Charitable contributions. You can deduct contributions that you make to charitable …

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New IRS website link for OECD reporting

The Organization for Economic Co-operation and Development (OECD) helps governments around the world communicate and build policies for improving the social and economic welfare of its people. One initiative of the OECD is to improve transparency between countries for the tax reporting of multinational enterprises. Country-by-country reporting provides a reporting template for businesses to show …

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Residential rental licensing matrix: tax tips

Are you looking to purchase a residence to use as a rental property and you are unsure if you need to report and pay sales taxes for the city it is located in? Or maybe you are a tax professional who has a client asking you this question. In either case, I just found the …

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Spooky stories of the IRS

Hard to believe it’s already fall, and even though it doesn’t mean much here in Arizona (Mesquite trees don’t shed beautiful colored leaves on my driveway), it means that Halloween is also right around the corner. To bide the time until then, I thought I’d share a spooky story I dealt with this year related …

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Is your government entity secure from cyberattacks?

Unfortunately, it is becoming commonplace to hear news of a large organization whose data was hacked. But data breaches should not only be of concern for large organizations – small organizations are susceptible as well, including government entities. You can put a few practices in place to keep your organization and employees safe from data …

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What is a Multiple Employer Plan? Benefits, things to know

What is a Multiple Employer Plan? A multiple employer plan (MEP) is a type of employee benefit plan where several employers can participate. In certain instances, the employers participating in the plan can operate as one plan. What are the benefits? A significant reason why employers do not offer a benefit plan to their employees …

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