AZ Electronic TPT filing and paying phase two

Arizona legislation House Bill 2280 (HB 2280) set the path for the Arizona Department of Revenue (ADOR) to require electronic filing and payments of transaction privilege tax (TPT) for businesses. This requirement is being phased in annually for various size businesses; the first wave was ushered in with a January 2018 electronic filing/paying requirement for …

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Your interest expense deduction rules are changing

There are three new rules that may affect your interest expense deductions for the 2018 tax filing year. These new rules generally apply to the dates of January 1, 2018 through December 31, 2025. The new rules affect mortgage interest expense, investment interest expense and business interest expense. Mortgage interest expense Under the old rules, …

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New AZ mini COBRA insurance law takes effect

With a new year comes new laws and 2019 is no exception. Small Arizona employers (1 to 20 employees) are now subject to a new law that requires “COBRA” coverage be offered to their qualifying employees. COBRA, of course, refers to the landmark federal law passed in 1986 that requires most group health plans to …

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Final Section 199A regulations released

In the waning hours of January 18, 2019, the Treasury Department and IRS released final regulations related to Section 199A of the code, more commonly known as the 20% deduction of qualified business income. Astute Henry+Horne blog readers and newsletter subscribers will recall several articles on this specific topic – one of the largest pieces …

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Top 10 restaurant audit preparation tips

It’s that time of year again to close the books and get ready for your annual audit. You may be cringing because it’s coming soon, but with proper planning and communication, the audit process can go very smoothly for you and not be time consuming. We’ve compiled our top 10 restaurant audit preparation best practices …

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Ode to employees impacted by government shutdown

As tax season approaches for us CPAs, I can’t help but think about the long hours and exhausting times ahead. The last year spent learning everything we can regarding the new tax law, coupled with the typical rigors of non-tax reform updates that are customary in our profession will all be put to the test …

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IRS offers penalty relief for under withholding

As you begin to assemble your information for your 2018 tax filing, you may be feeling a little apprehensive – as are many other taxpayers. Not only are you concerned about how the new tax law will impact your 2018 return – there have been numerous reports warning us that the withholding tables may have …

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Government shutdown: IRS recalls workers for tax season

Worried about not getting a refund due to the government shutdown? According to the IRS, you shouldn’t be. The IRS is recalling (without pay) about 46,000 of its employees that have been furloughed due to the government shutdown to handle tax returns and pay out refunds. Up until this point, only about 10,000 IRS employees …

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Can I deduct business trip expenses for my spouse?

I’m sure the question has come up many times for a sole proprietor or business owner. Are the travel expenses of your spouse deductible if he/she joins you on a business trip? Well, the answer is not a simple “yes” or “no” without asking further questions because the IRS rules are quite restrictive. Question 1: …

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New lease standard: 5 things restaurant owners MUST know now

We all know lease accounting is changing for private companies starting in fiscal 2020. With leases being such a big component of the restaurant business, the new lease standard will have a significant accounting impact on restaurants. Gone are the days of having off balance sheet impact. Now, those operating leases will be grossing up …

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